All Forum Posts by: Pete T.

Congrats!

Some properties have great numbers in horrible areas that lead to high turnover, lower quality tenants, and other areas. Could also have not been taken care of- lots of maintenance.

Remind them that all 3 are legally responsible and all 3 signed a lease. I would have done that before the person left and not allowed a substitute person that wasnt already identified and then screened. I would post a pay or quit after the grace period and follow your state laws to start the eviction and judgement.

@Lindsay Wilcox, I dont think anyone is attacking your way of doing things, just trying to make you aware that it doesnt make it legal and the reason. I personally dont think you would have any issue living in the basement, but why create the possibility. Also, I am sending you a PM if you have your mind made up to do it.

Mental note- cross TX off the list. This can not be right. There has to be a way around this. How do people collect their judgements (and why even get one)? @Brian Adams @Gunnar Teltow

Yes, it was over several different units and your criteria would have been fine, I was just making the point that you can take big hits (some unsuspected) in a short period of time.

I think its a matter of comfort, but as @Duncan Taylor mentioned, it can all come at once. I had one month that was about 10k as 4 (yes 4) different HVACs failed/installed, a staircase rebuild, and plumbing issues.

To save up enough to buy a $100K house with cash, lets just say it wouldn't have ever happened until all our kids were grown and gone

That is my whole point. I am in the same boat. I would agree w/ everyone on here and want to make sure everyone here understands my stance. My number one rule is to make sure I am not overleveraged or in a situation where I am "stuck." I do however want to maximize my situation when the opportunity is there.

I agree w/ being careful of over leveraging, but at the same time, if you have 5 or 6 paid off places, or you have multiple empty LOCs, or reserves- there is no reason not to use some of it, right?

@Duncan Taylor, obviously what you say has worked and is low risk and gives you more options. However, I am about to change from that approach because I believe you CAN borrow your way to wealth. IF you can use your equity to purchase more RE that is being paid by someone else, I think you could have more places being paid on by more people. You are more money from other people to pay for your stuff.