All Forum Posts by: Aaron Smith

And I don't find it a big deal to receive rent of the 1st,  5th, or 15th each month as long as it is around the same time each month.  Life is too short for that kind of unncessary hassle.  I can't imagine sending out notices to pay or quit to 20 of my 40 tenants each month, when all of them pay each month no problem.  Hey, but to each their own!

 I disagree with this.  I actually like having a good handful of slow paying tenants.  I get an extra 5% in monthly rent each month.  When it is consistently paid late each and has been for years, it's no different than being paid on time for years, just that I make 5% more

 Hey Jay, my FICO on the disclosure they provided me was 778.

And there is NO origination fees or anything. You literally get every single dollar of the loan amount, and there is no prepayment penalty at all. It has me baffled how they can afford that. Either way, the $ is sitting in my bank account right now so it is definitely legit.

I just got a SoFi personal loan for $35,000 at only 5.49% fixed for 3 years.  To me, that is a great rate/term given it is not secured to anything.

Bump for clarification.

So I have 3 different owner financed properties I bought in 2017, all from different sellers, and none of them issued me a 1098.  These are all residential rentals.  Is that fine that I didn't get one and just report as "other interest" on my taxes for each? I don't have to report any of the sellers info right?

Please message me if so.

I own 28 rental properties and a beach house.  Of these 29 properties, about half have undergone full (i.e., >$30,000) renovations in the last 3 years.  The others will need a fill rehab at some point once the current tenants move out.   But I'll be able to increase the rents a good 30-40% more once I do on all of those.  

From that, I try to keep a minimum of $50,000-$60,000 in the bank at any given time to cover major stuff if it comes up.  I don't do a certain amount per property like some on here will advise.  Plus, I tend to be less conservative that a good chunk of other investors on here.  When you have as many as I do, my cash flow is around $5,000/month so I can always use that cash flow to pay for repairs in a given month.  

upping this to see if anyone else knows of someone.