All Forum Posts by: Logan Hicks

Here is a very simple answer to the question, and its worked 10/10 times for me.

Ask for a Statement of Financial Position and/or a Proof of Funds.

If it takes them longer than 12 hours to get you that, they're fake. 

A proof of funds should be immediately available to every major institution, as well as most real brokers. 

A statement of financial position is a required document for most banking institutions.

@Kyle 

Thats not necessarily true. I used to work for the VA and I know for a fact that the VA loan will allow for additions, if nothing else, for handicap access and disability related navigations of the property, to include stairwell modifications, handrail additions, etc.

This is usually only for unique cases of disability though, IE severe injuries and/or disabilities.

theres one at BWI kelly, we can go together sometime

Im actually interested, and have been looking for sites for NPNs myself. If you dont mind me asking, where did you find the online resource, and what is it? 

S Corp with a collection of LLC subsidiaries.

LLC Pass through with an S Corp Pass through to the owner. The S corp allows for up to 200 separate individual investors, and allows you to issue Class A stock, which will allow you to both increase the value of your stock as you acquire property, portfolios, and/or notes, and also allow you to add partners easily by issuing stock based on their cash value add, while still having the option to opt out to C corp once you get big enough, but it also keeps you built to be a great acquisition target.

Bird dogging is a concept that walks close in hand with RE brokering, which is regulated by licensing requirements, regulations, and restrictions.

Depending on how involved the Bird dog is will impact on whether or not a license is involved.

@Paul Choate

I see the argument you are making, and it makes sense.

The only issue I see is there is a fine line between processing the bad check, and the potentials of outcome that could be foreseen.

For instance, the landlord does not directly benefit from a criminal proceeding for instance.

However, if the landlord were to attempt to use that as leverage, it would then become beneficial to them, and thus could be construed as a means to collect a debt. That is how i would argue it.

How I would approach the bad check, is I would hold onto it. Just hold it. Wait till after the proceeding, file it with the DA, because statutes on financial fruad are lengthy, and then also file it with Checks system.

That way, it follows them after the fact, instead of during the process.

personally, Im a blood thirsty bastard, and if you are gonna make me bleed, I want you to feel the blows in kind long after I am a lingering memory in your mind. I want you to curse my name for decades. Lol.

Additionally, as a landlord, since you incurred a fee, technically you can send them to colelctions for the 35 dollar bounced check fee, which will do damage to their credit, and stay on their report for 7 years.

Add an additional collectiosn on their for the collections agency in addition to your own, who is legally allowed to do so (most states allow for original debtor + 1 collection agency to report on a single debt), this makes it substantially more damaging to their credit, as each collections deals at least 20-80 points a piece (diminishing returns).

Add a judgement for rent on top of that, as well as a collection set for the rents itself, and a separate set for the eviction costs (because those are separate from the actual rents), and you have pretty much a death kneel to their credit for upwards of 7 years, 10 if they end of fighting or disputing anything after the fact. 

All in all, yes, I am an *******, but any tenant who wants to effectively steal from me is getting whats coming to them, while me operating in line with the letter of the law, to the fullest extent.

P.S. if you really wana be a dick, sell each debt to a separate collection agency, so they can each call a maximum of three times per day, for a total of 12 calls per day legally.

@alick

Im actually from TN, and Im an active investor in that area.

Since we have similar cash flow excess, and are investing in the same area, would you like to team up? With the combined income, we could just cash offer properties each month, and we can use one of my property managers I know in the area. Most of them I grew up with, so I know which ones are good, and which ones are horrible beyond reason.

Hi @Camille 

Me and some other investors I work with actively invest in the Multi Family Units arena, and are doing quite well because of it. 

How familiar are you with MFUs?

What are the maximum contribution amounts per year for a sole 401k? Also, does it Impact the amount i can contribute to a SEP-IRA?