All Forum Posts by: Ramsey Blankenship

Welcome to BP. Your in the right place. Do you know ND2 Cody Pink? He was out in Groton for a while. I was an instructor with him at NDSTC from 2014-2017

This is a scenario I have never even thought about. Is there no way this clean up is the responsibility of the insurance carried by the person, or the immediate family, or even the person who is the primary lease holder (if not the person committing the suicide). It is insane to me that this is your financial responsibility. I understand you are left with the mess and it cant sit - but there must be something you can do I.E put a lein on his remaining belonging (if there are any) bank accounts, cars, ect.

Not sure if this will help, and without knowing all of your details, you have a few routes. 20% down is actually nice. This is fairly recent as banks were lending at 25-30% down for RE investments in 2014-2015. 1.) To have a smaller down payment you could consider buying the property as your primary residence and reduce your down payment requirements to >10% DP. The downside is you will need to live in one of the units for 12 months. Again without knowing your situation - this may not be something you are willing to do. 2.) if the seller owns the property free and clear, you may be able to negotiate owner financing for a smaller down payment closer to 10%. 3.) if you have the ability to raise private capital from friends and family, you could purchase the property with cash, use the rents to begin paying back interest only to your private lenders, and after you have a rental history established, you can do a cash out refi with the bank to pay off private lenders. This will ONLY work if you purchase the property with equity in the deal. For example, if you purchase a house worth $100k for $80k cash, you could then bring your deed to the bank and buy it from yourself for an appraised $100k in which they will lend you 80% of the value. The bank gives you $80k at closing and you pay off your private lenders. Your expenses would be any closing expenses and the interest to your private money. Let me know if this helps. Ramsey

Other than the obvious Hammer, Hand saw, tape, screw guns, and levels - Mine is the following: 1.) oscillating tool is a must for keeping trim in place and replacing flooring. There truly is not a replacement for this tool. 2.) Electric nail guns. OMG why didnt they invent these sooner. My pet peeve is leaky pneumatic airguns which require a hose, power cord (power) and a noisy, clunky expensive compressor. Electric nail guns are super convenient and easy. 3.) non contact voltage tester by Klein tools. Absolute time saver when changing out outlets and electric fixtures. Much quicker than a multi-tool if all you care about is wether or not their is juice in the lines. Time is money when doing renovations and each of these tools will pay for themselves in time saved. Ramsey

You mentioned seriously reconsidering inheriting a problem tenant: I agree 100% that problem tenants are the worst. I have dealt with meth heads, horders, crazy cat ladies, and down right crazies. In the end, they are usually the reason good deals still exist out there. If every landlord had nothing but high paying tenants who took pride in ownership and was a great citizen, no one would ever be a motivated seller. Great Job on a successful BRRRR! Go find yourself another problem tenant and make money with your success template you just built! Ramsey

@Adam L. thanks. Yes It is a shirt from the EOD Memorial Challenge. 

I have been a tech for 10 years now.

@Paul Denaro Thank you. I would love to attend however I have since been stationed in San diego Ca. 

I am looking for ways to continue investing in Panama City once we own a home here in Socal.

Kevin, I agree. This is what we know. I am asking if anyone has a method of using the calendar. How to set it up

My brother and his friends are purchasing a lake house in a very desirable location of La. It is a beautiful home, right on the water, with a boat launch and slips. There are massive fishing tournaments on the lake hosted at a marina next door. The home is an off market deal with a purchase price nearly $100k below market value. Here is the issue: They plan to use the home as a vacation home and short term rent it when not being used. There are three families pooling together to purchase the home. They are all friends and will likely use the home together many times. I told him that there needs to be clear lines of uses before they close. My concern is if one family cant use the home due to their work schedule, and another uses it often - there is an offset in rental income and use. Does anyone have any experience with sharing a vacation home and ways to spread the calendar fairly so that one family does not over use the home, taking away from rental income of others. Thanks.

My brother and his friends are purchasing a lake house in a very desirable location of La. It is a beautiful home, right on the water, with a boat launch and slips. There are massive fishing tournaments on the lake hosted at a marina next door. The home is an off market deal with a purchase price nearly $100k below market value. Here is the issue: They plan to use the home as a vacation home and short term rent it when not being used. There are three families pooling together to purchase the home. They are all friends and will likely use the home together many times. I told him that there needs to be clear lines of uses before they close. My concern is if one family cant use the home due to their work schedule, and another uses it often - there is an offset in rental income and use. Does anyone have any experience with sharing a vacation home and ways to spread the calendar fairly so that one family does not over use the home, taking away from rental income of others. Thanks.