All Forum Posts by: Sheryl Griffin

The advantage of a Solo 401K compared to an SDIRA is the contributions are up to 10 times more than traditional or Roth IRA of $57.5K, and an additional $57,500 contribution from your spouse (if applicable) if he/she is also involved in the self-employed business. This is what I'm using because of more freedom to work my real estate and take out financial loans of up to $50K.

Thanks for all the input since I've been re-evaluating this software online.  I used it a few years ago when it first came out - it has since improved immensely!  It's now an incredibly valuable tool for presentation to potential lenders.

Hey Josh,

I'm still getting some weird lettering - close to 3 or 4 times larger than the actual thread font making it difficult to see through to read the paragraph/sentence.  This is what I'm seeing:  "small_1399729588-avatar-heavyd516", "small_1404838733-avaar-david99".  It's been doing this all day, on every forum/thread I read.

Alana,

There are a few states where the title company will not handle Subject To's because of the DOS clause. It may be in your best interest to contact an attorney assuming your exit strategy is a tenant-buyer where you can fix the attorney cost into the new tenant-buyer's down payment so it won't come out of your pocket. Then with the attorney, all is kosher and you'll have a witness/paper trail down the road if there's ever cause for alert. This is a familiar subject which is addressed in multiple forums here on BP.

http://www.biggerpockets.com/forums/50/topics/1107...

Also, if you're going to be investing in real estate on a fairly regular basis, you may want to consider Legal Shield or other prepaid legal services. They have Real Estate attorneys who are familiar with this, and will handle the paperwork closing, too. They typically give unlimited consultations for one low fee a month, and they'll review your paperwork, etc. I've been using them for 9 years, and I feel like I have "legal insurance"  - that's how valuable they've been to me in my business.

Perhaps there's someone else here on BP familiar with MO. laws on Sub2's.

Best of luck to you and let us know how it turns out!

I've done it too, Michelle, and it only has to happen to you once to realize it's not worth doing it in the future.  I've been doing vacation rentals for a few years myself, and learned the hard way.  Stick to under 30 days, preferably under 14 and you'll most likely never have to deal with the scenario @Cory T has had to go through.  I know we all feel for her, but are equally learning where to take our own business in the future from this.

Do you guys think it would have helped if she had a local management company to handle the booking, lease signing and key turnover?

@Chris Catt  I truly don't think so.  It quite possibly may have happened with a local PM company too.  I had a local PM at one time, and something similar to this happened to me, and I had to get in my car and drive 2 states away to handle things myself plus they were keeping a 45% cut of my rental income for their duty which they did not do.  Nothing against PM's, since I am one myself, but after that, I started managing my own out-of-town vacation rentals via VRBO websites, and no more rentals over 7 nights.  I highly recommend PM's for owners not interested in handling the responsibility and for long-term leases - that's their specialty, not for short-term, which should typically be under 30 days anyway since that's the reason we call them vacation/nightly rentals.

Check out the forums here on BP.  This might be a good starting point:  

http://www.biggerpockets.com/rei/foreclosure-process/

Can I finance a property, in the name of my LLC, and then sell it the same day as owner financed? Would 2% interest (above what the bank is charging) and closing costs plus $10K be fair terms?

Did you mean buyer pays closing costs and gives you a $10K down payment?

Hi JoJo!

Welcome to the fun world of real estate investing! You started at the right place here on BP - most everything you need for learning and networking right here on this awesome site! Next find a REIA (Real Estate Investor Assn), which is pretty simple starting with Meetup.com "real estate" Dallas area, and start networking with like-minded people!

Here's to success in the real estate investment biz!

Sorry for all your hassle.  The word EVICTION caught my eye since vacation rentals is my thing, and I can't even imagine!  My suggestion:  once you get through this - get out of AirBnB and go to HomeAway.com or VRBO.com if you continue the vacation nightly rental thing.  I've been doing this for 10 years and have NEVER had this kind of issue with either of them.  Along with good customer service, Home Away has lots of links to problem solving, legal matters and forms to use on these kinds of things...if not, they will try to send you to someone who will.  Although most of my guests have been nightly (3 to 7 nights), I've had a couple of 30 - 90 day stays, and never encountered this.  Through trial, error and experience, I created and now utilize an extensive Rental Agreement, along with requiring the guest's Drivers license, credit card and everything while requiring a hefty refundable security deposit if they want it back - they leave as they found it.  It's what the hotels do, right? I agree with some, give Airbnb a poor rating on BBB and get the media involved...shame on Airbnb.  Let me know if I can offer more assistance down the road in successful nightly rental vacation ownership!  Good luck with this one!