All Forum Posts by: Marvin Meng

Hi, sorry for letting this go by the wayside. I've started posting again what I think is a moderately entertaining story (although reliving it makes me a little nauseous). I hope you like it - and as always I hope that some can learn from my mistakes rather than make them. Thanks for reading!

https://www.biggerpockets.com/...

First of all, Bravo! You're doing your grandparents proud by continuing their legacy. With that said, @Pillip Phillip Dwyer makes a good point; if you can stick with what you know that's the easiest. 

If for whatever reason that's not an option, you're still in an enviable position starting off with that much capital. Lack of funds makes it very difficult (including for yours truly) to get off the starting blocks very quickly. 

But you'll want to protect those funds. I'd find and talk to a qualified intermediary as soon as possible to lay the groundwork for a 1031 before you sell. This may not be an option since it's probably not a "like kind" but a QI would know. And even if this is not a good idea they may have other ideas (self-directed IRA...). The goal is to protect your capital while you get educated.

The good news is it's not that hard to get educated enough to get started. There are a lot of resources here. Download the podcasts and listen to the ones that sound most relevant to what you want to do. Read a ton of books: The Book on Real Estate Investing, BRRRR, Landlording on Autopilot are some good ones.

Also, just remember that you don't have to hit home runs each time. Games have been won on singles. Good luck, stay in BP, and post your progress! There are a lot of good people on here who will cheer you on.

Thank you, it does!

Me three... If the numbers work then we know what to do. That said it seems just as hard to find good deals as it was a before all this started. If you would've asked me in March I would have guessed we'd be in a big buyer's market by now.

Hi, I realize that this is legal advice and that I'm in Illinois, which is a legal minefield. But I'm figuring probably some of you have been through this before and I'd like to know what your experiences were. I have a tenant who is habitually late (but eventually has always paid). He has not paid the September rent yet but says he mailed it (he always says that). 

Since there is a cosigner should I be calling his cosigner, sending her a more official notice, or serving them both the "Five day notice to quit"? I think once I rattle the cosigner's cage she'll do the rest but I want to keep my ducks in a row in case this does wind up in front of a judge.

Thanks!

My point being that this would drive up interest rates, which could have a slowing effect on the real estate market. But I was a music major so take that with a grain of salt...

At this point I'm giving up on having a crystal ball. (Almost) everything that drives a correction in the real estate market has happened; timing (we were due), jobs, the fed printing money... 

I do think it's smart to be cautious. Cash is king - if you can refi or take out a line of credit this prepares you for tenants who can't (or don't) pay rent and prepares you for opportunities should they arise. 

In the mean time, a good deal is a good deal. Keep looking using the methods you always have. If you're prepared for a downturn that doesn't happen, nothing ventured nothing gained... Having cash if you can works great in a good market and better in a bad market. 

Now... how to get the cash....?

Thanks for checking it out. I added another post. 

Hi all, I'm starting a new blog and I'm inviting you all to check it out. It's intended to be a humorous expose of my failings (learning opportunities??) as a landlord. If you're looking for a 25 year old who's crushing it, I'm not that guy. If, on the other hand, you're pulling your hair out and frustrated, at least you can read it and think "at least I'm not as bad as that guy". 

On a more serious note, I think there are a lot more like us (older, with jobs and families, slugging it out) than there are wunderkinds making it look easy. So for us, I'd like to share my experiences, mistakes, and hopefully solutions. And also, since I'm older and trying to blog, chances are there will be room for improvement (OK Boomer...). I'm open to suggestions. Here ya go...

https://www.biggerpockets.com/member-blogs/13387/91375-my-name-is-marvin-and-im-a-bad-landlord

Hi BP!

I've been investing in SFRs and small (4-2 fam) multis in Edwardsville and Glen Carbon, IL. I've found the overhead to be quite high around here and am considering doing Sect. 8 SFRs in Cahokia, IL and the surrounding area. Do any of you have any experience with this market and if so, do you know what rents Sect. 8 will support for a typical 3/2 or 3/1? Same question for 1 and 2 BR apartments.

Thank you!