All Forum Posts by: Ralph R.

@David Hulit Awsome!! I’m surprised your lender didn’t figure that out!! Just proves there’s no Fox like an old Fox!! Good luck! RR

@Matt Lovitt buy it from him. Then you can do whatever you want with it. RR

@Mike Jacovelli. I used to get that BS. Now I have people tell me they like to watch how I operate. I have my own way of doing things and a pretty good portfolio to back it up. Even my PM told me that. Don’t worry about the Nay sayers. I’ve been told hundreds of times I’m going to go broke or loose everything or something bad. Most of them aren’t laughing at me now tho. RR

@Merritt S. I agree and after 5-6 units I found it easier to use a pm. my units are spread out over 4 cities, and the PM tracks the rent, deposits, and expenses. Saves me the expense of a book keeper to do it for me. I could do the maintenance, collect the rent, flip the units between renters, and vet the new tenants, but then I wouldn’t have time to find deals, buy, or sell properties. By doing my own maintenance I’m hiring my self who is not a plumber or electrician and paying the same rate I would pay to a licensed professional. Why would I pay top dollar to hire a lower quality maintenance person (ie myself). I want the passive income not a side job. RR

@Syed H. as to self managing your own properties limiting growth how do you self manage long distance properties? I find deals all over my state how would I self manage properties that are 5-6 hrs away?? I manage a 40 unit self storage facility. I’d hate to manage it from a long distance. How many properties are you self managing? What program are you using to track rents, deposits, expenses?? As to the eviction thing you are just looking to argue, if this and if that. A simple 30 day notice to vacate would have moved her out the first time she paid late rent. If she doesn’t leave it’s not an eviction. There’s no lease so it’s a trip to court and a court order. You don’t have to prove anything. The tenant is a squatter at that point. Have you any experience with this?? Or an eviction?? RR

@David Hulit check with your lender. Sometimes they add back your interest and your depreciation. That might change the way your income looks. It lowers your DTI considerably. RR

@David Hulit. The fly in the ointment might be if you haven’t owed the other rental for 2 years or didn’t report the income on your taxes. If it shows on your taxes for 2 years they can count the income from that property. RR

@David Hulit. Can you qualify for the loan without her income?? all of my properties are financed in my name only. Two of them are in her and my name with the loan in my name only. The rest are in LLC's that are in my name. RR

@Bob Prisco. Isn’t that what I said?? RR

@Syed H. The MTM lease would allow him to give a 30 day notice to get her out. No reason, no eviction. He’s stuck for not one but 2 years. I guess as to the self managing thing if you want a job as a PM that’s ok. I make more money finding investments, insurance, financing etc than I would as a Pm. I would rather be an investor than manage 100 units. I like the passive income. To each his own I guess. RR