All Forum Posts by: James Miller

25 SFH self manage and maintain all personally. Hasn't been too much problem until last 18 months. Seems like tenants attitudes have drastically changed

Do any of you remember when some of the TV shows with so called gurus started running i think back in the early 80's? They had some guy supposedly from South Missouri hawking these courses. Then there was Damon Black and some guy from Fairfield Iowa who wound up in Jail, another guy from I think Texas named Ken something or another then along some guy in Florida who also wound up in jail for fraud then came Carlton Sheets then Armando Montelongo;  Than Merrill with Fortune Builders. Everything was same material just revamped and rewritten in different ways. How many people were bilked out of money buying these courses? Including myself I got the Damon Black deal for 400 at a KC event and the Sheets course by mail. They are still on the shelf in the basement office and they are basically the same. I will say I did get some useful information from the Sheets course after you read it you realize its common sense.I also went to the free 2 hour event for Fortune Builders in KC. The guy talked for awhile the asked who had rental property. If you had more than 5 they kind of ignored you. Also went to the 3 day event . Most of it was loud music by some DJ from their organization. Their basic objective was to up sell you. Had you fill out sheet showing what you financial situation was and how many properties you owned and cash on hand.They really concentrated on people with little to no realestate experience After 1/2 of the second day I left ,you could see what was coming . Just my 2cts worth

I have been dealing with a lender for approximately 25 years and until recently have had no problems. Have never missed any payments never even 1 day late in years. I wanted to purchase a small commercial office building and was rejected and loan officer suggested they were concerned about what to do about current properties because of my age. I have everything in an LLC and set up to revert to kids if any thing happens. Not to be a smart *** but I am Seventy years old and can still work my 20 year old grandsons in the ground I do all my own work including roofs. Any one had any similar experience like this

Had that happen a couple of times with the same tenant on a bath tub drain. Plumber made 2 calls(which i paid for)snaked out drained for day then stopped up again. called the third time and I went over and took the drain and trap apart before I called plumber; found a toy car in the trap the plumber apparently missed. Plumber also told me he had taken trap apart. Charged tenant for first call had to eat 2nd

My question is why would you want to put that much money down on a rental?

Over the past few years I have bought 20 rentals and only put up 5000 on the first one

1999 Chevy Silverado paid for/2000 chevy co. pick up for work 100 month payment for six more months can write this off as well as expenses.2006 Impala LTZ . Wifes car. I got a 1999 Corvette as part of payment for a house and lot I sold. Always wanted a vette but I traded it to Dealer for the Impala for wife

B2R wanted to loan on the cash flow of the properties not on the actual value of the assests

I do not have low end midwest rentals. Most of my properties are what I call late model construction. They are newer style SFH . They also have professional appraisals done on them.Just one of the properties I submitted has a 90,000 appraisal with a 35,000 balance owed. That's just one of the examples.Another is for 137,000 with a 89,000 bal. 5 year old house. I dont own low cost junk If that is what you are inferring

I recently talked to B2R and sent them a complete list of property owned and rent rolls for 25 properties ; I have better than 500,00 in equity in property and B2R offered to loan me 50,000 on my complete portfolio as a first position lender on every property. I have more equity in one piece of property than that. Needless to say that wasn't a very good deal

Jim Miller 

JSM Properties LLC