All Forum Posts by: Tom Goans

@Craig Abramson,

Please Seek Legal Professional Advice

You are facing many serious legal issues that include tenant legal rights as defined by Colorado law. You are also facing up-front costs, not just legal.

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 and may cause you very serious liability.

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 no guesses. The results will be legally drawn up notices for your use and the proper procedures for you to take to legally regain possession of the property.

Please be wise and protect yourself and your investment by obtaining the advice from a Colorado lawyer.

Great opportunity. You should have fun.

@Account Closed,

Please Seek Legal Professional Advice

You are facing many serious legal problems from two fronts. Some are major considerations, including tenant rights.

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 in the condo complex and with the HOA.

I suggest you do not delay and take immediate action. This is a fire waiting to explode.

@Josh Sterling,

Perhaps the ancient philosophy applies and will help you to define the answer to your question; Do unto others as you would have done unto you.

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.

No guesses, just legal facts.

@Travis Lauchman,

I am not attempting to throw water on your idea, just showing some light for your consideration.

As you suggested, the group of investors are already very experienced. They are driven and successful. They are probably seeking someone who can hit the road running without much handholding or training. Is this correct? If it is correct, what do you bring to the table? To be fair to you, will you be in over your head, which can lead to extreme frustration and disappointment?

If the investment group is willing to hire and train you, this may be the chance of a lifetime. It would appear you would have a learning opportunity far superior than most have. Moreover, you get paid while you learn.

If you are doing this as an independent contractor, this may prove to be too challenging. Yet, it can also be an extremely great learning experience.

In any case, seeking much more education in real estate and business would be highly recommended and beneficial. You will better understand business (over all and real estate) and what the investors are seeking.

As for research, ask them what has been working for them in the past. It does not make sense to reinvent the wheel. You can improve on their methods with experience.

@Joseph Wu,

The real estate business is similar to the medical profession. It is very important to have an over all understanding of the entire industry, but critical to specialize in segments of the business to enhance your success.

People prefer to do business with those they feel are trustworthy. Great knowledge of the subject gives the impression of someone of trust.

@David Coleman,

It has always been my understanding that if you do what you are passionate about, it is never work.

A possible consideration, probably most of the classes you take in college the first year or two are "requirements" leading up to your major. While in college and finding your comfort zone and passion, work part-time or as an intern for a real estate investment company or for a real estate investor.

Real estate investments and investor has many segments even within this seemingly simple term or phrase. So, explore, ask questions, find out what income level you are most comfortable with, and then you will have a basis for what you are passionate about and what makes you happy.

I only caution that try not to allow money to be the motivator.

Andrew Carnegie wrote; "No idol more debasing than the worship of money."

@David Jayne,

This would be my approach, which is based on my many years of experience. Every person is unique and so is the situation. So this may not work for you.

Have a casual, yet informative, conversation with the tenant. Discover, without interrogating, what her financial situation is or appears to be. If she is getting a divorce, she will not know for sure until the ink is dried on the divorce papers.

I have always used two rules of thumb:

1) Avoid being more than 25 percent of the NET income.

2) Make sure the tenant/borrower has the ability to enjoy life and still pay the rent/mortgage without sweating bullets. They should be able to go to out for dinner occasionally or to a movie without it busting the budget. If buying a tub of popcorn is challenging, you have challenging times on the horizon.

Your conversation will help you to understand her financial position better - and she will have a better understanding herself by saying it out loud. Now, both of you have a better understanding of the stability of the future. Both of you can better plan your future - and budgets.

While it sounds like a good idea, NEVER enter into an arrangement with a tenant to do work for you. It almost never works out and generally winds up causing more problems than good.

@John Mimms,

I have many years of experience with manufactured homes and all related aspects. I have had the best results and rewards renting homes I owned free and clear that were in parks. There are too many advantages to parks to list here. One major benefit is the park manager. The park manager may not work for you, but will likely call you if they see something is not going well with your property. They are also the best source for first knowledge of a new investment opportunity in the park. My investments grew to 21 homes in one park. It was such a great opportunity and working relationship with the park manager that every time I visited the park, the manager would invite me to share a meal at their home.

Another benefit; all my investments were within a mile radius.

I am also a strong enthusiast of all cash or very low debt positions in investments.