All Forum Posts by: Elizabeth Schellhammer

@Mindy Jensen, this is exactly what I was looking for! Thank you so much

Hey BP Community!

Is there anywhere on Bigger Pockets that offers vocabulary lessons? I am doing my best to digest as much knowledge as possible but I usually find myself stumped in most forum and blog posts in regard to acronyms used and different vocabulary, especially when it involves financing.

It would be awesome if someone could point me in the right direction or if members could respond with one vocab word that they have learned while investing that would be good for new members.

I would like to have a list of different terms, acronyms and vocabulary commonly used to study.

Thank You So Much,

Beth

Hey Swanny,

I've just finished reading your entire thread and I am so grateful to have stumbled upon this knowledge.

I work as a Social Worker in a hospital in Atlantic City; not sure if you are aware of our economy here, but we are one of the most depressed counties in the United States. The casino industry is collapsing (in AC) and many people are out of work. As a Social Worker, I have heard mulitple horror stories from our patients seeking help. So many young people moved to Atlantic City in the 1970's when the industry is booming and created their careers here. Now that the casinos are closing, these people who are in their fifties-sixties now are laid off and have, at this point, exhausted their unemployment and have no where to turn. They are too old to easily find a job and too young to collect social security. These hard working people are floundering and finding themselves, living with their kids, or shockingly, homless. I see situations like this every day.

If these people had known to invest their money in real estate and create passive cash flow, they would theoretically be able to support themselves if they lose their W-2. Seeing the economy collapse here has changed my entire outlook on the traditional work force, or "the rat race." Reading your post cements my new thought process.

My husband and I purchased our first two properties about 8 months ago. One Single Family that is cash flowing about $350/month and a Duplex, in which we reside. Total monthly expenses for the duplex are about $1,800. We rent the upstairs apartment for $1,050. So we live (1 block from the beach in a Jersey Shore beach town) for $750/month. Not too shabby, but not great either.

My husband is graduating with his Master's Degree this May and we will be re-locating to where-ever he can find the best job. We are already considering what our next move will be in regards to real-estate. We preferably would like to buy another multiplex and live within but without bills and still cash flow. Learning about the 1031 option in your thread may be the way to do this if we cash in on the equity from the two properties we own now.

Swanny, thank you so much for sharing your wisdom. I apologize for the long winded post, I suppose it was more therapeutic for me to write and process all of my thoughts.

All the best!

Beth

This is all amazing advice! Thank you so much for all of the replies.

Hey BP Community!

So here is the scenario:

Our tenant informed us on Monday night that their oven wasn't working properly. My husband immediately went to the unit to check it out. He agreed with the tenant that the oven was getting much hotter than the set temperature. On Tuesday morning (yesterday) he called the maintenance man, he was able to check the oven same day. He explained to us that the oven is old and the part needed to fix oven is no longer manufactured and that he advises that we invest in a new oven. Today, we are placing an order for a new oven and the tenants will have it as soon as Sears is able to deliver and install.

The particular tenant is currently going through a difficult financial time and I am expecting them to ask for a discount as they will be without a properly working oven. We addressed the problem immediately and have a new oven ordered within 48 hours of the complaint.

So my question is, If tenant does ask for a discount to the rent, what is the proper way to handle this, and what would other BP members do? I do not feel that they should get a discount as we are fixing the problem but I am curious as to what you all think.

Thanks in advance for your input!

-Beth