All Forum Posts by: Paul Bowers

My guess that would be when the property foreclosure was completed and the deed was officially transfered to the bank.  They probably just list the transaction price at $100.

I'm going to play a little devil's advocate.  It does sound like you have a terrible tenant but from reading your post it seems like this is the kind of tenant you will continue to attract with the property the way I read the description.  You have an "apartment" in a garage with a make shift bathroom.  You mention them handing you rent through a rip in the screen.  Half the house including their space is on one breaker. This just doesn't sound like a very appealing living situation for a renter.  Again I could be way off base but the way I'm picturing the situation it seems like you'll only attract lower end tenants for the property as described.  It doesn't excuse the tenants behavior but it also shouldn't come as a surprise to you.

I'd never given it any thought or heard of anyone doing it but was reading through the NY state landlord/tenant laws and saw that it was allowable.  Seems like it would be a pain to keep track of over a long term lease with virtually no benefit to the landlord.  I was just curious if I was missing out on a good reason to do it.

The security deposit is most typically equal to a months rent.  As tenants renew their lease and the rent increases are you collecting additional security deposit as well?

Your best answer may be to slow down and solve some of your "deficiencies". Keep studying, learning, analyzing deals to gain knowledge. Start saving some money up in the meantime so you at least have some available cash. Most importantly, get to know some of the investors with capital. Go to your local REIA, introduce yourself. As you get to know some of the folks offer to trade some free labor/time to be able to shadow them and learn from them. Once you spent some time around these folks and they start to trust in your ability they'll be more interested in possibly partnering with you.

Congratulations on the first deal.  I'm curious what your plans are for the kitchen.  I would think to get top dollar in today's market you would have to completely gut that kitchen but you've only allocated $1,200 for it.

@Tim Marquess if she wants to stay in the property until she finds another place, direct her to the Airbnb site and tell her to make reservations.  She can start paying you the market rent she has been pocketing!!

I would think it completely depends on the nature of the email.  If I email my attorney a question that is going to require him to invest some time or effort to answer, I would definitely expect to pay.  If it something he should know off the top of his head, then maybe not.  Of course, if it's that easy of an answer I probably should have been able to find the answer on my own and should probably be charged my stupid/lazy tax for bothering him with it!

If you're not experienced and extremely comfortable with it, get a realtor.  You don't pay them, the seller does.  You want to have someone representing you and helping you navigate the transaction.

Can you roll over a 401K into a self directed IRA without leaving the company you are currently employed by?