All Forum Posts by: Michael J.

Originally posted by @Angie Syphers:

@Jordan Moorhead is right that real estate agent school doesn't teach about investing.  It's a completely different business.  I have always wanted to invest, but when I would ask my brokers or any other agents about investing, I would get laughed at at the thought.  That was extremely frustrating so I had to just learn on my own & kept it to myself in my offices.  Unfortunately, it was also a huge blow to my confidence so it's taken me many years to get the courage to become serious about investing.  It's also true, that you have to like people as an agent, and I used to, but I have been jaded over the years by all the fake people in the business. I mostly work with investors now & I'm finally ready to start investing. I'd rather deal with real, no BS types of people as I have found in investors than the inflated egos in a lot of agents. Not must, but a lot of agents are just too much to deal with.

Don't let those goobers stop you. You have to do it right but someone being a REA gives them no special insight on being a REI.

I had to deal with the same thing when using a agent to find my first rental, they kept making comments about not wanting to deal with clogged toilets.

The main thing is always treat people with respect even if you are kicking them out for whatever reason.

If they are month to month then you are under no obligation legally or morally to let them stay as long as they want so don’t feel bad about that. I would worry more about doing it peacefully, it may be a good idea to make it a stipulation the unit/s are vacant before closing but that may be hard to do and delay the process too much.

In the end there are 1,000’s if rentals in most areas do they will find another place to rent and have no stake or entitlements to the property you are looking at purchasing.

Again always be respectful of others but you must do what is best for you, your family and your business. Don’t do any deals that don’t work for you and/or partners first and foremost.

That's nothing new. Most REA I know don't own property. Being a REA and a REI are two completely different things in reality.

My first though is how grateful I am to live in the USA where we still have so much opportunity to better ourselves.

Second thought is they may just be a troll. Even in the worst countries legally speaking I couldn’t imagine someone can get by that long without paying rent and the PM could do nothing about it. If I were in a situation like that and really could not legally do anything I would let the property go back to the bank or the state and wash my hands of it.

Even in the USA I have heard of tenants going 2 years and paying nothing but it was because the landlord allowed it and did not evict the tenant.

@Allan Smith Another important thing with kfk is the unit must be clean and all trash and belongings removed. No cash for a dirty unit or junk left behind.

@Allan Smith The deposit is technically the tenants money so you must return it or account for it in damages. I haven’t done KFK but you would not want to give them a penny of the kfk money until they leave the unit and sign something. Then I would not give them the deposit until I have ample time to inspect the unit, so two separate transactions. State laws vary so make sure you know your state laws regarding deposits and time limits on returning it.

Why not figure out how to make a offer that works for you for the entire term of the note? Seller financing is a great tool to use and you have the added benefit of slow I guess s property and not have a loan with a bank. As far as the original question if the seller tells you he will do owner financing to save in the tax bill over the 10 years I personally would not make the offer and then refi soon. But if the same conversation happened and I did intent on keeping it the 10 years but a few years later my circumstances changed and required me to sell or refinance to keep in my best interest then I would absolutely sell or refinance if I needed to. If I made the offer with no implied agreement or intentions I would not have a problem refinancing later. But honestly a good seller finance deal is good for you.

@Deangelo Mack if a seller is concerned about selling to an investor and won’t deal with you then they have either had a bad experience dealing with an investor selling their house before or they are not motivated to sell. If they are not motivated then you are not getting the best price you can. If they had a bad experience with a investor then maybe try to tactfully find out what the issue was and try to reassure them you won’t do it and then make certain you don’t.

@Mark Fries IMO this is the best method to use. I know several landlords that do this and have no issues at all and any minor issue that pops up is dwarfed by the benefits of saving time and stress personally dealing with every viewing.

Thanks for the replies. It is a fun process on one side Coming up with a unique name!