All Forum Posts by: Todd Campbell

I see the tile in the basement unit, is that installed on the slab or against a good vapor barrier? 

I've used the product below, (delta fl + particle board + flooring) and it does a good job preventing the heat transfer into the slab. 

http://www.cosella-dorken.com/bvf-ca-en/products/f...

Agreed on all points. 

@Ford Smith

There are some incredible complete answers here. The only useful add on I have is to not jump at the first refinance debt website. There are TONS of them out there. I currently fund loans for lendingclub.com and they are too expensive to refinance student debt. I would strongly recommend that you look at meetearnest.com they have some special rates for refinancing student debt. A former co-worker of mine used them and she has had a positive experience. 

Like @Parker Cox suggested, tackle these one at a time, and start TODAY.

Good luck!

-todd

Welcome @Michael Amory! 

I look forward to hearing more.

After I learned how to tile I started to see all sort of mistakes in commercial work. It drives me nuts. These pictures make me want to rip these out and redo the job right. I am so sorry that you are going through this.  But jobs like these are why I have a hard time trusting anyone to do a good job. 

Good luck!

-todd

@Robert Fuhs 

There are a lot of good points here. Second appraisal, push back to the seller, buy at a discount, don't get screwed. 

A lot of the above advice has circled around comps and appraisals, but maybe it wasn't so clear as to why that is important.

If the property is being sold for above FMV, you are cutting off an exit strategy should you need it. When investing in real estate or stocks I like to have multiple ways out in an emergency. Will this property continue to perform in a down market? If you need to sell the property, what are you willing to take as a loss (since you are already paying above market)?

Good luck!

-todd

When I first read the title I thought of a friend of mine whose tenant's son used the water pipe in the basement as a pull up bar. When it broke, he simply walked upstairs and closed the basement door. The basement filled up to nearly the second topmost stair. Thanks for sharing, I will surely pass this one along to my friend. 

Dear 19 year old self,

I'm not sure where to being, but I guess the starting point should be about breaking down some walls. You have always had your own way of doing things, even if it meant doing extra work, or putting in extra effort. There is nothing wrong with that, but I want to understand a key distinction. You don't have to follow the pattern (go to school, get good grades, get a good job, keep your head down, put money into a 401k, use investment bankers, and retire).  I want you to start by reading Rich Dad, Poor Dad. It's a quick read, but it doesn't matter you are going to have a hard time putting it down, you love this stuff. 

Next, you should meetup with that girl at school who just started landlording with her parents. They are very smart, and you will learn a lot from them. Don't worry about not being able to invest right away, there is plenty of time for that after you have learned under them for a few years. 

In the year 2000 your friend Zack is going to tell you how he made a few thousand dollars in the stock market. This will lead to your first rental property purchase. Hopefully, you would have learned a thing or two in the last 8 years while working with that girl and her family.  If you need a reminder, screen those tenants, and trust me "it is better to leave a property vacant, than to fill it with the wrong tenant."

If you have been listening this long, I don't need to tell you to listen to your mentor about buying properties during the frenzy. Sometimes the best deal is the one you didn't make. 

Discover biggerpockets sooner!

Remember, education is expensive. You can pay for your education in by making mistakes, investing money, or investing time.  Let me give you a hint 19 year old me, investing time is going to be on your side at your age. 

Oh yeah, you know those ideas you come up with and say, "but who would ever buy that?"  It doesn't matter, they are all homeruns. Knock them out of the park!

- your 42 year old self

Michigan has a 6 month redemption period.

@Jennifer T. Great story, thanks for sharing. 

@Sandra Holt I hope everything works out for both parties. 

Sometimes people need to be placed into a hard position in order to activate what I call their "creative survival instinct."   It is when you are faced with adversity that people grow most and work their hardest. To reference Jennifer's experience, it was a hopeless situation that would put this long time resident on the streets or in a shelter. Somehow though, it worked out. 

I was cringing this entire thread, recounting the sob stories, angry words, and the amount of trash left over from evicted tenants. That however, wasn't the worst of it. Like others who posted above, unpaid rents, and a few torn up lawns from the midnight move outs. 

Priorities for most people should be: 

1. Food
2. Shelter
3. Clothing

I look for things out of the ordinary (and usually find them): 

• Big expense items (new phone, new tv)
• Cable service works
• Internet service works
• College student still has enough money to buy beer

There are assistance programs for just about everything:

This link describes 4 different types of medical assistance https://www.medicare.gov/Pubs/pdf/11445.pdf

I'm sure they exist, but I have never heard of a registered nurse not having medical insurance or not knowing how to get medical assistance. This just doesn't fit the story very well.

Good luck! I'm pulling for you!

-todd