All Forum Posts by: Pat L.

Bill you raise an interesting question ....
are you implying that if you own the property free & clear in say an LLC (but then personally hold the financing external to the LLC) you could then add the tenant to the encumbered title & effectively bypass any SAFE Act implications?
Thanks

The day I started the 9-5 routine I put to work a plan to retire.
Both my parents retired early because of REI & when my mother passed @ 89 she was still pulling $42,000 passive a year after taxes.
I was able to retire @ 49 but REI is NOT retirement its more like maintaining an expensive mistress with benefits.
Every dollar I could save went into properties & I never had a 401k until I needed it for a tax deduction. Then it was SD.

The 50%/2% etc definitely depends on your market/area.
Around here I can get (min rehab work) duplexes for <$50k (CASH) pulling rents $1200/mo minimum (sep utilities, incl water).
Taxes run $48/$1000, Ins $675/yr.

An investor friend rehabbed ($5,400) a small 2brm 1bath unit with 'granite kitchen counter' & gets $800/mo (the entire kitchen has ONE drawer!!!), (lower unit is his office). The building cost $38,000 @ auction 4 years ago, & it's never been vacant.

Always good to have a blank contract on file....
I get the EMD into escrow @ my attorneys office.
I also have my title guy on speed dial.
Good luck
Nice buy

No one said it had to be a permanent ink job!!!

Any reimbursement for the bigger pockets logo in the works?

we have been through a lot of them over the years but the one we have now is invaluable...
& his para-legal is on the ball.

We just bought a property with a very large barn packed with old equipment etc & a very old convertible looks 1920's era. Doors & windows are boarded up except for a gap we put ours arms through with a camera.
We take possession in 30 days & the elderly out of state owner says its all yours but said the barn hasn't been touched for 14 years.
The old doors we found in the basement are 9 ft x 4 Ft wide a piece & they appear to be the pocket doors missing between the living rm/dining rm & they are in good condition.
The ground floor has two large master baths & the staircase & hardwood floors are amazing. Then there are the two closets with stairways to nowhere!!!

True story
I am from Australia & took the wife there for several weeks, (REI does pay well).

So we are in the souvenir shop at the Sydney Australia airport.
& they have these change sacks made from Kangaroo scrotums
& the wife decides to buy several for the boys back home.
When the women displays a few of them on the counter the wife says
'So how come they are different sizes?'
To which the lady replies
'Well honey most guys are'
The wife bailed in embarrassment so I paid for them & still carry the largest one to remind her of the event!!

Only a dishwasher if there is space & we get $1400/mo +
But we do the install regardless.
If we rehab a place that already had appliances & they are acceptable they stay but most prefer to use their own.

I agree as it would be more appropriate than the pro sites preferably broken down by sub-sections....bathrooms, kitchens etc
It should also have 'the biggest mistake I made' sub-section that I could definitely contribute to!!!