All Forum Posts by: Steve Racicot

@Jason Greenway Correct.  You can be the Registered Agent.  And you should find a local CPA. 

It depends on the Association, Cash Flow you are generating as with any other investment.   Run the numbers and add about 5% for contingencys..

Steve

@Jeremy K.  I wouldnt do it.  Highly unlikely you would get a 6.99% loan when interests rates are rising as early as next week. 

It would be easier to save the money you have and then invest in the note fund.  

@Nathan Waters I currently invest with others and promissory note and a Personal Guarantee (letter) is what I do. Both Notarized.  I have the Promissory Note and the Personal Guarantee reviewed by my attorney before investing.  If you are looking for another investor please feel free to reach out to me. I might be interested. 

@Lisa Juarez Without any "skin" in the game, it will be hard to find a lender.  But there might be a few banks who will give a fix and flip or renovation loan.  I would stay away from draining your credit cards as you still need to live.    

From the pictures it looks like a pool was there.   Check with the neighbors, those that have been there a while would know if a pool was there.  Also, the city would have records...

Any Lease issues I should be concerned about by selling before the lease is up for renewal?

Hello, 

What is the best way to deal with a tenant who is renting from you, where they have a lease ( expiring Nov. 2017) when you are looking to sell off a Non-Performing Condo?

Steve

@Carrie Cavins I Use Kingdom Trust as my Custodian. And used the services of Checkbook IRA to set everything up for me. Everything was done in less than a month and went very smooth.

@John Woodington Even if you break even on your PITI expenses. You would lose a bunch of money on any unforeseen expenses (Heating, Plumbing, etc.)

Sell and move on. Sentimental Value has no place in REI.

Steve