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All Forum Posts by: Rob K.

Rob K. has started 38 posts and replied 2251 times.

Post: Attorney father co-signer

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

While discrimination based on race, color, creed (whatever that is), national origin, religion, etc. is illegal, it is perfectly legal to discriminate against attorneys.

I would never ever rent to a lawyer or biker. Those are two groups that I legally discriminate against. If you have a problem with a lawyer, you are already at a severe disadvantage. They are in the business of sueing people and would rather deal with you in court than work something out. You are bringing a knife to a gunfight. Same goes with bikers. I want nothing to do with them. They have too many freinds that do dirty deeds, done dirt cheap.

I would rent to somebody else.

Post: Cutting A/C to sweat out a squatter?

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

I think that legally, you will need to evict them.

However, if you want to play dirty, I would do one of the following:

Call the elctric company and tell them that they are squatters and used a fake lease to get power. Go there after dark and pull the electric meter out (quickly) and take off with it. (Deny this til you die). They will have no power and the electric company should not bring them a new meter.

or

Go there when no one is home and take the front door off and take it with you.

I have dealt with squatters and evictions - both legal and illegal. It is never fun. If legally evicting them is going to be a costly and/or lengthy process, your best bet will be to hire a couple of bikers to go there and get them out.

Cutting the A/C will probably not force them out. Squatters are lowlife losers. A/C is a luxury to them and not a necessity. They have probably slept on more couches than you have sat on. They're just happy to have their own place.

Good luck. Let us know what happens.

Post: Asbestos

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

I would recommened the HEPA respirator with the purple filters. I have also heard that if you remove the tiles and they stay intact that they are not dangerous, but I wouldn't trust it. I would always always always wear a respirator when dealing with any kind of asbestos.

A lot of times with the 9x9 tiles, you get lucky and they pop right up like they were just laying there. I would still wear a respirator.

When disposing of them, I thought you just need to double bag them in the thick contractor bags and gooseneck closed with duct tape? With lead paint, you just need one bag and gooseneck.

Post: Asbestos

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

Years ago, I had a house that was built in 1880. The steam boiler pipe was covered in asbestos. An inspector told me to wrap all of the asbestos in duct tape. I went to Home Depot and bought about a dozen rolls of it. The cashier looked me up and down and asked what I was doing with all this tape. With a straight face, I told her that I was going to kidnap 30 people. She had a weird look on her face and said, "Don't get caught." I told her I was just kidding and she seemed to relax a little. Then I told her I only had enpugh tape to kidnap 20 people and I left. I put on a respirator and wrapped all of those pipes and sold that old haunted looking house.

The main places you find asbestos that most people don't realize is in the old 9x9 tiles that you find in basements or hallways of old schools. Anytime I have basements with those tiles, I have them removed. I tell the guy that works for me to wear a mask, but he refuses. He wets the tiles down and says they're fine. I disagree, but he always has a mouthful of tobacco so I figure cancer is in his future anyway.

Home Depot no longer installs carpet over those tiles. My friend explained to them that the asbestos is sealed and the carpet installers won't be affected, but they won't do it. The insulation company I deal with won't spray insulation into the walls if there is asbestos under the vinyl siding.

I would recommend leaving asbestos alone anytime you can, but if you must deal with it, wear a respirator. Mesothelioma is real. That's why you see so many commercials on TV about it.

Post: how much are you paying for insurance on rental?

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

I have a commercial policy that covers all of my rentals. It averages under $500 per single family house. I like that it covers them whether they are occupied or vacant. Most companies won't cover a vacant house or if they do, it's very expensive.

Post: Anyone know HUD's bottom line?

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

Does anyone know what HUD's bottom line is as a percentage of asking price? I remember years ago, it was always around 86% of their asking price. Lately, they are very secretive about averything. Before Hudhomestore took over, it was MCB that I dealt with. They would publish all of the offers on a property. It was a lot more transparent.

If anyone has any insight, I would appreciate it.

Post: Too late to accept another tenant?

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

I tell people that I'm not holding anything without a deposit. If I tell someone I will rent to them and they give me money to hold the house, that's a done deal. I don't hold anything for free.

When you told them, "Things look good, when do you want to move in?", you should have followed up with I need $1,000 to hold the house, how soon can you meet me with the money?"

Post: Private money from parents

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

I think you will need the note to be secured by the property in order to write off the interest. Also, your parents will need to send you and the IRS a form 1098 every January showing how much interest you paid. It will be a write off for you and interest income for them.

Post: Ryan - Romneys' V.P. choice - thoughts?

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

I think the original post was what we think about Romney's choice of Paul Ryan for V.P.

I have been a fan of Paul Ryan for several years now. He understands that this country is on a downward financial spiral and that deep cuts are going to have to be made.

Mitt Romney is not my first choice. I voted for Ron Paul in the primary. Since I want Obama defeated in November, I will vote for anyone that has the best chance of beating him. I'm willing to hold my nose and vote for Romney. I would even vote for Santorum or Gingrich, although I might throw up right afterward. Having said all of that, Paul Ryan makes it a little less painful to vote for Romney. If Romney had chosen Condoleeza Rice or General Petraeus, I would have a much more difficult time voting for him.

Yesterday, the subject of Paul Ryan came up. The first thing that someone in the conversation said was, "He's going to cut social security. I'm 68 years old and I'm entitled to my money." I had to point out that she's not "entitled" to anything. We can not afford to keep going in the direction that we are. People like me who are under 40 have no hope of getting a social security check. It's a Ponzi scheme anyway. We also understand that our kids are going to have to pay off this massive debt.

Paul Ryan understands all of this. He is the type of numbers nerd that we need looking over the books.

Post: Physical Fitness

Rob K.Posted
  • Investor
  • Southeast, MI
  • Posts 2,295
  • Votes 1,707

Joel Owens You guys ever do weapons in Krav? We did one drill where a guy came at you with a bat. You had to take the bat away from him and beat him with it then his three goon friends came at you with curved kicking shields and you had to destroy them with it as well.

Another one I like is where you take a gun away from a guy and hit him in the mouth with the barrel. He still comes at you and you either kick him in the chest, hit him in the mouth again with the gun barrel, or shoot him depending how much distance you have.