All Forum Posts by: X X

To each, his own, brother. If you can't retire on 10 million, we must have much different lifestyles. I could make 10 mil last a long, long time, and wouldn't miss the work. I did say it somewhat tongue-in-cheek - of course I would find something to keep me challenged, but I wouldn't let it dictate the course of my life.

biggerpo,

Understood - and, I agree. However, from my point of view, statements like:

are not productive, and to a new member [to the board, not just REI] it makes me question whether to continue to participate. I actually got an apologetic PM from another member because of it.

I've stated many times that this will not be the prototypical investment that I model my strategy after: It's a one-timer to do a deal with a family member. Sure, maybe I'm not the smartest guy for doing 'business' with family, but I did in this case. I would not have bought the same house, put that much down, or charged that much rent on any other property. The title of this thread says it all: I'm having difficulty finding deals.

Anyway - thanks, and I'll move on and continue to reap the benefits of your site! 8)

Indeed. And never work again. Ever. :D

I guess I'm overly optimistic. I really don't want people smoking in my properties...It seems like more people smoke outside these days, but maybe I'm kidding myself.

I can remember apartments that I rented when I was a kid - the prior tenants smoked, and it was really bad - even after carpet cleaning and paint.

Mike,

It's interesting how you know so much about this deal. How much is the mortgage payment? How much did I put down? What's my interest rate? How did you come up with $660/month loss? What does my sister do for a living that will prevent her from buying it after she's married? What kind of savings plan did we come up with to afford her the means for a downpayment in 36 months?

You've made yourself perfectly clear:

* I know you're a savvy investor.
* I know you think I'm an idiot for doing this deal. [You've expressed that in 2 threads now]
* I get the picture.

Not sure if you're trying to be helpful, or just belittle the new kid, but my perception is the latter.

Thanks for the input, guys. I'm already in, so I'll let you know how it turns out :D

Not exactly true. Even the lowest class will be willing to smoke outside. There is no reason to expose your own property to harmful elements that are avoidable. Write language into your lease that will alllow for repainting and carpet cleaning if there is evidence of cigarette smoke in the house.

Precisely. I would definitely review the language of the lease that she signed. It's very likely that she's responsible for the monthly payments for the remainder of the term.

EDIT: I would agree that she should speak with the landlord and beg for mercy :)

Not sure about ameding all the horrible stuff, but my lease docs are biased enough where I would consider changing portions if it were a dealbreaker with good tenants. I've been in business [not REI] long enough to know that there's no 'perfect' contract for all occasions...

This is an intersting topic; if you listen to some, they would have you believe that the sky is falling.

http://www.biggerpockets.com/renewsblog/2006/08/30/irrational-exuberance-the-real-estate-bubble-and-the-weakening-of-the-us-economy/

EDIT: Actually, I have to credit Wheatie with this link from another thread.