All Forum Posts by: Tyler Dunlap

@Brandi Graham that is an egregious amount to pay someone for their “mentorship”. There is almost nothing they will tell you that you can’t learn here for free. Under no circumstances should you pay them that money.

I’ve been around here long enough to know that people are going to reply with “it depends”. Depends on my market, my goals, etc. My question is what would YOU do with that money and what would YOU hope to make off of it? Thanks for the insightful answers.

Hi all, I am looking into some turnkey properties in midwestern markets that cash flow decently. This has lead me to wonder how long-time investors change their investing approach as the real estate market goes through its various cycles. Obviously it would be great to be buying depressed properties like in 2012, but that’s not the case now. Now, there are many indicators that we are nearing the end of a huge growth cycle in the real estate market. Turnkey properties now command a premium. Where SFH’s may have been 60k a few years ago, they are 90k now. Even so, there is still decent cash flow to be had. My question is this: in the grand scheme of things, my plan is to buy and hold for a very long time. In that case, does it matter if I pay 80k for a turnkey just to see the market take a modern downturn in a few years? What should my strategy be, to just buy cash flowing properties and if the market goes down continue to buy more properties for cheaper prices (similar to dollar cost averaging in equities)? Any wisdom from old timers and new investors alike is welcome!!

Which areas specifically do you lend in?

To be frank, an LLC is really useless to you without a property. I don’t really know why that would be your focus at the moment. I used my VA loan to buy my first rental property, lived in it first then rented it out. What kind of capital are you working with? I remember many of the ideas and struggles I had when I separated from the military also, and looking back I can say some of my goals were not realistic.

Get title insurance, presumably. I don’t know your area specifically but I am suspicious that a realtor would tell you that. There are many valid reasons why a foreclosure may not have a clean title but wouldn’t a title search find any liens? That should be something that you do anyway. Just my take.

Rate was between 8-10%. They handle repairs. Tenant placement was $200 if I remember correctly.

@Nina B. On second reading, you may be able to cash the check and get away with it, but I wouldn't risk it.  I would just do what @Thomas S. said, just tell them their son has been declined.  

Lol @ the father being a cop.  I think being a cop is a highly admirable profession.  I'm sure he knows a bit about criminal law.  But I think it's unlikely he really knows contract law.  Again, with @Thomas S. on this one, tell him to pound sand.  

I don’t know Oregon law but I know a little contract law. I don’t think there’s a contract. Seems like there’s a lack of consideration here, but do not cash that check! It would act as consideration and could bind you to your word. It also seems that he did not rely on his mistaken belief to his detriment. Let them call an attorney yadda yadda. They will find a new place and move on.

Oh absolutely. Better a guaranteed 1150 than a tentative 1250. My tenants now are immaculate people. Like the worlds greatest tenants. They agreed to pay a very fair price and I am happy to take less because I know they will pay and take care of the place. Their lease is up in July I am going to freeze their rent in hopes they sign for another year.