All Forum Posts by: Account Closed

@Jeff Rabinowitz preach my friend. Preach! You may think you are being nice people, but unfortunately all it takes is one bad apple to ruin the bunch.

We are, after all, living in a society that the first instruction on a folding baby stroller is "Remove Baby". Need we say more about how people place blame on others before themselves?

In commercial, 5 or more units, the code in some areas I work is for fire extinguishers. One municipality requires both hard wired and battery operated CO and Smoke detectors in every dwelling be it SFH or Multi.

This is why it is best to work with people that know the local markets. Finding out when it is to late and you are liable is not fun! I have seen it ruin many a good landlord. With that being said, I have purchased properties from frustrated landlords

@Andy Collins do you know why divorces are so expensive..

THEY ARE WORTH IT!

They can not only handle it themselves remotely (yes more difficult), but also you can find partners, not necessarily "Turnkey" providers. As with any deal, there are several ways to get it done.

Good luck and happy investing!

@Andy Collins I am not worth that much. One day maybe.. but not now. Divorces have a way of evening out.

The LLC did indeed protect me. It has many many times. The key is to FILE IT CORRECTLY and maintain the records correctly and separately. Your insurance can also let you twist if they find "Willful negligence on your part" that would nullify the coverage.

So why not have BOTH? You have your way, I have my way which has been tested in reality and not just in theory. Good luck, and happy investing!

There are risks on both sides. A seller now believes you are buying their home. So they go out and find a new place to live. Maybe sign a new purchase contract, a lease, etc. But then you don't already have a buyer lined up, and you have no intention of buying it yourself.

So not only are they out of a buyer, but the new place they were to live in is now out of someone, etc.

Of course, I am not a fan of the practice of Wholesaling. If you go out and find cash buyers, why not take that time to go out and find cash lenders, cash partners, etc.

There is a wholesaler in an area I invest in, he puts bids in on listed properties to include HUD homes. Say a property is listed for 10,000 as a HUD Foreclosure. He bids on it, then out of now where, the area is over taken with Bandit "For sale" signs for that property asking $17,000 for it.

Many times I wanted to buy the property, but the Wholesaler, whom we will name "Dan", overbids. After a month or two, the property fails to close, and I buy it then.

I feel bad not so much for HUD, but for the Realtor that is doing that work with a person that doesn't close. IF I was the Realtor, and I saw all those signs, I would inform my client and have them yank the contract.

Not to long ago I was sick with a cold or something. I was laying in bed, and watch the Tina Fey and Paul Rudd movie "Admission". I won't give away the entire movie (not that anyone is rushing to see this one), but Fey plays an admission counselor for Princeton. They go through accepts and denies, etc. Then the mailings go out.

There is a scene where she is being berated on the phone and says "Wow that is a new one". She walks into the main office, and there is a white board the staff keeps. One column of heartwarming comments for acceptances that are new to the staff, the other was a list of "Tantrums" and "Names" being called. I do not recall the exact one she wrote up there, but I found it funny they had a list like that.

I have been called many things through the years. From people in bad financial shape yelling at me for attempting to "Steal" their house from them. Love when they bring "God" into it. If every time lightning struck me down when either sellers or evicted tenants yelled for it on me, I would be one charred and burnt dude.

It comes with the territory. Just wait when you add in jealous other investors angry that they haven't had the success you have had, so they start either copying you, mud slinging, or straight out lying about you. That is when the fun begins.

Keep at it! It is part of the journey. Even the road to heaven has some potholes in it! Drive on!

Unfortunately @Jeff Rabinowitz has touched on a subject that I found out the hard way a few years back. A tenant started a grease fire in the kitchen. They poured water on it to put it out. Now if you know a grease fire, water doesn't stop it, it spreads it.

So then they grabbed the landlord supplied fire extinguisher and somehow, they did not use it properly. Of course they were burned and some damage done in the kitchen. I had to do the repairs and of course, billed the tenant for it. The tenant counter claimed that no damage would have be done if a working extinguisher was in place.

While the judge did find that the damage was still caused by the tenant for starting a fire on the stove when cooking. I was fined for the extinguisher. The judge actually told both my attorney and myself, that we would be better not providing that stuff.

I can only imagine the liability caused if you left behind bug spray and a tenant's children got into it.

Yes, Great Country we live in right?

@Ben G. I am sorry and was remiss in not saying congrats to you as well! It is a nervous yet exciting time. I am happy that I feel i have prepared my business not just for me to spend time with our child, but also that they will be able to reap the rewards for years to come.

I applaud the fact that you are doing something to prepare for the future of your family as well.

Keep up the blogging. NO matter what happens. When you have a modicum of success in this world. You will then start to get attacked. People will even go so far as to make up fake names, facebook accounts, and yes they will even fake photos and Bigger Pockets accounts to attempt to slander your name.

Just stay true to your own moral fiber, know you are doing right for your family and in the end, over time, truth always wins out.

@Andy Collins that is fine by me. But let me ask you this, do you like living in your own home, driving your own car and enjoying having money in the bank?

So get those lower rates (my last one was 4.875% locked for 20 years), but you get those lower rates. As soon as one of your tenants dogs bites a neighbor,a nd the neighbor sues because they feel the fence wasn't properly maintained. You won't mind having a slightly higher rate, because the LLC is being sued and not you. Your entire family can sleep at ease knowing that when your tenants are throwing parties and someone falls off the front stoop or down the stairs and they sue you because the stairs were slippery.. you will be grateful.

Just like car insurance. We may not need it for years, but when we have an accident we are glad we have it. If entities were so stupid and not needed to run a business properly, then why does everyone that is a success use them?

Just my opinion and you can have yours, but I have worked far to hard and long to lose everything because I was greedy over a few bucks a month.