All Forum Posts by: Mark S.

@Patti Robertson, it's been a while, but things are finally sorted out.  I really appreciate you responding to my thread so I definitely wanted to provide an update.

The PM really stepped up to the plate on this one, although I had to keep following up consistently to make sure they knew I was watching, on top of it, and expected an answer.  The PM had to provide MHA everything from the lease, the paperwork that previously was sent to MHA (that MHA should have had), tenant's notice to vacate, etc.  MHA admitted their mistake and ultimately sent the funds back.  It took until just now to get April 2020 rent back from them, but we finally got it.  I'm so glad I questioned the charge on my PM statement or it probably would have gone unnoticed.  This is a perfect example of "managing the manager" in my opinion.  I also had the PM refund two months of PM fees (April and May) for the charged back funds.  When we got April's funds just now, they went ahead and charged the PM fee at that time.  PM said they had a really hard time getting anyone on the phone at MHA and that they're supposedly operating on some sort of reduced COVID hours still.  They finally got a manager over there involved and since they were supposed to pay April's rent back last month in September and never did, they sent it mid-month in October (either that or the PM fronted the money because they're tired of me following up with them and they'll collect it on the backend).  Glad that it's all over with.  MHA took back the money that they legitimately overpaid and they refunded the money that they stole from me.  All is well.  In the meantime, the new tenant has been paying on time like clockwork since...well, she paid on the 2nd this month, but close enough!

@Mark F., contact investor relations and ask.  I’m assuming I’m just on their email list and automatically get it.  I do know someone else who is investing with them and they didn’t get it either.  

@Andrew Frishman, yes.  Distributions are generally paid on/within a few days of the 10th of each month.  Their current fund with a 10% preferred return is supposed to stay open until the launch of the new fund that will pay 7%.  Originally, the 10% fund was slated to close in early November but according to Jorge on a recent investor update webinar, his attorney informed him AHP was able to submit a particular form to extend the fund for up to a year (normally it can only stay open for 2 years from launch).  They expect it to stay open until January 2021 when they plan to launch the 7% fund.  Looks like an extra 2 months to get money in at 10% instead of 7%.  Cheers. 

Cash flow is only one of several return metrics on a rental property.  Not saying $45/mo is good, but you need to look at the bigger picture.  

@Mike Chavan, to your question on the 15 vs 30, I would almost always choose the 30.  Check out @Keith Weinhold’s Get Rich Education podcast.  You may have to search through some episodes, but he goes through this on several of his shows.  One of my favorite episodes (I believe it’s episode 6 or 7) is Why You’re Not Financially Free (or something like that), where he talks about home equity (which plays into your 15 vs 30 question).  Check it out.  Let me know what you think.  I’m also a high W-2 earner investing passively.  If you ever want to chat, feel free to send me a message. 

@Joseph Hartley, do you have other income sources?  Unless you’re paying cash or using some other sort of creative financing (which I would assume you aren’t), how are you planning to qualify for a conventional loan with no job?  Or are you waiting until you’re employed?

@Scott Trench ‘s book Set for Life is excellent.  If you want information overload on all financial topics, Ric Edelman has some books.  Depending on what you’re trying to learn, which sounds like basic personal finance info, I would check out podcasts like ChooseFI and BP Money.  

@Reagan Huefner, Chase Sapphire Preferred is offering 80,000 bonus points (equivalent to $800 cash or $1,000 travel) on $4K spent in first 3 months right now.  When I got the bonus on mine a while back, it was 60,000 points.  $95 annual fee, but if you look at the card benefits you could make a case it’s worth it.  Worst case, cancel after first year and get $705 (or $905) net.  I was always against paying annual fees for cards, but there are some that are worth it when you do the math on your usage and the benefits you get.  Not all are.  This probably goes without saying, but the overall assumption here is that the card balance is paid off in full every cycle, no exceptions.   None of this makes any sense if you carry a balance.  

Sounds like Shark Tank...

Stock market at 22, REI at 33, self-made millionnaire by 35, doesn't feel like a big deal and looking forward to $10MM.

@Jeremy Marquez, I use one business checking for rents/mortgages and a separate business savings for each property for reserves.