All Forum Posts by: Account Closed

Hello.  I recently had a tenant get his "plumber buddy" to snake out a drain.  Apparently he made the problem even worse and know our plumber has to charge us double.  Any thoughts on what to do?  Thanks in advance.

Hey Craig.  Be more than happy to help out in any way I can.  Feel free to PM me.  I'm on the west side.  

You had stressed the main point of doing a 15 is getting it paid off and all that extra will be cash flow. If you really break it down, (PITI), you'll hardly see that extra little bit in cash flow making a difference. Let's say you have a $500 mortgage, the property rents for $850, and you do that 4 more times (20-25% down) with the money you would have paid off the first property with. Now, you essentially have (with the same numbers) $1400 extra in cash flow each month. Trust me, I drank the Dave Ramsey kool-aid, and I always thought how you could just snow ball this baby once you get a couple paid off. Truth is, I don't really have the patience for that. RDPD, or The Millionaire Real Estate Investor are both good books that will shed some light on this. I have 4 rentals, all with conventional 3-5% down loans. In 20 years, my payments will still be the same (aside from taxes). Take advantage of the interest rates. I'm no economist, but who's to say the 80's couldn't happen again. In that case, you won't need to even worry about cash flow. Good luck to you. Keep in mind, I'm just one guy. Ultimately, you have to do whatever makes you sleep better at night. I've tossed around ideas and spreadsheets until I'm blue in the face about all the different scenarios. Just keep thinking, and kudos to you for asking questions.

I just got back from my local REIA group and Mr. Landlord spoke. He had a few good ideas. May want to check his stuff out.

Hello,

My wife and I recently took over my parent's home.  We have found wonderful folks to rent it.  They actually want to do a land contract.  We've always been buy/hold people so we don't know much about these.  Anybody have any advice on how to structure this or what to look out for?

Thanks

Linda,

Thank you very much.  I think my main question was how to protect it from medicaid or if they go into a nursing home?  Will the government take their house?

Thanks,

Ian

Hello,

This is my first post on here.  I have a couple rentals and bought my first one about 17 years ago.  My question is, my parents are getting along in years and in poor health.  We've moved them into one of our rentals closer to the city.  They have a home about an hour away from me that they said they'd essentially give me.  About 40k in equity.  Their mortgage payment is $605 a month and it will rent for about $1100 a month.  What is the best way of taking this property over?  My parents have very little savings.  Both were county empoyees and have decent helath insurance, but really nothing else.  What should I do?  Thanks in advance.

Ian