All Forum Posts by: Osazee J Osagie

I just want to say the topic is very hilarious...........

QBO is totally worth it. @Colin, you are right. You have more time now, so learn and start using it now.I know someone who just finished setting up his and he learned from youtube video--look for Hector Garcia quickbooks for landlords.

It is better to learn quickbooks yourself because you will do your own books daily and know your money very well. You should plan to have a book keeper look over things at the end but please learn and set it up yourself, it will serve you well throughout your life as a business owner.

Letter sent. Thanks for bringing this up.

In this moratorium environment look for people with recession resistant jobs and very low rent to income ratios. People don't pay usually when they dont have the money to pay. So look for high income tenants in this "new world" . Consider section 8 very highly. Ofcourse, do not neglect credit score, the higher the better(650 at least).  For now , don't worry so much about the tenant moving out early because too much is at stake and too many moving parts. Being landlords just became very risky in case you did not notice what the eviction moratorium is doing and will do to landlording.

My simple response to this question is above quote 

"Debt is like a chain saw. No need to fear it, but you don't use it unless you need to. It can be helpful or harmful, depending on how it is used." @Sylvia B.

But Dave Ramsey is right, cash is king. Use debt if you need to but pray, you don't need to use debt for long. My father had access to tons of loans back in the early 70s/80s . Due to the popularity and success of his business at that time, he could literally walk into any bank and get any funding he needed.I remember only 1 loan which was paid right off( everyone who cared new about his loan and he literally stopped sleeping....hahaha). He did not use debt because debt increases his blood pressure and reduces his sleep, so he stayed away from debt. If he had used debt and brought more properties than the several he bought with cash, maybe I would not need to work today. However, unlike my father, I know how to control blood pressure due to my medical training and I could sleep in a war zone (just my biology) . So I will continue to cautiously use debt and hope that my children and generations to come will not need to work a day of their lives.

The numbers used to be better on auction houses but I am not so sure these days. 

Thank you for sharing this !

It is not worth it.

Talk is usually cheaper so give him a phone call and be very gentle and very nice and nicely explain to him to move out and if he declines your attorney fees will be billed to him for the eviction proceedings. Warning only talk to him once and do not do this yourself, lawyer up and start eviction proceedings. Be sure your lawyer is aggressive and will ask for any damages due.

Prices are gradually easing and going slightly down however massive influx of fed capital will continue to drive rates down and prices up but the balance will be an evening out of these forces and hence there will be pockets of low price good deals mostly conning from non investor type sellers and few from older investors who were at the sell point of their "career" and who cannot risk a 5 year downturn- so they cautious/panic sell.

Conclusion is that you will see no changes in this market until you look carefully.