All Forum Posts by: Silvio Brigliadoro

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It really depends on the City, in the areas I buy in they are usually very tough, there is a specific city that will simply not negotiate liens. I am closing escrow on a rental property this week that has public nuisance, abatement and substandard dwelling liens in the $66,000 range; they would not negotiate at all and they are getting paid mostly everything, the seller is netting less than $2,000.

Greg, if you have W2 income and can qualify for purchase money loans I would finance the purchases and keep the cash to get them rent ready. If you're planing to buy fixer uppers they may not be financeable, you wwill have to pay cash and refi down the road. Either way you WILL ran out of money, unless properties go really cheap in your state.

Phillip, PM's are a mess to deal with locally, dealing with them out of state I can't even imagine what a disaster that could turn out to be. I'm sure there are many investors here that would disagree, but unless is a cash cow, can you get rid of the property?

I dont really care what the credit report says these days...Many renters have credit issues and many of my tenants have lost their homes, there credit is a mess; but are great tenants.

Carlos, wow, how do you check their account balance? do you get some kind of 3rd. party authorization?

Your concerns are all very valid. If you are just starting out, you will be blown away by the answers you will get, some very contradictory. Attorneys will not always be right, keep in mind they really like LLC's. They will probably suggest one LLC per each property you own; that may be the best way to protect your assets, but is it practical?

When you are starting out, whatever you think is the correct entity structure for your business model WILL probably change as you experience the in and outs of RE Investing, so I wouldn't worry too much about that at this stage, I would put all of the emphasis in learning how to buy low. It is amazing how it will all fall into place as you dive into the game. Why not buy your first property in your name, refinance, etc. then record a grant deed into your new entity, one you have that figured out, which it could even be a land trust.

Charles, a flipper, nice!

ALL the info in the application builds the character of the prospective tenant and will help you determine along with dozens more questions you should ask your applicant whether or not it is a match to YOU and YOUR property.

Tenant selection is the most important aspect of managing a rental. These individuals will be watching after your asset, would you hand it to just about anyone? If you ever need to collect rents or evict your tenants, you will need all the info you can.

If they dont have bank accounts, credit cards, car loans, etc. I WILL always ask why and analyse their answer, I do a lot of asking and REALLY listen; I am always amazed the value I get from that.

Good luck!

Phillip, what is the reason you own an out of state property and not one in or near your home town?

Ibrahim, you are right! I would never take comps or values from a Realtor, specially if he is also the listing agent. If you can buy at 255k and below and resell at 355k, sounds like a pretty good area to buy-n-flip to me!

Richard, Best of luck showing the place and hope you find your next best tenants. My lease addendum was originally 1 paragraph and it is now 2 pages long and I think it is the most important part of my lease, I typically add or change parts after I experience a new situation. In my experience most tenants are rational and those few that are not, are not worth the stress, I move on and try to pick better tenants next time. Just my 2 cents.