All Forum Posts by: Erick M.

@Dan Gamache

Dan I would be interested in this as well.

Thanks

@Zachary Bellinghausen

I would drop the rent based on several factors.

1. What is your cash flow?

2. If you’re paying a PM?

3. What is the condition of the unit and is the condition such that you know tenants would want somethings fixed or replaced.

If your answer is good CF, no PM, and no issues or call despite the condition being so-so.... I would definitely drop the rent. College kids can move out in an afternoon and they have friend who talk to each other so they know what the going rate is for a similar unit. I would drop the rent by at least $50 if not...$75/mo.

You’ll never appreciate the value of a hassle free tenant until you have a nightmare tenants. At 75$/mo resection your still ahead of a one month vacancy.

@Jay Ragland I would be interested in discussing with you regarding a build project from the ground up in the Atlanta area. Sent you a request yesterday.

Erick 

@Maria Marrero

Maria, I sympathize with your situation but you should look at this situation from another angle. If the market rents are in the 1600-1800/month range then I’m sure your brother is aware of the low rent that he’s receiving. For him to ask the question ‘but why’ to a $40/ month increase ( which is $1.33/ day... a cost of one of those beers he drinks) shows that he has no consideration of your financial responsibilities and/or no appreciation of the low rent benefits that you’ve been giving him. I would put in his head that he should think about relocating in the near future (make up any excuse you want) as it’s not going to be any easier to raise the rent next year and it’s just not worth straining a families relationship for 40 bucks a month.

If this was a challenging situation for you then you may want to think about getting a property manager who will do the ‘dirty work’ for you and get market rents. Family or no family your rental property is a business and you must decide whether to run a business or a charity. Again, I sympathize with you on this as I’ve been on a similar situation.

@Alex Arkhangelskiy

Get with a closing attorney and they will do what you are asking

@Jennifer Schultz

I know a person who did this and she used it for obtaining a HELOC for investing purposes instead of paying down her mortgage. I think it may be worth it if you can get a really low rate and not pay excessive costs (ie <250k HELOC)

@Gary Harris

Hello Gary can you send me your proposal to [email protected]

Thanks

Erick

@Adam Zach hello Adam could you email me your list to [email protected]

Thanks

Thanks for the info @Chad U. I am new to note investing so I am learning as I'm going along.  I'm definitely being cautious (and learning) before purchasing my first note. Hence the adage... you will become old before becoming wise!

@Chris Seveney it looks we were looking at the same note. I know the area and building in question so I was interested.  @Mike Hartzog I do not know who is the asignee of the note but my through my prelim research I found out that the HOA foreclosed and owns the property and Hawaii is a "super Lean" state that jumps into first position as @Chad U. mentioned.  I don't have all the documents as I have not placed an offer yet. I found out who the Realtor for the property is and will discuss if they are interested in cash for keys for arrears or want to keep and hold before moving forward.

Erick