All Forum Posts by: Tevis Verrett

On the surface Mehran Kamari looks like a promising deal. You will build reserves to fix stuff (the capital expenses) if you factor in the 50% rule (you can find the discussion on the BP forum).

As far as deferred maintenance, the seller doesnt get a free pass and cannot dump it on the unsuspecting buyer.

YOU get estimates for heaters and new roof, and take it off the asking price.

Somewhere in the middle, you will reach a deal. Word to the wise, on investment property, you are buying the revenue stream. . .

Dont get seduced by anything else.

Much good luck with this, my brother investor!

Tevis

I concurr with Sean D, and also respectfully disagree with Joffrey Long.

Credit Reporting agencies are rife with ridiculous errors and knowing your way around the FCRA, you can spank collection agencies their own game.

Credit repair agencies are valuable resources (and there are a LOT of scams out there). So there is value in finding someone who knows what they are doing. Rudy Butler, 45 days is off the chain, and almost unbelievable. What voodoo do these guys have?

Be well all, and we support each other, or perish,

Tevis

Hi Steve Baldwin,

I know the ins and outs of the FCRA and spanking collection agencies. It is a looong drawn out process and ping me, I will give the keys to the how to do it for pizza and beer.

In this environment we have to support each other.

Tevis

Brother Joe Capobianco:

Yup, your friend is whacky!

Heed the sage words of our wise Brothers, and Ive got one more for you!

Find a credit union, go in there and make them fall in love with you (because they will eventually give you your first loan). In the meantime, ask for a share secured loan and tell them you are working to build credit. . .so you can eventually borrow maad amounts of money for your empire building.

They will guide you, and this is perhaps the most important challenge you will overcome. . .building a relationship with your lender.

Blessings and keep us posted,

Tevis

Victor, my 0.02:

While I never did this, offer cash for keys for her to get out and disappear. Much less expensive than the $435 in court fees here in Los Angeles, CA.

Also share that you will be pleased to ruin her chances of renting ever again by taking her to court and getting an Unlawful Detention/Eviction order that will follow her to the grave (or seven years) your mileage may vary.

Much good luck with this!

Tevis

It would be wonderful to meet the powers that are on this forum, in person.

I am in Porter Ranch, in the San Fernando Valley of Los Angeles.

I will bring the cheetos, lets do this!

Thank you Karen Margrave for reaching out!

Tevis

Good morning Nancy:

My quick thot would be to insert the standard language, ". . . If any part of this agreement is found invalid or unenforceable by a court of competent jurisdiction, the remainder of this agreement shall be interpreted so as to reasonably affect the intention of the parties."

This way, you can say what you want, and if it does go to court, the remainder of your lease is enforceable.

I am not an attorney, your mileage may vary, object are closer than they appear. . .

Blessings,

Tevis

THAT (the lawyer) made me chuckle. . .

and is very wise advice!

Tevis

Very wise Bill Gulley!

Out here in the city of the angels (Los Angeles) many renters are former home owners that lost or walked away from their upside down hyperinflated homes.

So the credit ratings I have seen look like 10 miles of bad road, and while income is stable at 3x we have had to evolve with the market pressures.

So it is now a big picture proposition (how we look at prospective tenants).

Hope this 0.02 has helped,

Tevis

I second that my friend!

Bless you Jeff. I appreciate your wise and thoughtful words.

I read up on cap rates and it is a parameter of risk factor.

For instance, if we go all the way out to Victorville (for non Californians-you take a left and you are in the middle of BF Nowhere), cap rates jump to 10%, while here in our backyard it is 6-8. I am new to this and shoot man there is so much to learn. As you wisely surmised, no drowning property owner wont put up their property on loopnet. . . smiling at my naivety.

Again, a grateful thanks. Now kinda owe you and Steve Babiak one. Since we are neighbors, tell me if I can support you in any way!

Tevis