All Forum Posts by: Account Closed

@Todd Shampoe It really depends on the "Guru". Do they actually have properties themselves? Are they actually doing deals themselves? If so, then they are taking time away from their business to help you.

This is where @Jerilyn D. and I will MASSIVELY disagree. My time is worth something. I am not going to let someone 'Intern' for me, where I have to take time to train them, slowing down my business, only so they can bail out and go be my competition. Makes no sense.

Yes, TIME is the most valuable resource. I have put it into my business, into learning, into growing my business. I now have teams of people that work FOR me, and whose income and ability to put food on their table depends on me. I wouldn't ask anyone to give me free advice or take time away for free.

Should someone give me marketing advice for free? No I should pay for a consultant. This is a consulting thing that you are hiring basically. Why pay for someone to build an e-commerce website that makes me money? Because they have experience, they can set it up to work correctly, etc.

The HUGE difference is, IS THIS PERSON ACTIVELY doing deals, or are they just ACTIVELY BEING A COACH. There is the difference. Do not pay someone that only makes their money being a "COACH". I want someone that is active and stays up to date with changing regulations, codes, etc.

Do you think paying 50k a year to attend Northwestern University (minimum 4 years) is a worthy investment? Then if this person indeed gets you the ability to do deals over and over again, the ability to provide a lifetime of income.. that my friend seems like a steal.

Again, THE PERSON SHOULD BE AN ACTIVE INVESTOR. Not just a full time coach. But I will NEVER give my time freely to give people the keys to investing, so they can just be my competition. That seems foolish. I don't see McDonald's offering to train Burger King's employees or managers!

@Bobby Beard congrats, that is terrific for you. What are some of the details of the deal? Might as well share both you have done in the last 8 days!

@Alexander Vitro I have never used a 203k loan myself. But I know many who have used it and thought it was great.

Dodd Frank, I believe, is not allowing for Balloon loans anymore. This really is going to force more ARMS.

Banks loved doing say a 25 years amortorization but with a 10 year term. Meaning in 10 years, you had a large Balloon payment. This isn't allowed from what I gather any more.

So lenders are going with Adjustable Rate Mortgages (ARMS). I am usually getting the 5/1 and going from there.

I agree with @Jerry W. , why would they want to stay in a place where a landlord doesn't fix things quickly.

The simple thing for me is that I need to be able to look myself in the mirror and sleep peacefully at night. There have been times, that I was offered a building for a price far less than it was worth or I would pay. Usually in the case of Probate, where the offspring or executor just didn't have the knowledge necessary. I could have taken advantage of it, but I just wouldn't have been able to sleep at night.

So I offered more. That is my criteria, can I live with myself. Do I feel I did right by the other person.

I firmly believe in Karma. In the short term, I have seen others con people and they get away with it, but over time, I guarantee the Karma train runs them over. I have seen it for years in this industry.

Well, I don't allow any businesses to be run from the property. Clearly tell your tenant that. I have evicted for this in the past. The tenant turned the basement into a hair salon so slightly different in that, clients were entering the home, something not covered by insurance.

She was evicted quickly. Your lease is a residential lease, and the property is zone residential, not commercial I would assume.

So you are afraid of making a mistake?

Do you think that earning a Bronze medal in they Olympics is good? Didn't they make mistakes and not win the GOLD?

When it comes to filing taxes and full deductions for business, I am not the guy to ask. But does that stop me from running a business? no.

I have, in the past, dealt with Tax Liens, but am not up to speed in the current market, but I still do my rentals. Just because some people don't know the topic you ask about, doesn't mean they aren't successful. Further, you also have met them in person. You can look in their eyes and know if they are being honest. Hard to do that here online. Not everything that is posted on Bigger Pockets is correct, right, or legal for that matter.

Your job, is to take in all the information, and decide what works and what is right for YOU!. But at some point, the only way to be called a Swimmer, is to get into the pool and swim!

I have a stipulation in the lease that clearly states you may not run a business from the property. This covers, not just this scenario, but also if they attempt to run a day care or something else that may impact my insurance coverage.

Just tell him to get a box at a UPS Store, and use that address for his business.

Did you challenge your assessments? On every property I have, each time it gets assessed I challenge them.

Then you have this knowledge, if your taxes went up, so did all the properties around there meaning all rents would have to follow typically. So you can raise your rent to cover it. If it impacts you, it should, in theory, impact every other property.

But again, always ALWAYS challenge your assessments.