All Forum Posts by: Marty Summers

Thanks again everyone!!  

Don, your analysis is awesome! Great inspiration.  My thoughts are simple at my age. 

First, Replace my earned income with passive first.  Right now it's a combination of the two.  Second, continue to grow the business while living off the income.

I will be using leverage not anything more than 50% in the future. That way can't get into real trouble. I launched the business with cash because it's something we saved for years ago and wanted to feel the cash flow success rather than getting discouraged early on if things got rough.  Once I decided it was time, we put it into motion which happened to be this year. Yes, we have been very blessed and lucky but sacrifice and hard work is what has separated us thus far.  I am just wanting to continue growing but as fast as I want to while limiting risks.

Thanks again, your inspiration is paramount.

-Marty

Thanks Don!! Very informative...just curious, where do you fit on the active-passive spectrum? Will you share your experiences?

@Kath Marie. Very true...but looking for inspiration from others that have done just that!!

We currently own a duplex and two SFR. What a year it has been...went from nothing to these three buildings. Cash Flow will be 4300 because we paid cash for all three. I need some inspiration here... is this real? People build this up and are able to leave their corporate America job?? I have put a ton of work rehabbing with our contractors....I want to exit corporate america ASAP. At 47 years old, I need some inspiration here.

@Jonathan A. Why don't you just show the receipts as nd costs unless you have something to hide from your psrtners? I am not sure what the contract said but there is an obvious trust problem thst you have with your other 2 partners. Here's the way I see it, there is 2 against 1 here. People don't gang up on another business partner for the hell of it. If you were dishonest and duped your 2 partners into an agreement to double dip....then you completed your goal of being a douchebag. Hence...why there has to be so many legal documents these days because of dishonesty. I think your best bet is to come clean, meet the quotes or be within 10% and save face here. Otherwise, you did something wrong and you are pointing to the contract to think that is your way out. No one will win in the end! BTW, this is the exact reason I don't partner with anyone!!!

Guys, am I reading this right? The property management company is not gonna carry any liability if they are negligent and I get sued? Would you have this changed?   INSURANCE: It is Owner's responsibility to have coverage and to maintain property insurance coverage against any and all perils on the subject properties . Owner shall indemnify and save the Agent harmless from any and all costs, expenses, attorney 's fees, suits, liabilities , damages from or connected with the lawful management of the property by Agent or the lawful performance or reasonable exercise of any of the duties, obligations, powers, or authorities herein or hereafter granted to Agent. The Owner agrees to indemnify and hold the Agent harmless from any claims, debts, demands, suits, costs, or charges, including necessary attorney's fees in connection with or arising from the management of herein described property including necessary attorney's fees in connection with or arising from the management of herein described property (but for any claims that arise from an alleged lack of due care exercised by Agent) and from any liability for injury suffer donor about the premises by any person whomsoever. Owner agrees to carry liability insurance in limits of not less than $300,000. Owner shall furnish a certificate annually that such coverage is in full force and effect at all times. Owner agrees that at all times during the continuance of this Agreement , all bodily injury, property damage and personal injury insurance and any other coverage carried by coverage carried by Property management company.

Hey guys I have a couple properties that have unfinished basements and it looks like there's mold and dirt and stuff like that on the walls and I may be on the floor. How do you guys go about cleaning the mold out of an old basement so that you're not liable for tenant issues?

Nathan...thank you!  Let me ask you this, when his lease is up..can I ask tenants to move out?  What if they want to renew? Can I tell them No?

He has not officially been late on rent but pays on his last day before incurring a 50.00 late fee charge.  Right on the edge...

-Marty

I keep getting letters from the sewer department this year that my tenant is always behind on his sewer bill. I get CC'd because my property will get a lien if he never pays. He's almost late with rent each month past his grace period but has never been assessed the 50.00 late fee payment. He moved in February this year. Any suggestions?? Thanks, -mss

Thanks Everyone! Yes already have assets in the stock market in 401k' & IRA's. Problem with that is we are 10 years into a credit bubble and people are sleeping at the wheel again. This will come down hard again!

I am 47 and need to exit corporate America as fast as possible.  With these purchases we I'll be at 4100 cashflow with buying them up front.  With a total investment of 347k our Total cash on cash return is around 14%....but it's passive and we'll have distinctive tax advantages with Real Estate.