All Forum Posts by: Cory Thorbeck

Im looking for someone that would be willing to talk to me about a situation that occurred almost a year ago, a tenant-landlord disagreement. That could end up being a legal battle. I have tried contacting many people but with COVID it's been extremely difficult to just have someone hear this story and return input. 

Please Directly Message if you are willing. 

Find a an exterminator that is inexpensive. Explain the situation to him or her. Have him inspect with your tenant present, even if you know you aren't in need of a fumigation. Then have him explain and access that a fumigation isn't exactly needed. Maybe offer the tenant permission on her own dime since the condition is not at threshold requiring it.

Might be a good idea to hold on to it until the COVID pandemic lets up. If there are people causing problems that affect your quality of life, report it. Are you active on nextdoor? If so, see if there is anyone else that is being bothered. If so, maybe have a meeting on how to resolve the matter. If it's paid for, hold onto it for as long as the value outweighs the dynamic problems and use the rent from your tenants as a passive income. If you are able to put that aside, do so > sell > find a more comforting investment. Or sell -- use profit and start over with a more equitable opportunity. just suggestions --my thoughts.

Just speak with them and try to shift the date of payment. Agreed on paper and notarized. Evictions can cause long lasting effects for the person(s) you evict. Not just monetarily, but in many other ways that could make things difficult outside of tenant-landlord relationships.

If you've ever struck anyone first, you are not a violent person.
Unless you get caught--then your violent...

Ever been in a fight. Bet you have.

("you" is nobody in particular)

Denying an individual fair housing because you assume that "he's is less employable than most..." is wrong. No matter the applicant, proof of income and the reliability of income should be the factor. Not the less than factual stereotypical assumption based on a statistic that not every person in a particular demographic share with one another. Put yourself in their shoes. What if he made more than the average person and a stable job or if he had a trust fund? You never know. That thought process could come back to bite.

I have been watching real estate for the past 4-5 years rather frequently. The past two years I have paid closer attention to the market trends in my area. In the meantime, I have been buying and selling form storage, traditional and online auctions. I have done pretty well given return. If i can turn $400 into $1.2k plus, im happy with that.

I came across a deal I could not refuse. It almost sold to someone else but I fought as hard and as courteous as I could to retain it. It is not a real estate deal but physical inventory from a prominent and well known consumer goods retailer.  I spent all of my readily available cash on (somewhere between 0-10% i dont want to disclose.) $60,000+ of commercial physical inventory for service and repair. I've dealt with some items included in this deal before and there was more than the manifest showed. It could possibly be double or triple that amount. I haven't had the ability to go through it all. Also, It's packed tight in a storage space (that I don't feel comfortable with AT ALL).

How I play my cards with having these items can change the way I live for the rest of my life. I could either hold on to it...pay thousands in storage and risk it being stolen or In my mind...get it into a more secure private location ASAP

What I am wanting to do is find an investor or someone willing to lend hard money fast, the items as collateral. With a certain amount being loaned--I havce multiple ideas like  

 erase debt -> increase credit score -> continue to wait for credit increase -> get a traditional loan->acquire home -> risk potentially being stuck there for longer with no other available assests tio invest or use as tools.

pros---no debt beside hard lend which is to be paid by funds from selling goods

cons -- that's it, not very diverse

erase some debt > consolidate my multiple storages in multiple locations and residence ( live work space situation ) -> have available assets for collateral -> use to pay off loan

pros ---less debt > consolidated business efforts/logistics, leverage still for hard lends

cons---no equity

use all assets as collateral for a hard lend to flip n fix with potential to pocket cash save and repeat

pros--can pay down debt whileWhat  still having physical collateral, a lot of work, repetition could purchase my home out right and continually provide equity to establish other funded sources from self with inventory, heloc or other hard money loans

Cons - could take a little bit longer to fully own home.

What should I do in this situation...actually what would you do? is this too far fetched ? Do my goals seem to be unreasonable? Based on your experience is this a decent foundation of sorts and are there people who would consider making a deal with me given the rough outline of some ideas?  I don't know but I know one thing. I don't want to lose this opportunity to change my life for the good.

I am 28 yo Veteran in the Bay Area

I agree with Will. Although(antonio) you are saying in regards to your situation. What do you really mean your situation? That could be an array of things are you saying you want to take $100,000 out to pay off your rental properties is that what you're saying? I don't see it hurting your credit score. Because if you are taking money out on your home, there is established equity, You're most likely either, a) making repairs to create more Equity or you are b) in financial trouble. And given your statement, it doesn't sound like you are in that hole. But if you took a $100,000 loan out on your home and you paid off your rentals then you could use your rentals for your HELOC. But at the same time you're getting the money in the same place it doesn't really matter where the money comes from if you're still paying the same amount. If you Are able to afford it then it's no big deal. You just kind of roll a dice on what you're willing to Do you use your home as collateral for a line of credit or do you want to use other properties that are more disposable to. you

Hypothetically : 

If you're taking a loan   requesting $100,000 on a home equity line of credit to pay off the mortgages of two rental properties. and those two rental properties happened to be $500 per month in mortgages. so again if your home equity line of credit payment per month was $1,000 you're just Consolidating your mortgages into one “mortgage” with a different lender which happens to be funded andbacklewd b yline of credit through your homes’equity. It consolidates it makes it easier

 And again if your income from those two properties were like 675per property for month you would be getting  $350 per month for those two properties cash in your pocket and the rest of the Thousand goes back towards the  home equity line of credit. Or you can just put all All of the income from the property back into the line of credit for payment .

This is tricky because they're really not any terms for us to look at numbers Etc to tell you and say hey this is going to be tricky this is going to be easy and this one's a Gamble. Weighing your options can be the most difficult challenge when you start moving money around in different places.

Can I clarify your other comment to continue to take out mortgages on different properties.

 I suppose you're saying that you want to continue buying more rental properties and then keep using your home equity (which you may have a better interest rate) to pay off your mortgage on your rental property once you pay that rental property off, you find another property and then you take out another line of credit on your equity and then you do it again and again and again and again or to secure your own asset-- your personal asset where you live you.  why wouldn't you just take out equity credit on your rental properties that you have and bounce You are mortgage payments off the previous rental property. 

 just feel your got and go with your instinct because if you decide to go against your instinct you're probably going to regret it later on down the road benefit you

I have been buying and selling items at from storage, auctions, estate sales as well as a few vehicle flips for the past year. I have been very successful. A couple examples: I purchased at keyboard for $100 valued at $6-8k, a van at auction for $2k- sold for $8k, a parts lot at auction for $75 selling still for an accumulated $10k and growing. Yesterday I acquired another inventory lot of commercial items in demand for $675 valued at $48k. Absolutely the best deal I'll probably ever make, dollar for dollar that is.

Instead of selling these items individually, I'm interested in using these assets as collateral towards an investment. What are some options that are available to me? --heavily real estate motivated. Located in East Bay, CA.