All Forum Posts by: Kevin Chhorr

Happy Birthday Bigger Pockets. I'm happy that I found this site. It has a wealth of information for newbies like myself. Thanks to @Joshua Dorkin and @Brandon Turner for all their efforts and hard work in the Podcasts and BP community!!

@John Rooster The Lien is about 40k and it involve an infraction on labor law.

@Steve Babiak That make sense the bank want to be the first lien holder.

Thanks for all the input guys!

@Marco Santarelli Thanks for the reply. I need to do some more reading and learning.

@Ali Boone Great information to know. Looks like I might have a little problem with my PM.

@Jon Holdman That a wealth of information I didn't consider before. I just look at the Price and Rent.. OMG It looks so good. lol

@Minh L. I know it is an outrageous fee. I did tell my PM not to wire it. Yip, I can better spend the $40 somewhere else. It does buy a lot of ice creams. grin

@Mehran K. I see a couple of people get their payment on the 15th or later too.

@Michaela Graham I think the PM use the company account to send/ach the amount to my account.

@David A. I though there might be a fee to set up the ACH.

@Annette Hibbler I guess wells fargo does charge a lot but its so close and convenient for me.

I would like to thank everyone for their input and experiences! It's great to be a BP member and get free advice on anything RE relate.

@Dave Payerchin Thanks for the information. You are correct that turnkey investor need to verify all the hidden expense that the seller are not tell them. I was lucky that I didn't calculate a lot of the expenses but I was able to cash flow a little. I will remember and add all the expense that you mention into my next expenses for calculation.

@Marco Santarelli What is a pro forma calculation? How do you verify this and the projection numbers.

@Account Closed Thanks for the reply. The PM came with the property I bought out of state. I told them to direct deposit it into my bank account. I don't know what bank the PM uses but I have Wells Fargo. They charge 15 for incoming wire. PM claim wire is faster and direct deposit take 48hrs. Weird when I talk to my bank they said if the PM company direct deposit it would be in my account instantaneously.

@Aaron Mazzrillo Yip, thats not an expense I want occurring each month when I can easily avoid it. I told them to direct deposit into my account. I think the PM is sending an E-check or something. Or is it they are lazy to do it on the 15th.

I'm new to REI so this sound like a silly question. I was wonder when does your PM deposit the rent in your account? My PM get the checks from the tenant on the first and I receive my payment around the 15th(if its wired) or 19th of the month. Does this sound like a reasonable payment date? I don't want it wire because there are two charges, one from the PM and one from my bank. The total for the wire would be $40. I don't want another silly expense.

@Mehran K. Thanks! I've learned a lot from the members here. Learning is a never ending process.

@Jerry W. Thanks for the reply. So I would get in trouble if I refinance having a little knowledge that there might be a lien on the house in the near future.

@Marco Thanks, I'm reading the beginner guide. I still reading it.. grin

@Ali thanks.. Yes I've been stalking and reading all your blog on here lol.. hmmm thats a long drive just for the gym.