All Forum Posts by: Steven J.

Thanks for contributing all! I do appreciate you're views about not hating the person playing the game. I do believe the owners should be more aware of what is happening. What really stands out for me, because for the most part I agree with @Jay Hinrichs and @Keith Thompson, is the way the articles from the press were formulated. I probably sat on these articles and really read into them for a couple of days trying to figure out am I in the wrong because I'm not instantly siding with the 'victims?'

You're being too kind if you're offering free exterminator costs to the tenants! Now, if its not in your lease regarding who is responsible for exterminator fees then you may have to eat that cost. Hopefully, you can manage the issue with just simple glue traps and such. If all the exterminator is going to do is set traps then I wouldn't waste the money and I'd just do it myself.

IMO, this is an annoying inconvenience for you. Go in, do some snooping around and looks for where all the poops are coming from. Set up traps all over the place (likely the attic is best because its away from others). Require that the tenants check the traps that are actually in their unit and have them also properly store foods in containers and clean. This should be covered under the general upkeep of the unit so they should comply. If you really want to drive home the point of how annoying the whole issue is spend a few hours in the attic setting traps, making noise, clomping around, all while they are home to remind them that this is more of a personal annoying problem from them than it is you.

I like the idea of having in the rental agreement that tenants are responsible for first x amount of repairs (I think $50 is realistic) to avoid them calling you to come change lightbulbs and such. Put this in place but use it on a case by case basis moving forward. You likely cannot go after the tenants for the damaged window but they will sure appreciate the waive of the fee. 

Agreed with above. I've done some rich dad coaching and didn't find it as useful as the free info here. Secondly, I suggest finding a local mentor to meet with. It may cost you some lunches but that will take awhile to make it up to 4k. Thirdly, keep an open mind to other programs out there. I've done a mobile home investing course that I'll swear by all day. That was a smaller program and the coach is the person that answers the phone each time. Way better than the Rich Dad 'mentors' that they connect you with. I felt that was the biggest disappointment with their program because the mentors were located somewhere in NY, they never worked my market or my niche, didn't know my backround very well, etc.

That all being said, some of the coaching programs really pan out well and are right for the right people!

I second that you make sure the neighborhood is a desireable one. From those numbers I'm guessing not but its been awhile since I lived there. And let me tell you I never plan to make it back, it was not an enjoyable place for me. Granted, I did live in the pink pepto-bismol mansion on W Onodoga which was cool but it was not a great neighborhood at the time. 

Good call on the 401k to borrow if you've got it. You could certainly get the personal loan and then transfer some of that to intro rate credit cards.... fair to say I'm a pretty big advocate on credit card usage because I do mobile homes so I run into the financing issue from banks the same as you. 

For example, something I would consider but not telling you to do it, put your 45k on the personal loan. Before this has been done you've gotten access to buttloads of credit cards many with a 0% intro rate for x amount of months. Then you can start to transfer some of the 45k onto those cards at 0% for 12ish months. Key is to make sure you track those carefully and either payoff the cards or transfer to another 0% offer. Keep in mind, this does mean your credit needs to stay okay-good so I don't recommend it for people who are recovering from high debts.

Make sure that you're buying the home as well as the land. Home likely has title unless its actually been designated as real property with the land. You should be able to tell whether on the assessors website if the home is taxed separately or with the land as well. I don't know the FL market well except that prices can go higher - that being said, my guess is that an older home and unlivable the 30k seems high but again I don't know the value of land out there. Keep in mind, I see plenty of homes that are in unlivable condition and many of the times wouldn't even take them for free. Multiple holes in floors and ceilings are a big turn off. And if its been stripped to studs and interior needs to be completely redone it has to be really a right deal.

I hear the market is going to crash and that you shouldn't start investing now. Instead you can help provide private lending for others! Hint hint, wink wink.

But really, I agree that the duplex plan is a great idea. In the mean time, keep running numbers on deals and gain that. I think its fine if you want to do out of state investing but make sure you're well read and comfortable. It certainly is easier to see how all the parts fumble together when its in your backyard.

Welcome to BP and hello fellow IL resident. I'm planning to make it to the St Clare tax lien sale on the 24th. I messaged you as well with some more info.

I don't quite understand the problem with them suing for a small amount is @David Piqueira. I think it would be great not to have to worry that no one would ever come for every last dime and dollar. Given the litigious nature of the US and the creativity people come up with in order to sue intimidates me and I'd prefer to have at least some protection in place. 

In your example above its a sucky day - I'll give you that - but you've still got 50k as well as your personal assets and other assets. Secondly, just had a lightbulb go off, the people filing suit are only allowed to go after the items in that particular LLC. They can't pick and choose where the money comes from as freely so you can keep the strongest and best assets.

I can't continue any further as an expert in asset protection beyond that as I'm just not experienced and well versed enough.