All Forum Posts by: Ghenia Flewellyn

another heads-up that the officer gave me was that it's always best to incorporate when you have rental property because if she was smart enough she could have gone online and saw my name associated to the property and try to create a lease and Forge my signature. At that point I would then have to go through an eviction process which could be quite lengthy to get her out of the home. Insane!!! The neighborhood is what I would say a D neighborhood by the way. Previous tenants were paying 1250 a month....great cash flow buy not so great area. Bought it for 65k in March and in contract for 110,000...Closing in 3 weeks...haven't had to do any work on it...crossing fingers...

hi guys thanks so much for your input. Officers came and looked at her lease. They determined that it was not legitimate and probably a fake document. They helped her move a few items out and her and her kids went walking down the street. Prayerfully they won't be back. I'm going to install a home alarm tomorrow morning ( husband works for ADT and can get me into a short-term contract) and be sure to drive by the property every day and night. I will also take the advice of posting the no trespassing signs as well. Thanks alot. Hopefully she won't return. We close in two weeks. Crossing fingers.

 I bought a home in March 2016. There were already tenants living in there. The tenants stayed.  They recently moved out within the last 2 weeks. I listed the home for sale. I now have a contract on the home and we are closing in three weeks. Inspection and Appraisal have been done.  I came to the home yesterday to check on it and found that there are squatters in there - a pregnant lady and her 5 kids. They claim to have signed a lease with someone yesterday morning. Someone broke the locks for them and let them in and then change the locks and gave them a key. I made them leave right away. I called a locksmith and changed  the locks. I came back to the house this morning . They are back in the home. They have not moved all of their Furniture in. They tried to  close my  electricity account and change it into their name. I got that email and stopped it right in time early this morning.  I called the police and I'm waiting for them to arrive. Has anyone ever dealt with this situation? I need help right away. I would really appreciate any advice you can provide.

Hi JP!! I'm a few hours down the road road from you and wanted to welcome you to Fl! Good luck on your REI journey. You're definitely on the right path.

Hi JP!! I'm a few hours down the road road from you and wanted to welcome you to Fl! Good luck on your REI journey. You're definitely on the right path.

it's a personal loan. Not secured by any collateral. They will lend up to 100k. They ask you to provide details around what the loan is for. But I doubt it really matters much. Might come in handy for those needing funds to repair a buy and flip property ...especially since you can push your first payment out 45 days..

The info I've learned on BP in 1 month is worth more than many books I've read!! Thankyou guys ...

That being said ...I read in a post 2 weeks ago about lightstream which I believe is a division of Sun Trust bank. I submitted an app online for a 40k loan...they called me the next day to ask a few questions about the purpose of the loan...they then approved me for 30k at 8.79% for 6 years. My credit score is 696...not exceptional. The rate isn't great but it's much better than the rate that I have on a loan from a peer to peer lending site ...Prosper. On lightstream I was able to choose my loan funding date and choose my payment date ...as many as 45 days after the loan funding date!! Now I can pay off the Prosper loan and save 500 per month!! As a heads up, lightstream does ask you how much liquid cash you have and they do ask you to provide documentation proving that you have these funds...you have about 10 days to do so after your loan request has been approved. Anyhow, just wanted to share this with you guys because it was a real win for me. Thanks again.

Thank you so much everyone. Thank you Nate for thinking of me this week :-) Best of luck to everyone. Cheers!

some great info on this thread ...thanks guys...I own 6 properties outright and just recently purchased an umbrella policy. From reading this thread, it seems as though I could elimate that policy OR even further protect my investments by naming someone (mother, father, husband, etc) as a lien holder for the current appraisal value of each property. Thus, if i am sued, the lien holder would be paid first (keeping the money in the family). Wouldn't that be a simple solution or am I simplifying this thing too much?

 Hey Nidia!! Thanks so much! I own 2 condos in 1 development and 2 in another. I did my research before purchasing to ensure that the hoa was operating in the positive, had reserves, wasn't assessment crazy, roofs were in good shape, no rental restrictions, low hoa, etc. Once all of those items checked out, I felt comfortable making an offer. My thought process is as long as I can net at least 500 per month in cash flow on each investment after all overhead expenses are paid, I'm in good shape.