All Forum Posts by: Eric Mayer

@Eddy Wehbe Don’t be afraid to invest outside your backyard. I’m pretty spread out throughout FL. There are more reasonable areas of FL that you could potentially still drive to in a few hours if you had to. 

@Ben Ertl I should have been more clear. The 15% down was my own personal money that I gave the seller. 

I didn’t know the seller, but knew they were very motivated. I knew it was very risky for the seller to not hold the note so I offered full ask and used 2 of my other properties as collateral (Just the equity I have in them. She would get no properties if I foreclosure. Told her $50k each.) I told them I needed to not make any additional payments to the seller for 3 years if they want the deal to work. 

This was all on a conference call with the owner and a well known podcaster who happened to be her RE agent. I tried to use my Corvette and a diamond as collateral instead of the properties since that would cost me less. Was some fun negotiating. I love that stuff.

Lol tenants never cease to amaze me. I remember a story about a tenant converting the garage into a marijuana grow house. Then they wanted to harm the owner who had an issue with it. I believe that was Graham from YouTube’s property.

I would personally put an end to any sort of business being run out of my property. Pretty ballsy not to even ask the owner IMO.

I recently purchased an 8 unit with a combination of hard money lending and owner financing. I gave the seller a 15% down payment, transferred her hard money loan into my name (really just restarted the loan in my name,) and don’t have to give the seller any more money for 3 years so that I can cash flow. 

There are many ways to invest in RE successfully, but I would personally use it as a down payment on an apartment building. Preferably one that’s occupied, but needs some cosmetic work/rents raised. 

After stabilizing the property in a year or 2, sell and 1031 exchange into a larger apartment building, rinse/repeat.

I charged an extra $50/mo the one time I agreed to do this. I ended up evicting that tenant, but not over the $50. 

Since then I have just asked tenants to do a 6 month lease instead and they have agreed. I feel uneasy in general having m2m leases.

My family has owned Carpet One stores my whole life and I have many years of flooring sales experience. 

Do yourself a favor and get the porcelain tile that looks like wood as someone mentioned above. Laminate will swell up when it gets wet and LVP will get beat up. I have had everything in my rentals and tile is the best bet overall. Pay for some extra tiles in case you ever need to replace a few.

I believe you get 90 days to argue the appraisal so take your time putting comps together etc.

It blows my mind these section 8 tenants are living in half million dollar homes. I would still report them regardless of the story she fed you. 

The cash out refi has nothing to do with the profit when you sell. You will still need to do a 1031 if you don’t want to pay taxes on the gains.