All Forum Posts by: Tyler Mullen

There are several viable strategies available to you, you just have to pick the one that works best for your personality and follow through.

Some say pay the highest interest debt off first, then the second highest and so on.

Others say pay the lowest balance debt off first, the the second lowest and so on.

With your free $1,000 a month you could choose to put it all towards debt pay down, or use less than all if it for debt payments and the rest for saving and investing.

Personally I paid my lowest balance debts off first (now I only have one left) and I have always saved and invested so I have funds for opportunities that present themselves.

Most places you can't just cut into a curb without a permit.  "Smokey, this is not 'Nam. This is bowling. There are rules."

https://www.seattle.gov/dpd/permits/permittypes/cu...

http://www.kirklandwa.gov/Assets/Public+Works/Publ...

Everything Seattle proper does wrong inures to all of our benefit here in the burbs, so Ms. Sawant, please keep it up!  Properties in Norkirk, Clyde Hill, Bothell, Woodinville they’re growing double digits!

See, I love it!  Figure out a way to do both!  College is a huge opportunity so use it and learn what you can and make lasting relationships, but college ain’t everything.

I got a degree wanting to do something specific and then I tried it and I hated it. Now I investigate frauds and REI, not exactly high finance.

My dads degree is business but then he went into the Army and learned programming.  He’s been lead programmer and partner in his own software business since 1983.  He started with Fortran and had to change with the times now he writes in SQL directly.  To some people that’s not that hard but it is a specialized skill.

My moms masters in art education had little to do with being a very successful RE agent for 30 years.

My sisters degree is anthropology, she’s the manager of a compliance and anti-fraud division of a credit union.

You may find the book Set for Life by Scott Trench insightful.

The DTI calculated now obviously won't count your future rental income from renting out the other rooms, or duplex... so I don't think it's such a clear cut decision not to.

The same argument not to could be made when you have your first job right? “Oh, concentrate on your job for now don’t worry about it til later, don’t take on that kind of big payment when you can barely afford it, what if you lose your job?”

You might make more renting than working part time, you might even make enough renting to quit working and then you have more time for school, not less.

Agreed.  What makes no sense is why an equity skimmer would get qcds from heirs to a property and not the property owner?  Fraudsters usually look to do the deal and get outta dodge, not hang around for ten years.

Then, why would that skimmer leave the deeds unrecorded long enough that the owner transferred the property to a trust?    The trust beneficiaries might be totally different than heirs in a Will...

Either the investor is an attempted skimmer but is inept which is good I guess, or the owner got wise to what the heirs were doing (and the investor is the victim) so the best way to protect the property was put into in a trust.  The owner wouldn’t be able to stop the heirs, or anyone in the world as you said, from executing a qcd.

I would love to see what paperwork the investor has that convinced them these heirs were actually heirs to that specific property and get their story of why not record the deeds and why not get the same from the owner or buy the house from the owner.

Or the heirs and the “investor” were all working together going after the property, there’s just not enough info to piece it together.

Like you said, they follow the order of what is recorded.  I usually see the court say, "...The grantor is dead and this recorded deed put the property in the trust.  This is the deed that got recorded and not the other(s), whether they were signed before or after... so that must be what they intended to do so that's the way I'm leaving it."  Maybe sometimes a signed but unrecorded qcd carries the same weight as a recorded one, but not always.  I've seen them tossed out of court more often than not in favor of what was recorded.

Perhaps there are instances where the court invalidated the transfer to the trust and quiets title in favor of the unrecorded qcd, like if the grantor was deemed to have been incapacitated at the time and there's a financial exploitation situation... but that's a rare scenario.  I have seen many a Will tossed out in favor of a earlier Will, even if unsigned, because incapacity or undue influence was proved.  Again that was part of an exploitation investigation where the cg got ct to sign a new Will leaving everything to her and cutting out the kids.

What's funny here is the heirs could be scammers like you said selling what they don't own, or the "investor" is the one foreclosing to grab all the equity, or no one is and it's all just a legit pile of blah.  Now I'm interested though and wish I had a copy of the trust and the title report just so I could know the rest of the story.

As a budget item, make it your % on the max gross income, yes.  Not just "gross rents".  (Think of it like any other expense.)  Don't forget to include other income if it's there, like coin op laundry, storage or garage rentals, vending machines,  if you have 50% vacant units your coin op laundry income will be 50% too.

Depends how formal or cheap you want to get.  Could hire a payment/note processor and do it all electronically for a fee or go neolithic and have the seller open an account at a bank with a branch near your house and you deposit your payment to his account every month.

Traditional lenders will want you to be below 37% DTI after funding so you can look up how to calculate that and decide. It's not only about credit score and down payment, they are assessing your ongoing ability to pay given your other required payments.

It could be perfectly reasonable if you hack it with some roommates, duplex maybe, and/or get a co-signer.  I think it's awesome that you're trying to figure it out now rather than waiting.