All Forum Posts by: Shaun J.

 Been there done that down south in a D- Hood. Long story short, them people didn't realize I was from NY. Let's leave it at that. :-) 

Why? Is it in a C- Neighborhood? Is it a crap hole? 

Yes, you will get your check on time every month, but you will be paying much much more in repairs, especially when they move out. 

Man, I Had similar things happen to me in an OOS rental. It's crazy how some people will stoop so low. 

Even in NY, even with a Big REO Bank owned foreclosure, they paid a Squatter $7500 to vacate on a house that they were auctioning off.

You are probably going to have to evict them legally or call a "few guys" from Bridgeport to "speak with them" 

This sucks, but when it's over you will be better for it. 

True Story; 

Years ago when I inherited some properties in NC (small town, D- area) I had a lot of trouble with thefts, etc. It was so bad the sheriff and I became good friends, personally even though I lived in NY. 

When I realized I had a Squatter in the second property, I called my now "buddy" the sheriff. He told me, and I quote 

"Mr. Shaun, you didn't lease to them, and you certainly didn't allow them into that property. I suggest you come on down here from NY and go to the address heavy. Walk in the door of your home with your boomstick, and talk to them. If they give you a reason to fear for your life, press the magic button and we will come out clean up the mess and apologize"

I did just that, in the middle of the night after a 9-hour drive. Turned out the woman was Preggo and about due with a good for nothing DB Boyfriend. 

I worked a deal with them, the next morning and had them sign a M2M lease. They made 1 payment and didn't make any more for the next two-three months. I showed up again, and they were gone. -- At least I made one payment I guess. 

In retrospect, I should have hired a PM. Lesson learned. 

Send a Plumber to see if it's a pipe leak or what. Then send a cleanup company that helps mitigate mold 

Big $$ in OB 

It depends on your goals. Are you looking for rentals or fix and flips? 

Either way, Look for something around 20-30k with a rehab budget or 10-20k and leave yourself enough reserves in the bank to pay taxes, insurance etc. 

Look up the 70% rule as well. 

Maybe next time just get a basic fridge for a rental and not an expensive "Computer". I'd call it a lesson learned. They were loyal for 8 whole years. I assume you made your money on that fridge. 

You are always going to need money. All of the GURUS just use that as a "sales-tactic" to get you to fork over thousands of dollars to learn their "magic". So, you see, even then you need money. 

Some of the "Guru's" will say use Hard Money Lenders and get to fix and flip your way to freedom. BS. Go call a few Hard Money Lenders (HML) and talk to them about all the fees that they don't put on their website and their terms that go along with it. -- You NEED money to even borrow MONEY.

Even if you are just going to "Wholesale", you will still need money. Let's just say you were ultra frugal, no signs, no flyers, just a website and you are a superstar at SEO and building websites. Guess what? You still need money for webhosting, etc. 

You will still need money to pay your phone bill to answer your lead calls or call them back. 

Even if you had a super rich family member or a (private Money Lender), they should charge you something for lending the money to finance your "deal" even if it's 1% 

I wish the damn gurus would change course and tell you that you "Can" start in this business with very little money (wholesaling) but to outright LIE and say you need no money? That's just wrong. 

I'm still a newbie myself, but I am a numbers guy. Always make sure your numbers make sense.