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All Forum Posts by: Craig Jeppesen

Craig Jeppesen has started 1 posts and replied 526 times.

Post: Dealing with Non paying tenants due to Covid 19

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

Have they received unemployment money yet? If not they should be coming into a windfall shortly. If yes, they are not paying on purpose. Good luck.

Post: 23 yr old making 30k a month advise!

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466
Originally posted by @Gregory H.:

Just an FYI, if you are actually making that much per month, then you don't qualify to invest in a Roth IRA. As for Philly investing, I'd get more specific and start with a neighborhood you're familiar with, get to know the market there extremely well by tracking listings daily, getting a grasp on value, get your downpayment & financing in place, and be ready to pounce the second you see something you like, its a competitive market.

You can do a Roth at any income, just have to do a back Dior Roth.

Post: Is Dave Ramsey correct? Anyone still around after 10 years?

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

If you want a perfect example of how well leverage works just look at every financial institution. They use their customers money to make a 1% return. But the 1% return is really a 20% return on their equity. The rest comes from other people’s money. I think there are a few that have been around 10 years. The key to leverage is understanding your risk, have reserves such as equity and cash, 

Post: Tenant's Truck Got Broken Into.... Wish I Could Help

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

Home Depot gift card if you want to help out. 

Post: Impact of Ending $600 Federal Unemployment Supplement

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

This is the question of all questions. Up until the end of July nobody has been out financially yet. Will see what happens when the stimulus runs out.

Post: How do you combine hobbies with your Investing?

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

If you are an agent then you are not working a 9-5 m to f job. Why are you going on the weekends. As an agent you should have a little more flexibility. Go on the weekdays in the morning when you don’t show a lot of houses. Always remember that hobbies come last in priorities. 

Post: First slip and fall lawsuit - any advice?

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466
Originally posted by @Account Closed:
Originally posted by @Karen F.:

I guess it had to happen, after ten years in the business.  Just got notice of our first slip and fall lawsuit.  The tenant was at the time being evicted for non-payment of rent, was evicted, and now, about six months later, we got a letter from an injury lawyer saying that he's suing us for unspecified injuries that he claims occurred right at the time that he was being evicted.

So, I'm assuming that we just give it to the insurance and don't give it another thought, but I know the insurance will be motivated to just settle it for the deductible.  We have a $5000 deductible. We doubt that  he sustained any injury on our property, he claimed that he was having surgery on his leg about 2 weeks before he sustained the injury, he may  even have moved out before the date of the injury.  In addition, the man is on social security disability fraudulently - he works under the table as a roofer, and we have texts from him about it.

So, what do we do?  Any advice from anyone who has been through this would be welcome.

You can approach it a couple of different ways. First realize that if your insurance gets involved both you and the property will go into the ever lasting computer of claims. Make sure it's worth it before you involve them.

Now, I have a little bit of background in legal matters so I'd be inclined to write a letter to the injury attorney.

I'd tell him that I understand his client would have to prove he injured himself on my property because of my negligence and that is going to be pretty hard to prove. Your client had been evicted and if he was on my property and if he was hurt, he was unlawfully trespassing. He never mentioned the incident to anyone nor did he file a police report.

I'd also mention that if said character was fraudulently on SS disability (you can't say that he was until it is proven) then that of course would come up in court and we would bring in the roofing company he was working for simultaneous to his disability claim.

Mr Attorney, it would seem odd that someone on SS disability had clearance from SS to work in a hazardous job like roofing while collecting disability. And, as another oddity, we've kept the communications from him about his contemporaneous work for the roofing company. As you know, this becomes part of the interrogatories and evidence and of course would necessitate notifying SS of our little disagreement here. So, either he was unlawfully working as a roofer while on SS disability or he lied in the communications we've preserved and you have a "not credible" witness. Which of those two do you want to argue in front of a judge about?

Now, if your client wants to proceed with this charade, please feel free to request my attorney's information.

respectfully,

NAME

CC: File, pending attorney

***********

If you hear from the attorney again, tell them you will respond when you receive the complaint in the mail.

You'll never hear back, if your facts are as presented.

(This is not legal advice, it was all made up as a flight of fancy on a slow friday afternoon)

But hey, That's how I handle these.

This is what you want to do. They are phishing and hoping for an insurance claim or a quick settlement. Most attorneys would not want to waist there time after getting fact from a letter like this. If they still pursue then hire an attorney. 

Post: You have 6 months to liquidate your assets

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

My opinion: unemployment numbers are inflated by self employed being able to file thus time and due to temporary furlows. The real question is what the real unemployment number is in 6 months? Yes some jobs will never come back, but many will. Banks are also helping affected customers quicker and there will be more modifications from forbearance instead of foreclosures. Also there is still a low supply of homes in many areas of the country. Tech companies are already announcing permanent work from home so people will continue to leave CA to low cost of living areas driving prices up in those areas. Yes some areas will be hurt like San Francisco and many areas that depend on tourism but many areas will continue to have high demand and low supply causing prices to continue to rise. But hey, I do have cash sitting on the sidelines waiting just in case I am wrong and some good deals come along.

Post: Why keep money in your 401K?

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

Free money( match), diversification in asset classes, stocks are very liquid, very passive, tax free growth (Roth), belief in capitalism and the American company, good solid return history, cheap entry with ongoing contributions, etc. 

Post: How would you rehab this kitchen?

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

Grey walls, new counters, stainless appliances, recessed lighting, lvp floors, new modern hardware, tile backsplash.