All Forum Posts by: Nate Wightman

@Andrew Buchan  why log cabins.. are you trying to store carbon for the planet .. I am thinking they are not very energy efficient and they use a lot of wood.... 

when you go on zillow does is say the rents in that area are $600 ish... sometimes zillow can't figure out that there are 2 rentals .. so maybe look around at similar sized ones to use.  You also could go use the calculator in tools.. you only get a few shots at it though...   but the way I see this is you put down $4200.. its in an up and coming area you say.  If the tenant quit paying 2 months into the lease could you make the whole payment for 6 months..  

don't know what it is worth to you but you may be able to quitclaim it to your llc to get one more transaction on the books then no one will know what the current buyer paid??

you can edit details in zillow  but not sure if you can change the price

could you lien it... 

Courts have the inherent ability to enforce their decisions. A person who refuses to appear in court when summoned will have a warrant issued for their arrest. A person who refuses to pay damages a court has awarded can, among other things, be sent to jail for contempt, have their assets seized, their paycheck garnished, and their property encumbered by lien. Which one of these happens is determined by some combination of what the plaintiff wants and what the judge considers to be appropriate. This is one area where judges have a lot of discretion.

All of this, as Jaltcoh suggests, are contingent upon their ability to pay. An impecunious defendant who has their wits about them will simply file for bankruptcy as soon as a judgment is awarded, which gives plaintiffs some incentive to either 1) not bring the suit in the first place, or 2) settle for an amount within the defendant's reach. But provided the defendant hasanything of value, the court can get at it.

Note that getting thrown in jail for refusing to pay your debts is not the same thing as debtor's prison, which was the now-antiquated practice of throwing those who could not pay into jail until such time as they could. How exactly they were supposed to come up with the money was one of the unanswered questions which lead to the eventual abandonment of the practice. No, refusing to pay a debt which you are capable of paying is contempt of court, and judges can totally toss your *** in jail for thumbing your nose at them.
posted by valkyryn at 10:29 AM on August 6, 2010 [4 favorites]

found at http://ask.metafilter.com/161564/If-you-sue-and-win-a-reluctant-payer-will-you-ever-see-any-money

@Richard Grubb is this your first property??  you are basically meeting the 1% rule... very rough guideline monthly rents equal 1% or more of total cost so 1200 is 1% of 120,000 (assuming it doesn't need many repairs) ... any public transportation around you.  and you are going to live there also??   can you see any ways to increase value to your tenant... do they have covered parking and or storage.... remember if you can get some storage for a tenant then you save them $60-100 per month..so you can bump up the rents... if you are close to a bus you can save them moneys.  if you think it is up and coming then you may be able to get appreciation also.. all good ... how has appreciation been in that area ( look at zillow for appreciation and rents)... you could live in the cheaper unit and get the tenant to pay the higher rent...  if you live there your rent will probably be lower than where you are now... saves you money... if you get 3.5% appreciation a year you will double your cash investment every year.  could you live there and be safe and happy?? 

Hi @Richard Grubb what is a double... sorry just not familiar.   Any chance this part of town is improving.  new stores opening or closing... any fun restaurants or markets.  remember you can make money with the paydown of the loan, appreciation, and rental income or any combination. principle and interest on the full $125k (or no moneys down) is $579/mo plus $250 tax per month and $100 /mo plus or minus on insurance.. so at $929/mo ...   plus then you have all the other costs of property ownership +++.   But if a double is a duplex and you plan on living in the other half then this seems to make more cents and sense If the rent on one side is $600.  so maybe help us out with a  little more info on how much down you plan for and if this is a duplex and what the rent is for one side if a duplex.  Kitchens... guess that implies a duplex... 

could it be just and obstacle at the end of the street so people don't walk and bike thru these two homes back yard to get somewhere in that direction.. if you look at the road it goes right to this structure. ??

@Mike Campbell seems like it is more risk management than money... if you use your commercial property as collateral then you could lose both.. if you refi and use the cash you don't lose the commercial if your new venture gets in trouble

@Brian Egrsearch my post    https://www.biggerpockets.com/forums/84/topics/272...    

has some neat posts on modular...