All Forum Posts by: JM Payne

Well, for starters, I'd focus on my own mental health first, and cash flow second.  For instance, if I have to have the ocean in my life, I wouldn't move to arkansas no matter the cash flow.  I saw this recently living full time in Maine where the winters became unbearable and I had to leave to save my sanity, so for sure, quantify your wellness needs first and then go after cash flow.  

To the second part of your question and focusing on my wellness needs first, we have yet to find a singular place that meets all our needs at all times of the year, so we live full time in an RV and are choosing markets based on where we want to travel. 

Your question is also really generic...there is not one market in the US that you can identify that will be the best for all readers in every situation.

I hope that helps, and good luck with your blog post!

- JM

What is the current ownership structure?

Do you want to be partners with his kids?

Does he want them to benefit in a lump sum manner, or as recurring thing?

How much time does he have?

My inclination would be some type of RE trust with you as paid manager, but there are better people to talk to.  Really YOUR only options are to offer and buy properties if he's willing to sell.   Hope that helps you along at least a little.

 - JM

Laws are local, so you should call whatever BC has for tenant protection and discuss with them.  From your story it sounds like the pipe under the sink leaked, which would not be negligence in my mind.  If you hooked it up incorrectly and walked away, that would be a different story.

Hope that helps, good luck.  Also, while you're here, perhaps you can read and learn how to become a landlord yourself!  There's tons of great information on how to buy, finance, different markets, and different strategies, such as house hacking, that would allow you to convert your current situation to one that would be much more financially suitable.  Best of luck, hope you stick around!

- JM

Asbestos testing really depends on the year of construction.  When was it built?  No need to do the testing unless you are tearing things up during a rehab in a home that is at risk for asbestos.

Regarding meth...same thing. Unless there is a strong reason to suspect it, I wouldn't bother.  The buyer's home inspector isn't going to test for meth, and the less you know the better, IE; you run the risk of having to disclose things that you would discover if you go digging.

Plus you never know if the meth that turns up in a test was from a previous tenant or your contractors! :P

I joke, but I hope that helps.

- JM

You basically pay an attorney to do the transfer from your personal name to the business name, which would add the level of protection you are looking for.  Depending on your financing, you may not even need to wait until it is paid off to do this transfer.  Further levels of nested LLCs in multiple states are expensive unless you have a particular reason to do so.  In either case, seek legal counsel as well as that of a good tax accounted, who is going to love you.

They may just be financially savvy or have been burned in the past.  I personally would ask the same question as a tenant, and that doesn't mean I'm looking for trouble.  Either way, as Jack said, that's going to be on you whether you separately meter your lighting/dehumidifier, or give a rent credit towards power bill.

Aim to put down less via whatever means necessary.  How long have you lived in your current home?  I don't see your local area, but you could house hack a multi-family property if you're willing to move and your money would go a lot farther.  If you haven't already, go find a portfolio lender that's local and get qualified.  Also, make sure you vet your agent and check with local BP meetup groups.  If you are new, then your likely only experience with agents is as a personal buyer/seller.  While you may trust the agent you know from that perspective, there may be better options as an investor.  For comparison, I have one agent I use for purchases and a completely different set of agents that I use to sell.  When I purchased my personal house, I used someone altogether different.  Have fun, keep reading, and good luck!

Technically you can assign any contract as long as there is assignment language written in your contract. 

The problem with what you're suggesting is that, in theory, anything on the MLS is listed at retail price. When you wholesale, you have to place something under contract so that both you and your buyer can make money. If something is already at retail, there is no room in the numbers for either party to make money, unless you were to say get a contract on an REO flip the minute it hit the market and it was such a good deal that there was still room, but this is not likely to happen and would be luck as opposed to a regularly repeatable system. I hope that helps with your question.

- JM

 This. Long time lurker, and there is definitely a downward trend that needs to be arrested and corrected. If the new team/owners continues to push membership monetization and diversification, BP will fall.

Everyone has great book recommendations.  While you're on a roll, pop into the FIRE community so you can retire by the time you're 30 and then go live your dreams.  Some books along that path are;

Your Money or Your Life

The Simple Path to Wealth

Set for Life

I will DM you a link.

- JM