All Forum Posts by: Tom Goans

Please Seek Legal Professional Advice

Legally, legal advice can only be provided by a licensed attorney in the state where the property is located. You should only consider legal advice that is provided by an attorney you hire. Any other legal advice is ILLEGAL and may be very incorrect.

Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative. An attorney will assure you are abiding by the federal and state laws.

• Every state has unique laws.

• Tenants have legal rights that are protected by state laws.

@N.A N.A,

Please Seek Legal Professional Advice

Legally, legal advice can only be provided by a licensed attorney in the state where the property is located. You should only consider legal advice that is provided by an attorney you hire. Any other legal advice is ILLEGAL and may be very incorrect.

Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative. An attorney will assure you are abiding by the federal and state laws. Every state has unique laws. The attorney will also provide the best advice and options for your specific needs with a consideration for your future. The results will be legally drawn up agreements for your use.

Good luck with your new business venture.

@Zachary Kowalik,

Get everything in writing prior to beginning. Get every last detail written down and agreed upon.

I am not a big fan of your arrangement simply because it can easily cause long-lasting family disputes. A written agreement helps to reduce the problem, but the problem will always remain.

Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative. An attorney will assure you are abiding by the federal and state laws. Every state has unique laws. The attorney will also provide the best advice and options for your specific needs with a consideration for your future. The results will be legally drawn up agreements for your use.

It is also wise to seek advice from a licensed professional tax and financial planner to make sure the agreement structure best fits your present status, strategy, and future plans - including building an estate. It is one thing to make money; it is a completely different strategy to building wealth.

Legal advice from an attorney and a financial planner you hire will be the cheapest and wisest investment you will ever make.

Moreover, every investment, partnership, and individual is unique. There is no one correct answer. There are numerous options that must be considered and many costly mistakes that need to be avoided. Dissolution is one many forget. Death, incapacitation, spouses, and children are others.

And, yes, you will disagree on the smallest issues. The courts are full of such lawsuits.

Seeking professional advice from licensed professionals can be an extremely wise and very economical decision considering the alternatives.

May your future be full of great success.

Real Estate Appreciation?

Planning to Raise Rents?

A new report out Thursday from Sentier Research found that the median annual household income of Americans was $52,100 in June, after adjusting for inflation.

• 4.4% below the level in December 2009

3 Ways To Keep A Business Going

1. Realize that people, products and processes are vital: Treat employees well and they will want to work; understand the product being sold and make sure it is relevant; have a smooth process to execute those two things.

2. Owner must know their business' financials inside and outside to properly maintain the bottom line.

3. Never lose sight of, and always respect, the real boss - the customer.

Please Seek Legal Professional Advice

Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative. An attorney will assure you are abiding by the federal and state laws. Every state has unique laws. The attorney will also provide the best advice and options for your specific needs with a consideration for your future. The results will be legally drawn up agreements for your use.

@Bienes Raices,

Most of my borrowers and tenants pay with money orders. I have been accepting this form of payment ever since it became available. I have never had a problem.

If you are concerned, perhaps you should consider reviewing your approval process.

As for personal checks, in some states, the person who writes a hot check can find themselves in jail and facing large penalties on top of the amount of the check.

K.I.S.S. is my philosophy. I seek ways to make doing business with me as easy as possible.

@Shawn S.,

I have never heard of such tales in my investor circles, but do not doubt they do exist considering all the other stories that go around. Many times, a borrower who cannot make the payment will make such claims just as a tenant will do.

I have had borrowers claim they made a payment or the “check is in the mail”. When this occurs, I ask for the check number or money order receipt number. If they cannot provide this, I seriously doubt they are being truthful.

With that said, when making any type of payment, everyone should have a written paper trail, such as a canceled check or money order receipt. If you want to take it one-step further, send the payments via certified mail.

Another option, some local banks offer payment collection for their customers. The fee is variable to free.

@Michael D.,

Legally, this question should only be answered by a LICENSED professional in the state where you live, such as a licensed a licensed financial and tax planner or a licensed tax attorney. They will review your present status, strategy, and goals. Every person is unique. Every situation is unique. There is no once correct or fast answer. It is not one size fits all. There are a huge number of options for you to consider.

Any advice not given by a licensed professional you hire is an illegal wild guess.

Please protect yourself, your future, and your investments by seeking the advice from licensed professionals you hire.

@Michael Lleverino,

Here is one for your consideration; financial partner. Seek a seasoned real estate investor who is willing to be your financial partner. This will give you the opportunity to learn while you earn.