All Forum Posts by: Marty Summers

I have 1 duplex and 11 Single families Rentals. We do not have any debt on these... I think I am about done with the single family game.

Can anyone give me advice? Should I find a 20 unit (seller financed) and sell my single families one at a time to refinance a loan? What is the best way to do this?

-Marty

I send my wholesaler a 1099 for each assignment fee whether I paid on the HUD statement or not. The reason is that if you look at what is recorded at the city/county building, it will be what the property sold for minus the assignment fee. So my argument to the IRS is that the assignment fee paid at closing is for finder fee commissions..period! Otherwise, I would never have had a property to purchase to begin with.

@Jason Muenchow. I sent you a message...call or text me.

Any RE investors in Sarasota or Bradenton area? Here until the 6th....let's connect

@Nic S. Nice, I have had the same experience but I went from no properties 3 years ago to 12 (10 SFH and 1 Duplex). I can tell you getting the foundation built is the hardest part meaning the expenses and cleaning up bad tenents etc. Trust me, I know!! This business can wear you down but always focus on the cash-flow..and understand if you have big expenses, it's usually related to something that lasts over 20 years. (Windows, Roofs, AC units). So if you are a buy and hold like I am, you will recoup that cost over time. Also, with the depreciation of the property and all the tax benefits you receive, including any loan paydown... the passive cash-flow game takes a while to see the whole picture.

Just remember, those who quit and give up, go straight back to their W2 jobs.

@Andrew Rosenberg Well I do have a fsmily that is truly a model tenent. They have been there two years, never been late on a payment and they look after the entire duplex. However, it is definitely a class B+ Building though.

@Elise Marquette Hey Elise! Thanks for the reply. Do you work with investors near the Bradenton area? We may move down there and would like to possibly talk with you. How can I get in touch with you?

@Sunny Suh not really any unknowns. Owners that have experienced this know what I am talking about. Venting....yes of course. It's frustrating to put so much energy into this just to watch dead beat tenents not take care of the property.

I have relatively nice SFR's and notice my property management company placing ehat appears to me as dead beats or people that look to me are capable of paying rent but don't look responsible enough to mow the grass and care for the property. This sucks!!

I've noticed several of these trnents have a working wife or girlfriend while the boyfriend or husband just hangs out on the front porch all day.

What do you experienced investors do differently? I know I am not suppose to discriminate but damn this is rediculous sloftfullness.

Neef stratdgy ideas?? Mayey I should lease to own model??? Not sure HELP!!!!

@Elise Marquette

Well either but I just don't know my options