All Forum Posts by: Joel Block

For $50 bucks, I would leave the situation alone and feel good about having a good relationship with a quality tenant.

I generally can't make sense of a buy & hold strategy because of the difficulty in securing financing. It is interesting to read these insights because they reflect the range of personal investing styles that are available.

There are many strategies that people on this site employ: fix & flip, buy & hold, or buying paper instead of property. Giving this uncertain economy, which strategy are you using and how did you decide which would be best for your and your group (if any). :lol:

I went to a local real estate investor club tonight in my neighborhood. Very nice, enthusiastic people who came to learn and to share. What has been the experience of the group in spending time with these groups? What positive outcomes have people received? Is the investment of time been worthwhile? :idea:

Security deposits are held in the event that something goes wrong with the tenancy. Cleaning deposits are for cleaning and repairs that are anticipated in advance. Don't abuse or confuse the difference. If landlords hit the tenant too hard, many will use the small claims process to keep landlords in line. Whatever the right thing to do is - do it. If it's normal wear and tear, absorb it. If it's abusive, charge the tenant.

Good luck with your project. There are a lot of us here who are rooting for you!

Without knowing anything about the content of the course, I like the earn back concept. If his company provides a valuable service that you will need in the future, maybe paying to learn what you need to do is a fair trade especially since you can get the money back (slowly) over time.

We have been using http://www.gogvo.com/ for several years. They have been reliable and fairly priced. Be sure to surround yourself with people who know what they are doing so they can help get your web site and internet presence up and running. Good luck.

Quitting your day job can put you in a dangerous position - especially if you need the money. Needing the money can impair your judgment and cause you to do things that you might wish you had not done.

A better approach is to make real estate investing both a passive activity (where your money does the work) and an active one where you are getting paid fees for your services. You can consult to others on real estate, or if you have a license, you can provide brokerage of properties that you choose not to acquire. You can also provide property management services using the excess capacity of your own infrastructure as you build it out. Even better than getting clients, learn how to syndicate and use other people's money to buy real estate. This will allow you to have the best of both worlds: investment participation on the back end plus fees along the way. Good luck.

Jon's point is critical. Your entire financing decision will largely be based on your intentions for the property. If you plan to rehab and sell, take that into account when you are deciding on financing. If you plan to hold and rent you will need longer term financing and the interest rate will be more critical than if your plan is shorter term. If you have a business plan in mind, match your financing and other arrangements to it. Good luck.