All Forum Posts by: Joe Carter

Hey everyone, hope everyone is staying safe during the coronavirus. I have a apartment coming up for rent at the end of this month. I am just wondering on what strategies people are using to secure a renter. Also are we going to get paid from these renters or is the government going to pay us. I also saw some things coming up and some legislation saying no rent for the next year and mortgages also. Thank you

Thank you all, I appreciate the responses so far!

Hey everyone, what are your opinions on the best software for a small two family property. Looking for the website or application to except online payments, maintenance records, and to provide advertising for rentals. What are your suggestions? Thank you

@Colleen F. Yeah currently picked up a night job in the mist of all this just to start bringing some income in I’m currently making $50,000 a year. Potential in my type of work as high as 80 to 85,000 a year. Average would be about 70,000. Yes I am open up to any job opportunity that pays more. I will definitely look into late payments and fees to waive them but I already just started the conversations with debt and credit consolidation so I can try to negotiate lower and pay off Instead of bankruptcy. Thank you so much for your input and knowledge. Thank you for taking your time. Can’t thank you enough

@Colleen F. Currently in the process of now trying to negotiate my credit card total slower and come up with a monthly payment. If monthly payment plan is too short or too expensive thinking out of taking out a personal loan if the percentage and terms are lower. As for the mortgage I’m actually behind $6000 as well as my credit cards. I did speak with my mortgage company at the start of the virus they told me they would give me a 90 day deferment. And all funds are due at the end of 90 days they did speak about restructuring the loan and putting back at the end of the loan as an option as well. So I will see what goes on. The 20,000 in the bank I’m holding on to bring my mortgage up to current and to pay down towards the credit card debt. I might be able to get my hands on another 10 to 20,000 as well and will put that towards the debt. If I can manage to cut the debt in half I may have about 20 to 30 grand throughout it off the jump. So if I can bring that 90,000 down to 50 I would already have approximately 30,000 to put down on it leaving you left with 20,000 of debt to pay off. That’s best case scenario but those are the figures I’m looking at right now I only have 20,000 cash in hand the other 20,000 is a opportunity but not 100% at the moment but I would still consider using the $10,000 to pay down some debt and seeing what my monthly payments would look like after that 

@Dan V. From your experience how much do these type of programs cost

@Colleen F. I am currently painting apartment upstairs getting it ready for rent going to shoot for $2200 a month for May 1. The mortgage is currently $3400 a month. So I am responsible for $1200 a month. In the process of trying to get rid of my lease that’s currently have $550 a month. I’m only making $3200 a month at the moment and a night job at a hotel. Afraid the building may close soon. I have not tried to negotiate with the credit card companies yet and my mortgage company for the Coronavirus will only postpone payments and then they’re due all upfront after 90 days. I am currently $10,000 behind my mortgage. All my other bills are current it’s just my mortgage and credit cards right now. I have $20,000 in the bank from the property sale which was still a loss but keeping that in the bank to cover any big expenses. I was thinking if I can get the $10,000 from the SPA one $10,000 for my old tenant I hate to get together around 40,000 cash. If I was able to negotiate that amount in half there’s a possibility I’ll be able to pay it off. What would be the steps to negotiate the credit card companies down. When I come out them and asking them to come to negotiation won’t they get panicky knowing that I don’t want to pay?

@Shane H. Thank you so much I really do appreciate those leads. I will absolutely be looking into them. I am scavenging the market every day for jobs in the area. Would like to definitely stay in touch and meet up one day when I finally move there. I appreciate all of the assistance and support. Looking forward to meeting one another and doing business with one another one day. Thank you again

@Natalie Schanne I’ve actually said that to myself a few times that I want to write down all of my lessons I’ve learned. I just haven’t done that. You make a great point and great reasoning. Thank you for that I will absolutely make that a priority. Thank you

@Ryan Alexander yeah the program was actually really good. There is a three day weekend of walking to about 10 properties with the mentor and then doing full of rehab estimates on them. There is another Boot Camp of just information for a three day weekend. There is another three day weekend in Las Vegas big networking event that I went to. All of this happened within three months or so. And then just after getting into the swing of it company ended up going bankrupt after 10 years of being in business. It wasn’t 80,000 all up front first it was $100 then it was $2000 then it was $40,000 and then it was an additional 40,000. They really made it sound like a win-win situation really sold it to everybody and I was fully hooked. I had weekly phone calls with my mentor I had hard money lending financing a great rates through them. And their network of mentors seem like a very solid strong group. The company was called Will To Win. Fortunately I got sold on it and actually quit my job paying $100,000 to go full into real estate after signing up $40,000. Most of the money was refunded after the bankruptcy I think out of the 80, $15,000 wasn’t refunded because it was a direct wire. But the rest of the credit card debt that I have acquired a total of 85,000 was mostly liquidated credit cards to fund my fix and flip.