All Forum Posts by: Candace Ellison

I was awarded a judgement against a former tenant and trying to collect. I am not able to find out where she works but I have verified where she banks at along with ssn. Is this enough information to file for a garnishment?

This has been an Interesting thread.

Good Job Vickiel, 

You are exactly right. You find good deals and the money will come. So much will be gained from this experience. Excited that you found a bank to say yes. Sometimes you have to just take the risk. Better to get started verses standing on the sidelines waiting to get in the game. The fun part is figuring out how to be creative with what works best for what you are trying to do. Best wishes with the rehab.

This is really great info to know.

I bought my rental when my daughter was 6 months old. She's 10 now. She's grown up in it. She goes with me to look at properties to buy. I discuss with her my plans for the property and fixes I will do to increase rents. She absolutely loves to check my PO Box for rent checks and I take her to the bank with me when I make deposits.  She hears the conversations when I handle tenant disputes and has gone with me numerous times to lowes when we are doing a reno or simple repair.  She addresses and stuffs the envelopes for gift cards for tenants during the holidays. I try to let her see more than teach at this age. There is only so much that they can grasp at a certain age. She knows the basics.

@Maugno Mora The first thing that pops out after reading your post is that you give up too easily. The car thing didn't work you lost money and gave up. In business there are times when you will loose but you cannot quit every time you take a loss. You have had 15 jobs. That's a lot for a 25 year old. The best thing for you to do is to get clear about which direction you want to go in RE.  Consider your losses tuition. Seems like the car business appealed to you only because you saw a quick way to make money. However, if your true passion is RE investing then establish your focus there. Always perform your due diligence and research things heavily before you go throwing money into a deal.

BMW's have expensive upkeep. Get rid of the cars period. Find a decent used car you can pay cash for and ride it until the wheels fall off and stack your cash. I would not suggest selling anything that is producing cash flow.

If I am reading correctly what you are left with are the mobile homes and the SF with the 25k loan. Use the profits from your rents on the mobile homes to pay off your debt especially if you don't need the money to live off. You ran out of money to finish the rehab on the SF and have to make a choice on what to do before the year is up. Ummm, I probably would suggest selling it and getting rid of that loan. You never mentioned if the apartment attached to it needed work as well. Since you have started some work on it already could you increase the price and come out with a couple thousand to put towards your debt? (Something to consider)

I'm going to tell you advice that I would give my younger brother. Hold off on the wedding. If 2019 fits your time frame and allows you to clear debt up and put yourself in a better financial position then wait. Is it an absolute must for there to be a wedding? Can you do something on a small scale or maybe a destination wedding on beach?

It's better to start off in a marriage without the financial burden of debt TRUST me. Don't be about that life. I was 22 when I got married and we both had crazy debt and didn't turn out well for us. WAIT!!! 

Good job on staying frugal with spending. When I am focused on saving money aggressively, I always ask myself  do I really need to buy this? Can I do without it. If the answer is no then it stays where it is. Sacrifice as much as you can. For me that meant cutting off my cable, downgrading cell phone etc. Your 20's is the best time to sacrifice and go hard towards your goals especially while you don't have a family or major responsibilities. When you reach your 30's you can start reaping the benefits.  Good thing for you is that you are still young and you have a time to recover. All is not lost.  

Find out where you can create life hacks. Operate off of a tight budget and find your investing niche and stick to it. 

Best Wishes!

Seems like a small spread. Do the 30 yr term since tenants are practically paying down the mortgage. If the property will be going up in value in the years to come this deal wouldn't be a bad idea. If you could get away with a quick refresh to the property for $1500 and then increase rents to $675 that would be ideal. 

Yes there are still banks around that will do a line of credit on a rental. I used a small bank in TN to do my refi and did a line of credit . This was in 2015 and again in 2016. 

Andrew Johnson Bank in Cleveland, TN

Congrats! that is awesome. Would love to hear more about how you found your deals and what areas you invest in.

@Daniel Hyman 

The city has several major employers. 

Blue Cross Blue Shield is headquartered there

Unum Provident

CBL & Associates

Cigna Health

Amazon

U.S Xpress

TVA

Coke

Volkswagen 

McKee foods

Erlanger Health System

Electric power board 

Growth drivers is auto and tech startups. The city has the fastest internet because of the fibre-optic network installed by EPB. I’ve met a few Techies who moved there recently from California.