All Forum Posts by: Kendall T.

I like the Dave Ramsey approach, it helps to have a very stress free life, there have and will be many real easte investors on debt who end up losing homes.  Doing cash takes a little longer starting out, but can quickly grow 

Welcome to biggerpockets.  You might want to listen to the podcasts, there is a wealth of info on them.

Fire your pm, and it sounds like your tenant is trying to scam you.  If they get away with it this time, you can expect this type of behavior to continue.  Sorry you are having this problem.

My cheapest house was 12,500.00, I have approx 19k in it now and it rents out for approx 625.00 per month

I am more safety conscious, I also appear to be in the minority here as I think it would be best to pay off loan.  You would be able to quickly generate more funds and lend that to flippers if you so desired.

I have lived in fl for many years, and Hobe Sound fl is actually rated something along the lines of number 1 beach town in the us.  It is a excellent town, which also includes Jupiter Island, where some of our nations wealthiest people live, including Tiger Woods

I like 30% returns, but I would want at least 20% returns per yr.  In my area this is easier to obtain.  Someone I know just signed a contract yesterday for a cbs house for 19 k should rent out for 600-750 per mth

@Steve Babiak

It appears that money is a issue to this individual.  When taking out loans there is always some risk.  So to play it safest would be not taking any loans out.  Some people have had months of monthly mortgage payments set aside, and when hard events came, they didn't have enough set aside in reserves to weather their financial storm.  

So assuming cash was pulled out, and the money was put into another property, and then it was rented out and the tenants trashed the place, so it cost a few grand to fix up, on top of the loss of the rental income, and all this was happening while monthly mortgage payments had to be paid, it could put her in a really bad position.  

So some of the safets moves would be to 

1 outright cash sale

2. Large down payment, and then owner finance the rest with a contract for deed (so hopefully there would not be a lengthy foreclosure process)

3. Like I originally said "rent it out while trying to sell for the max.

welcome to the bigger pockets!

If they do not end up buying, it might be worth it too just rent it out for a couple years, without doing any cash out refi on it.  While you are renting you can being trying to sell for your max.  And if you do not take loans out on the house, then you do not to worry about possibly losing the house due to extended vacancy, house trashed by bad tenants etc