All Forum Posts by: Randy E.

Randy E. has started 18 posts and replied 1279 times.

Matt, I'm not trying to convince you to not drive any car you wish to drive. The OP asked a question and I offered my opinion. The next time everyone in the world follows my opinion will be the beginning of the end of the world.

If you enjoy your car, by all means, please continue to enjoy it. I'm simply stating what makes sense to me.

1 Vote

We're almost seeing eye to eye. An expensive car doesn't help me, period.

Maybe when I've attained a more rarified income level I will be more concerned about owning an expensive automobile to help prove I've qualified myself for some exclusive club. Right now, I'd rather shoot myself than buy a $30K car, new, used, leased, cash, or loan.

0 Votes

Originally posted by @Matt K.:

Originally posted by @Randy E.:

Originally posted by @Ellis Hammond:

This was a convo my family had around the dinner table last night as some are leasing and some are buying their car. I was wondering what the BP community thought about leasing a car.

Lets make the assumption that you want a new car, can afford a $150-$300 payment and would plan to pay off your car in 10 years or less if you decided to finance to purchase.

If you plan on becoming a Real Estate Investor (or even if you don't,) it's best to buy a car you can pay cash for and drive that. If you can afford $5000 cash, you buy a $5000 automobile. If you can afford $1000 cash, you buy a $1000 vehicle. If you have no money saved up, you should ride the bus.

If you have no money saved up, and you can't bring yourself to utilize public transportation, you should buy (not lease) the cheapest used car you can find. Leave your emotions and any "I really want that kind of car" out of it.

How does this make any sense.... if I had say 50k cash for a car, why not put 50k down on a house and then use whatever I make from the house towards a car I lease/buy whatever... Seems silly to tie up my cash in a car....

Matt, if you're still in house acquisition mode, hunting and buying and renting to prepare for a better future for you and your family, it doesn't make any sense to buy a $50K car in the first place.

When I referred to how much money someone might have in savings, I meant how much someone might have that was not allocated to any other need. If you need that $50K to buy a new investment property, it should NOT be considered "car money".

0 Votes

Originally posted by @Ellis Hammond:

This was a convo my family had around the dinner table last night as some are leasing and some are buying their car. I was wondering what the BP community thought about leasing a car.

Lets make the assumption that you want a new car, can afford a $150-$300 payment and would plan to pay off your car in 10 years or less if you decided to finance to purchase.

If you plan on becoming a Real Estate Investor (or even if you don't,) it's best to buy a car you can pay cash for and drive that. If you can afford $15000 cash, you can allow yourself to buy a $15000 automobile. If you can afford $1000 cash, you buy a $1000 vehicle. If you have no money saved up, you should ride the bus.

Once you have accumulated 10, or 20, or 50 doors, then you can go buy the car of your dreams.

3 Votes

Originally posted by @Tom Liu:

Currently in tenant search mode. Have my criteria set. Trying to follow strictly. Had this one family come see the place. Its a modest 3br 1 bath home. 1000 sq ft. Husband wife and 4 kids. Husband has a decent job as a mechanic for a big name dealership. Makes approximately $50k a year. Wife is a housewife.

They have 4 issues, the income level is at 2.5 times the rent. His credit is 615 and hers 515 approximately. They both smoke. Do not have landlord references due to supposedly living in mother's home. Other than that, they seem like good people. Very enthusiastic about wanting to move into the area. My criteria range was credit >650, 3x rent, no smoking and three landlord references. I'm leaning towards turning them down because they don't meet my criteria which is legitimate. But I'm having some inner conflict about doing so because the parents seem like they are trying their best to move their kids into a better area. Makes me think about myself growing up and my own kids...

Any thoughts, insight about this situation and my sappy feelings?

I agree with the consensus that this family is a pass because they will likely have trouble paying the rent at some point. It's not the credit scores, or the 4 children, or the smoking, or the lack of landlord referrals that bother me. What bothers me is they don't make 3X the rent. To me, aside from having a prior eviction on their record, lack of adequate income is the biggest indicator of future missed/late rent payments.

However, I think you should take a chance and rent to them. As far as "risks" go, this is a middle-of-the-road risk, but it is a great opportunity for a lesson. There is a small chance they will be good tenants who always pay on time. But I think you can learn a valuable lesson by renting to them and dealing with the various reasons they provide every month for why they are late. I think you have to be burned before you learn the true danger of risking playing with fire. You won't really believe all of us saying "3X is important" until you lose a bet on a tenant.

Go for it,

Randy

1 Vote

Originally posted by @Kristi C.:

The power is off in her side. They did remove the meter, but they didn't disconnect at the pole because it's a duplex and both meters are side by side. Maybe they are concerned that she might just steal power from her neighbor now. The power company has called 3 times telling me to evict her immediately after they removed the meter. City inspector called once. Police have called 3 or 4 times. I explained to the person from the power company how the eviction process works. Them she said according to KRS 65.8801 I can make her leave now, but that reference is only about authorizing the creation of administrative boards. They really want her out, but they want to call me with bad legal advice too.

Got it.

0 Votes

Originally posted by @Kristi C.:

Originally posted by @Jay Hinrichs:

Originally posted by @Kristi C.:

Originally posted by @Jay Hinrichs:

Originally posted by @Kristi C.:

Originally posted by @Colleen F.:

My thought would be the power company should file charges and have her arrested. However I dont think the power company guy knows what he is talking about regarding getting her out talk to a lawyer. Let us know what you find out. This could be interesting.

The tenant told me she has a court date to appear for stealing power. She didn't rewire the electric meter herself. She claims the power was off for non-payment, then within a few days her room mate said they paid for it to be turned on, but they had rewired it without telling her they did so. She knew the power was disconnected for non-payment and then the power was back on without her paying anything, but she claims she thought they paid it. She's not supposed to have room mates either.

and U believe your tenant is telling you the truth.. jacking power and water is a tradition passed down through the generations of renters.. its amazing what they do and risk their lives to do it.. Its all BS they know exactly what they are doing..

I don't believe her. That's why I said "she claims." I really don't think she's has the capability to rewire that box herself, but I do think she knew her roommate did it. Regardless she is going to go to court and plea that she didn't know.

I have seen them simply jump the meter with a cloths hanger LOL.. this usually happens in challenging rental areas..

They said it was rewired like someone that knew wiring did it, but then they stuffed the box full of newspapers. It's possible she's the one that actually did it, but it seems like she would have done it way before now if she knew how. She's been in there for two years. She just started having these "guests" lately.

KC, I don't understand why the power company is asking you to evict. Every case where I've heard of a power thief being caught, the power company simply removes the meter. If the power thief installs a meter stolen from another location (or otherwise bypasses the lack of a meter) the power company disconnects the wire at the pole. Is there a reason why the power company in your city isn't doing that?

Whatever the reason why the power isn't yet off, simply file for a court eviction and wait for that to run its course.

1 Vote

Originally posted by @Greg H.:

Originally posted by @Amy A.:

@Greg H. I have the emails asking for "highest and best" on HUD properties AFTER acceptance by HUD. This was a couple of years ago. I am not blaming the listing agent. Perhaps it was a glitch in the program.

I believe you are referring to FNMA/Homepath Properties as this does not happen with HUD. They have never used a highest and best. Your offer is either accepted or you receive a generic counter(not really a counter at all).

Interesting and illuminating discussion. A couple of weeks ago I got beat out on a bid on a house that I would have sworn was a HUD house, in a request for "highest and best". Two years ago, I lost a HUD house to a higher bidder, but only after my bid was accepted/rejected (frustrating story that was 100% my fault) on its own.

Comparing the two situations, I now realize the recent bid was actually a FreddieMac house, not listed on the HUDhomestore website as the one was two years ago. I knew my recent bid was not on the site, but I kind of assumed it was an actual HUD home.

Live and learn. Thanks Greg

0 Votes

Call a different AC repairman. Keep calling different ones until you find one who can come out today.

1 Vote

@YiBing T.,

I may be wrong but ...

If you received a contract signed by the seller which you then had your agent revise before you signed it, then the act of making revisions nullifies the seller's signature and the seller would need to sign the revised contract.

If that is how the series of events unfolded, I would think you never had a valid contract signed by both the seller and the buyer. And without a valid signed contract, the seller is free to negotiate and sign with any other buyer.

It sounds like you almost had a deal, but it never quite got done. Tough luck.

Still, you may want to ask your agent and/or attorney for guidance here.

2 Votes

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All Forum Posts by: Randy E.

Randy E. has started 18 posts and replied 1279 times.

Post: Is it better to lease or purchase my car?

Post: Is it better to lease or purchase my car?

Post: Is it better to lease or purchase my car?

Post: Is it better to lease or purchase my car?

Post: tenant screening and emotions...

Post: Evicting for Stealing Power

Post: Evicting for Stealing Power

Post: Can I get outbid while under contract? Options?

Post: Help! Tenants refusing to shut off leaking a/c

Post: Can I get outbid while under contract? Options?