All Forum Posts by: Will Browm

I was, in my head, going from rental property to rental property. It seems the fact that I own the lot negates the tactic anyway. 

I sold a rental yesterday for a solid profit. Though the purchase price was miniscule, it means I sold it well over 3X my purchase and rehab costs. I rented it for four years to one family and the sold it. I bought in cash and sold in my sole owner LLC. I have a lot I own in the same LLC name. I want to build a rental on the lot and keep from paying taxes on the gains. I have the check but I am not sure if I need an intermediary or not. Does anyone know the steps I must take?

Ned Carey It is Free and Clear........except for that owner financed mortgage thingy!!!

K. Marie Poe While I still think it is a silly comparison, I will answer you that I always post when I hit the correct day (day 6 here). I do wish I had a cutoff switch that was legal like the phone companies!

K. Marie Poe I think it is disingenuous to make it like phone providers do so much better to collect on their bills. You say, "Cell service providers and cable companies really do turn off your service. Most landlords just threaten, or hope for the best and wait for a check."

If I could "cut off" a renter immediately and boot their butts out of my house, I would. I think most on here post pay or quits, not hope for the best and wait for a check. Legally, we are not comparable to cell phone providers. I WISH it were as easy as cutting off a switch to get a tenant to get serious about their bill.

I followed the advice of another BPer when they suggested the Porcelain tile. I used the vendor they suggested (Floor and Decor) and found it for $.79 a foot. I have seen it on sale at Home Depot for the same or 69 cents. It looks fantastic is many times harder than ceramic tile and (I installed 10 months ago) is very durable.

I actually got very quick action from the Sheriff. I was told to expect 7 business days for the Eviction notice to be posted. It occurred at 7am the next day. If she does not answer and contest the eviction by Feb 6th, I will get a writ of possession. I was assuming this could take weeks. I can wait until next week. Might simply drop by, with a witness, and verify the doors are locked. I have heard the house was empty from a neighbor who stopped by as she was moving out.

I posted a quit notice on one of my rentals due to non-payment (tenant lost her job). It was not pleasant and communication has ceased but neighbors have let me know she moved out. I just filed the Dispossession papers and they will be served at the house next week. If she is gone, can I start repainting, cleaning up, showing the house etc.? If not, I can certainly confirm it is locked up, right?

I do not have any communication with the tenant, she has not told me she is out.

I asked a similar question last month. I own two homes in GA also. I found no one with HELOCS for paid off investment homes. I am not interested in closing costs, fees and paying interest on funds I don't need immediately. Hopefully this will change in the near future.

Search on the forum on the 50% rule. Your profit will be considerably less than you are projecting. You can be profitable but this is not a home run.