All Forum Posts by: Ray Hage

A 9% rate is within reason imo assuming they are not charging crazy points or other fees. HELOCs have similar rates at the moment. Does it absolutely need a new parking lot or can you patch up what is there? Maybe you could pay the roof and other minor improvements out of pocket and wait for the parking lot till later. Sometimes you can also finance a roof through the company doing it. Ask about financing and see what their rates are AFTER they give you price quotes.

@Navjeet Singh it sounds like you're making a big mistake and you used a very shady agent (unfortunately it is common in this industry. I am an agent as well and seen too many terrible things haha). 

Are you really sure you have no way out of this contract? If you are getting it financed, you could ask that the bank decide to pull out of financing it. Otherwise, it may be worth losing the security deposit if the house is in really bad condition. 

I wouldn't pay them anything and risk going to court. This sounds like a legal scam to scare you out of your money. Stand tough.

 I fully agree it is our duty to at least help our respective closest people. I push investing on my friends not to be an a-hole but because it is good for them. I know I annoy them sometimes but it is kind of like your doctor pushing you to stop downing burgers and fries because it is affecting your physical health. 

These mental "diseases" of fear/overspending/procrastination affect their financial health for their whole adult lives. Oftentimes, they don't realize it and/or they think they're not capable of improving and will blame the president, their boss or bad luck for their circumstances.

This is definitely the right way to do it. In fact, 2 years would be perfect. It would be even better if you can get something that you can easily house-hack like a SFH w/ an efficiency attached to help out with the mortgage. That was my primary strategy when I bought my house and it is working out great! There are other ways to house hack as well

@Gino Barbaro Congrats on getting your new book to the masses! I would say the three biggest reasons why people don't achieve financial freedom are: 

1 fear of investing/losing money and will put it in something like a CD and be happy with 2-3%

2 spending too much money on non-essentials like eating out, nice cars and primary housing. They are not willing to make the short term sacrifices or work a 2nd job/more hours to use the money to invest.

3 procrastinating. They have a busy life and are preoccupied so they put off investing because they think they have plenty of time to start investing later.

These 3 things are what I have observed in my personal circle and at networking events.

Hey @Matthew Thurman. Looks fun! I'll try to make it up that way tomorrow.

Hi @Laritza Amado from your post, it doesn't sound like it is worth keeping. I would consider selling it and buying a better cash flowing property. If you can increase the rent enough to get a good return, then perhaps it is worth keep but I doubt that will go over well with your relative

Well, if she won't leave voluntarily, then you'll need to post a pay or quit notice on the door or hand it to her. I would also email and text it to her as well. After that, you can start the eviction process. You don't really need a lawyer for this but you do need to follow every step of the law or you'll be further delayed. I wouldn't keep waiting around. Post that notice asap.

 Sometimes the suburbs are even better than the main areas, especially if they are close enough to the popular areas. Usually the property is bigger and can command a good nightly rate. Though, I have found some of the suburbs to be very strict.