All Forum Posts by: Brenda Wright

Repeat this 10x a day:

"Rent Where You Live - Own What You Can Rent"

Motivational video attached.

https://youtu.be/bSRA9VcrGeI

Hope it helps :)

Here is the breakdown. 

We have a property in Memphis that is generating $7,000 dollars a year in net cash-flow (property is 100k).

We want to buy another 3 properties free and clear BEFORE we refinance them, to group them together and LLC them.

However, we want to know IF we can get a HELOC loan first from this property (or others in the future) BEFORE asking to refinance them?

Lastly, what is the best strategy, or the loan(s) that I should be looking into for these deals?

So we sadly met a professional "crook unicorn" that does this for a living. He OWNS 4 properties in Brooklyn, and for over 5 years has NEVER paid rent. He uses the courts to his advantage. He also has a lawyer that helps him with this sick behavior. He told us things that would bring shivers to people. Honestly, I wouldn't want to share this on the forum to give people ideas. However, the macro picture is he moves from one court to another (bankruptcy to small claims) where the paper trail gets lost as the case numbers are always different. He just keeps doing this every 2 years until the files get lost. He even tries to buy the deed (not the title) of the property and puts tons of liens on the property to better his leverage over the landlord. While in other states, the eviction law has the police come to the house, and physically remove the person in a week. Tell me that doesn't scare you?

"The only reason I'm not investing in New York is due to the eviction rule. A tenant can stay 4-5 years without paying rent while destroying your home." This is what every New York Investor keeps telling me. Is there any merit to this? Is there a way around this, other than searching for turnkey properties in middle America?