All Forum Posts by: CJ M.

@Scott Trench

I had 1 tenant pay 12 months up front and never had a single issue with them during that time. I had 2 others pay 6 months upfront and no issues either. I think it all goes back to screening them well.

@Nathan Nolan

Kudos for your drive. Keep studying and saving. One book that helped me is The Millionaire Real Estate Investor by Gary Keller. It's more of a step-by-step playbook...and it's free to listen to on YouTube ;)

@Yuliya Sonsyadek

With everything going on in this crazy world, at least they communicated their intentions and didn't just stop paying rent because of moratoriums. Be careful with what you do with them now, or they may do just that.

Personally, I would let them move out, have them clean the place, and move on finding a new tenant.

@Travis Lawrence

Money needs to "move." My vote is to take the cash and move it forward on another property.

@Christina Tkacs

Try and find a turnkey that also gives you some equity too. One strategy is to "up" the purchase price (if it'll appraiser higher). The seller still gets their price, and you can then use the "extra" cash to cover some of your closing costs.

@Nikki Closser

Personally, I would do anything I could to get out of Seattle.

@John Lamb

Well, you were charging $20 for pet rent. The pet is no longer "renting" so eliminate the pet rent. Keep any non refundable pet fee you charged upon lease signing (hopefully you did that).

@Braden Smith

Exactly what Braden said. SMS is one service I sell/manage as a consultant and if you don't know how to stay compliant, you shouldn't do it.

@Andre Fierro

Sorry to hear that. There are so many great lenders out there, but some are just not good. Once a lender said (after approving me) "we did some research as to what you paid for the property and don't think it will appraise for $60K over that since you've only owned it for 2 months. I took it to another bank and it appraised for nearly $75K more. And just recently I had a lender approve me, run my credit, and then cancel the deal because I had a couple rentals on my personal credit report. When I told him that was all shown on the PFS I provided originally he said "sorry, I missed that."

Some lenders don't understand real estate, and some quite frankly have an ego/power-trip mentality.

@Marcus Holloway

All my loans are commercial. Interest is a little higher, but you'll have significantly less hoops to jump through...so if you're looking to grow fast, these loans work great. Heck, I've taken deals to lenders and had an appraisal done and then closed all within 2 weeks.