All Forum Posts by: Dewain J.

Congrats on getting started. Think everyone will tell you Philly has some great deals right now. Just do your homework of course.

No way. Tell them you want a title company involved or some official entity to hold the money. If they say they have another buyer willing to do it, let them play the fool lol.

Usually I hear the debate come from two sides. People like me who think you aren't making at least 300-500 cash flow per property vs those who say if it cash flows a dollar it's a good investment. But I haven't heard too many people argue that a negative cash flow property is a good investment. Especially if you are looking for cash flow. Maybe you aren't buying at the right price? But in any case too many deals are out there to settle for a loss maker.

Yea they basically mean leveraging relationships with people who have money that are willing to fund your deals. Could be a friend, family member, bank, or hard money lender. It's a lot easier to use other people's money AFTER doing your first deal or two. But people do manage to get it done on the first time. Just depends on your personality and whether you can get someone to see your vision and believe you can get it done.

Read, read and read some more. See if you can learn the neighborhoods and markets in ga ahead of time. Research some real estate investor groups with meet ups to make as many connections as possible. Real estate investors are some of the most helpful and willing share groups of people I've ever encountered.

You are off to a great start even being on this website. Learn as much as possible! Then save, save, and save some more. Then lastly build and learn how to responsibly use your credit. Not too early to start. Maybe tell your parents what you are trying to do and they could hook you up as an authorized signer on a credit card (with a very low limit) just to build your history. My dad did it for me when I was in high school and the result is I have a very long history, large credit limits, and credit lines that I've used on numerous occasions at 0 percent to buy properties with.

Ronald Filian - def agree. There will always be another deal. I just was in a similar situation although not as expensive/large a property. I was looking at a ten unit building, that I feel was priced great. But I have a single family in the refi phase, a triplex in rehab, and just closed on a duplex. Although I probably could have leveraged my hard money relationship, scratched up a down payment, and risk draining my reserves. It's just not worth that amount a risk to me. This deal might still be there when I finish these projects. If not I'll find another. Like being able to sleep knowing that underrated liquidity is there.

@Keith Goodwine @Thomas S.

I never did an agreement, I was only considering it. I filed for Notice to Quit today, got a court date and notified them. Told them I wouldn't take any cash or anything like that. So hopefully they still leave on the 4th and I don't have to go to court and deal with all that nonsense. 

Originally posted by @Yvette M.:

How long had the (squatter) sister been staying there before you realized it?

 According to a tenant beneath them a couple months. She basically admitted that she would clear out whenever a visit (maintenance or a case worker was coming) to avoid being detected. 

Originally posted by @Marc W.:

Responding officer was wrong. If they're not on the lease they are trespassing squatters- to be kicked out at will.

I would have asked for their shift commander. However, since you signed an agreement with the new people, only thing to do now is to wait 2 weeks, evict, or bribe them to get out. Given my experience, I'd file eviction papers in the morning.

 Because the sister allowed her to stay there, and was actually charging her, I have to evict. She was receiving mail there as well.