All Forum Posts by: Marc Winter

Continue to network with other investors, lenders-- traditional, private, and hard money. And never stop prospecting.

Remember, when you have a good deal, the money will find you.

@Stan J., agreed, I wouldn't provide them with the actual trust docs either.  

Try giving them an "AFFIDAVIT OF TRUST' which outlines the parameters of the trust and names the Trustee and their responsibilities, without naming any beneficiaries.  

I use the same affidavit (mine are notarized and recorded) to give to the title company when we're closing a trust property--works for them. 

Good luck.

Wow, what a sad story.  Cart before the horse?

@Account Closed,  Most folks think education is expensive.  The reality is that the cost of being uneducated is much greater. 

Going forward, know what to do and when to do it BEFORE you act upon a 'great deal' you might have stumbled upon.  

Listen to the insightful comments by @Ned Carey and @Ken M. and get your ducks in a row.  Just chalk this experience up to life tuition.

I agree with @Nicholas L., use the HELOC for short-term available cash--it is good to have the HELOC available to use when needed.

Remember, it's not 'play money'.  It must be repaid as agreed, or you will rue the day you took it out.

Perhaps consider installing hot-tubs/jacuzzis instead of a pool. Check with other STR owners in the area, with zoning, and your insurance agent.

@Greg Kasmer asks the right question about 'over purchase price' mortgage. Is this a hard-money lender or are these traditional loans, not an FHA 203-b or such?

Another important question: what do your sales contract(s) state re: mortgage contingencies?  

Please let us all know the circumstances, AND tell me who the lender is who will approve such a loan.

Good luck!

Raise the rent by a small percentage every year—even if it's just 2 or 3%.  If you don't, you will lose money until you make a big increase.  At that point, you will lose tenants.

So do yourself and your tenants a favor; let everyone know their rent will increase by "X%" every year.  Maybe it could keep up with inflation.  (Doubt it, but better than nothing!)

Legal precedent, yes, for collecting for the damage the ex-tenant caused with that cute lil (illegal) *****cat with the UTI.

Loss of rent, doubtful.  You mutually agreed to terminate the lease.  The tenant did not move in.  It is a tough case to make in court, especially on a residential unit (commercial leases are quite different in their content and stipulations).

@Wesley W. is correct:  with a simple inspection the property manager knew or should have known about the cat BEFORE moveout.  

Going forward, inspect at least quarterly, even if it's just an exterior walk of the property.  Let your nose be your guide.  ;-)

I'd like to see some proof that the CMHA actually clawed back that money.  This is the person you want to speak with:  

Dump it.  

Be very wary of an HOA going forward. Use the cash you do have to buy appreciating assets. Buckle up for the ride--it may get bumpy.