All Forum Posts by: Account Closed

Knowing what you know about the tenant I don't think you should give him a second chance, if he's playing games and not paying rent to the previous landlord, he will probably be a problem tenant in the long run. I would get him out. 

Best of luck with the new property!

What I would do is just start a genuine conversation with him, say that you're interested in real estate investing, ask him a couple of questions, maybe ask how long he has been in the game? does he have other properties? etc. etc. and just see where the conversation goes.  

Good luck!

I'm just about your age too, I started with a Capital One as my first credit card, then opened a Citi Card as well, if they see you paying off your balance in full every month they will gladly increase your limit and you will start getting tons of cards in the mail, don't go too crazy though as applying for too many cards in a short period of time will negatively impact your credit score. 

I don't know much about bankruptcy but a credit card would definitely be a great place to start establishing credit. I would recommend Capital One, they accept pretty much anyone. They start you off with $300 limit but after you use it for a month or two you can get it bumped up. Hope that helps. Good luck and best wishes.  

I have signed up and look forward to the first meeting! 

@Scott Titus said, the first thing you should try to do is speak with the bank manager, most of the time they won't care who is paying off the note, as long as the they're getting paid.

Putting it into a land trust is simply an exemption to the rule. Do a little bit of research about 12 U.S. Code § 1701j–3, it will tell you all about the legalities of the due on sale clause, I agree it is "scurrying around the shadows" but it is 100% O.K. to do if you have to, the lender can not call it due. 

Speak with the bank first and see what you can do. Good luck it seems like a great subject to deal!

The way to get around this is simply to transfer title into a land trust, rather than your personal name. 

The due on sale clause can not be exercised by the lender as long as title is transferred to a land trust where the borrower remains a beneficiary. 

I don't believe there is such a thing as a lazy millionaire... 

Don't buy into the guru systems, if it seems too good to be true, it probably is. 

I second what @Brent Paul said, BP has so many great resources and there is tons and tons of useful information on here. Start reading!

Hey Torrance,

I find myself struggling to find like-minded people to discuss REI with as well, check out meetup.com there are tons of clubs and REIAs in the Chicagoland area that are run by very successful investors. Ill be attending my first meeting next week, maybe we can get together!