All Forum Posts by: Mark Holencik

Start the process. If she shows up and pays up, you can stop the eviction at any time.

I would not rent to family. Your mom has trained them not to pay. I am not saying anything bad about your mom. I am impressed that she is able to own 4 homes and help out her family with cheap housing. You also should be proud of your mom for what she is doing.

But it sounds like you do not want to provide this service. Do not waste your time trying to retrain your family to pay every month. 

You have any questions just ask.

What do you know about fixing things around the house? 

Are you comfortable in the neighborhood?

You can make money anywhere. Read the book "Acres of Diamonds". You can get the audio version on Librivox.com. It is a free download.

Also read this series of books. The Section 8 Bible.

http://www.section8bible.com/

Why would someone move when it is 0 degrees?

It will rent. Start working on your next property.

If your mom owns there, and you live there, I would stay there. 

Did you talk to your mom about this?

3-4 years you have your money back. That will not happen if you invest somewhere else for more money.

I asked my accounant if I could just take it. He told me not to take a cash back. He told me to apply it to the balance. I do not remember his exact explanation.

 If you take the rewards in cash back you need to claim it as income. Just take the rewards and apply it to the card balance.

Do not mix your personal expenses with business on the same credit card, checking account... It is just easier to keep it seperate. Put your gas that you use for this on this card along with any other expense you incur for the property.

If you have personal and business mixed when going through an audit you have a lot of explaining and proving every little expense.

How did owner financing come up? Did you bring it up? How did you bring it up? This is all information that tells you how to proceed.

What do you mean you have funding lined up? 

Are you going to move right in? 

How long will it take you to rehab the property?

How long do you plan on staying in the property? Then what are you going to do with it?

These questions and more will tell you how to construct an offer. 

If you make offers that scare them, they can shut down and list it with a realtor. You need to make sure they are going to understand what you are offering them. Just because they said they are interested in owner financing does not mean they understand what that means.

I have to wonder about anyone who is looking to move around Christmas. I have rented 2 units this month. They where  both first time renters.