All Forum Posts by: Tim Lindstrom

@Toure Lee,

You should start your own thread to ask your question.  you might get better response.  burying your question in an existing thread will not give it the attention it needs.

i don't have any LLCs, but have read a lot about it on BP.  You might want to search for your question in the forums as well.

I have read several people saying you can move commercial loans into LLCs.  There is talk about the due on sale clause getting triggered, but apparently it rarely happens.

By no longer paying the utilities, you have effectively raised rent by the monthly amount of the utilities.  How big of an increase (percentage wise) is $119 per month?  Is this an amount you would have raised the rent (putting utilities aside)?

I don't pay any utilities,  but If I were in your position, I would have cushioned the blow with a $50 decrease in rent (that's still a $69 net increase).

I'm sure some really smart guys will jump in and answer this, but my understanding is that Dodd-Frank is concerned with lending to people using the property you lend on as collateral.  If you are lending on the mobile home, and using that as collateral,  then Dodd-Frank applies.  If you want to give them an unsecured loan,  you might be ok.  But I'd double check that.

This book should tell you everything you need to know...

http://get.biggerpockets.com/nomoneydown/

I thought if mail was undeliverable,  it would automatically be returned to sender.  I haven't been putting "return service requested" on the letters I send out.  Does that mean they could be sitting in some dead mail room if they were not deliverable?

@Account Closed I found both through referrals.  The first one did some siding repairs and painting for a friend.  He did a good job too.  Unfortunately this guy wasn't capable of doing a full rehab.  

The New (good) contractor was a referral from another investor who has used him on several rehabs.

If I had checked the first guys licenses, i would have found he had no electrical, or contractors licenses (he claimed he did). The only license he had was a business license.

@Jeet Sangha,

I just listened to a podcast last night on BP where they interviewed a guy that wholesales out of state.  give it a listen...

https://www.biggerpockets.com/renewsblog/2013/10/3...

Thanks @Don Johnston,  

I guess I worded my initial question poorly.  I didn't make the 140K offer in the letter,  I Offered it to her when I visited her house (after she called me).  

You have me rethinking how I handled the visit.  I pointed out what was wrong with her house,  instead of generalizing why houses might not get top dollar.  I think I need to put together some kind of package to or brochure to leave behind.  Something useful for the seller,  but not sales material.  Just a little something with my name on it,  so she remembers me.

I'm aware that direct mail marketing is a long game.  I intend to mail to my to my potential leads until they tell me not to, or sell there house (hopefully to me).  

yes,  a stuck toilet handle can raise a water bill.  a dripping faucet can raise your water bill, so  imagine how much more water is spilling out when the handle sticks.  Replace the toilet innards with a new flush kit.  it will only take about 1/2 hour and cost you $20.  Or spend a little more, and get one that can detect water leaking, and stops the flow when the handle sticks.

Smelly carpet is really hard to take care of.  I would think with a long term tenant leaving,  it would be time to replace the carpeting anyway.  If you are going to allow pets,  you might want to rethink having any carpeting in the place.