All Forum Posts by: Tim J.

Quote from @Kaynan Na:

Quote from @Matt Devincenzo:

Your description doesn't make sense. Did you purchase a foreclosure on a 2nd position lien that was subordinate to a senior loan which is still in place? If so then I'd be surprised if the same scenario couldn't occur in OH. It's a pretty widely discussed issue with buying foreclosure auctions. If your foreclosure was for the first, then any subordinate liens should have been stripped. Or are the other liens completely unrelated to mortgages and are some other attachment? 

The HOA association put a lien on the property and it went up for foreclosure auction. I purchased it thinking it was a clean title with no mortgage attached . Comes to find out it had a mortgage on it.

This is for both properties .

Seems like this should have been easily discoverable with less than an hour of legwork with the county or town/city. Not to be a jerk here, but when buying due to an HOA forced sale it seems pretty basic that one would check for other liens.

Sorry to hear of your troubles.  As others have said - start a conversation with the lien holder(s)...

Instead of limiting the investments that you consider, get over the whole "introvert" thing.

Step outside your comfort zone and make things happen.  Using "introvert" as a crutch/excuse is going to limit yourself. 

Go talk to people.  You are going to have way more success if you overcome whatever reluctance you have with interacting with people.

You should go into by-the-room rentas with your eyes open.  It is different than simple LTR or STR.  

One thing I do for investigating a market is place ads on craigslist and FB.  You can judge the demand fairly easily. 

IMO It is a complete violation of the takings clause of the 5th amendment... but you're going to be in for a world of hurt if you buy into a market with existing restrictions.  

IMO - 9.5 is way too high to take seriously as a buyer.  The only people you will attract are those who can't get bank loans and that's probably not the investor you want...

If you want to sell to an investor, structure the deal so it is attractive to investors- figure out a competitive cap rate and back in your numbers from there.  Be realistic with costs.

For loan tracking my partners and I use this:

https://www.brytsoftware.com/
It does 1098s etc.  

I don't think it is cheaper than what you have.  It would make sense if you were servicing more than one loan.  

$45 per month is probably about a cheap as it gets...
Think about how much time it will take you to do it on your own.  

Quote from @Samuel Shostek:

You're right about the "hamster wheel" scenario many find themselves on. It’s exactly why we're stepping in with a new approach. Not everyone has the 'push-a-button' luxury for 20 deals, as you mentioned.

But here’s the rub: while you’re killing it in the market, plenty are struggling to find their footing, not for lack of trying or working hard but because the right connections are just out of reach. Our aim? To shorten that reach for them, make those valuable connections more accessible, and maybe give them a shot at their version of 'pushing a button' for deals.

... we're determined to make it work for those spinning their wheels, looking for a break, or just aiming to scale up like you have.

Keep crushing it, Bob.

 It's not clear to me how setting up some new platform to get those who are "spinning their wheels" is going to improve their situation.  Networking helps, sure.  But there's still a total mismatch between people who already have systems and connections in place and those that (according to you) are unable to take action because they are missing networks connections.

You've responded to questions and skepticism multiple times, but in all of your writing there is nothing concrete or that makes sense to me (and I assume others).

In reading your responses it appears that you may have conflated "building networks" with actual investing and making stuff happen.  Designing a platform to allow people to interact is not, to me, a useful goal given all the other platforms out there.  

I suppose what I am wondering is, what, exactly, are you going to do to "solve the problem?"

That all sounds good.  But how are you going to solve the chicken and egg problem?  

Quote from @Russell Brazil:

Marijuana is legal in most of the country at this point. Who cares if someone smokes pot. 

 Just to be clear...

Marijuana absolutely IS ILLEGAL in all of the US per federal law.  But in some jurisdictions there are no local laws prohibiting it and likely few to no local law enforcement will enforce federal laws...

But, I think the point you are trying to make is worth noting - it is no longer hidden or considered taboo. 

What I would be concerned about is the folks who just sit around all day smoking.  That is an issue.  It is also reasonable to question the decision making of adults who smoke in the house when young children are present.  We have a NO SMOKING (of anything) inside the unit.  

Your conversation(s) should be with your PM, not the tenant.
They may need to screen better.
They may need to take more effective action and sooner.

Travis hit the nail on the head - another phone call from someone won't get tenants to pay faster.