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All Forum Posts by: Corey Frank

Corey Frank has started 10 posts and replied 143 times.

Post: Qualifying for Multifamily purchase

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68


@Joan Sambo Hello! From what I understand about the FHA loan, the loan itself can not be used for investment/rental properties, vacation home OR 2nd home. Hope this helps 😁

Post: I have 50k to start, where should I invest

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Chester Wang Good luck on the next steps! Keep us updated! 😁

Post: Please help me understand Variables in Rental Property Calc's

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Sean C. It sounds like you have a good plan and that you are self identifying the inefficiencies in your processes! For me, I often lose sight of the marathon, wanting/wishing I had the intuition of a veteran already. But this is defiantly a marathon! Steady gains will win!! Goodluck and keep us posted! =)

Post: Kick em out or no???

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68
Originally posted by @Cory Lucas:

@Corey Frank will do, he’s tried my patience on dragging payment out til the last day a couple times. I’m sure he’ll push it to the point at some point that he’ll get the boot. I’m just unsure on how to handle this one, I feel like I could make it a breach of contract so I can get him out, but at the same time they’re a paying tenant, sooo...

That is a really tough one. I heard of someone years ago that had your problem. The outlook that landlord had was they were getting paid late fees every single month. I do not remember what they charged but it was x amount for the first 2 days, with more added on by day 5. After that day 5 the eviction process was started.... (this is only an example as I can not remember the exact amount) But by day 5 it was $30 or $40. The tenet in this case was always the the same amount of days late and would always pay the same, rather large late fee. That landlord either got paid extra income every month or could evict as a breach of contract because of non payment. I am not sure if you are getting late fees or what they are, per your lease agreement. Hope this helps on the late payment side of things. Maybe puts a different outlook on it. 

Post: Newbie Advice on taking Action

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Noah Fenerty For sure do so! 

Post: Newbie Advice on taking Action

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Davartay Miller Thank you so much! I am so excited to be cultivating my intuition! Good luck to you, Also!

Post: Newbie Advice on taking Action

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Noah Fenerty I am in the exact same spot as you! For me personally, it feels like the first property is a MASSIVE leap! I keep hearing over and over that after the fear of the first deal is done, the proof of concept kicks in and things are much easier! Good luck and keep us posted!

Post: Our first Rental property.

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Kyle Thomson that is a great start!

Post: Best strategy for first time investor

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Dan Sheeks I really enjoyed the article! How I wish someone would have handed me this when I was 18 so I could have started my journey then. All of those points are very important for sure. I especially like the point on building credit. I have 3 younger children. 11,11 and 9. In a few years I plan to consign on credit cards in their name to build their credit before they turn 18 and to teach them hands on how to manage their credit cards. Including temptations. Thank you for sharing!

Post: Kick em out or no???

Corey FrankPosted
  • Gillette, WY
  • Posts 148
  • Votes 68

@Cory Lucas that is a tough situation. Keep us posted please!