All Forum Posts by: Kath Marie

Varies. 50/50. Be careful on the addendums they try and sneak into the contract. Some of their sellers will try and stipulate that they are not responsible for any liens and that it will be buyers responsibility. Rarely happens but I've seen it before. Seller will usually take care of liens. 

Nooooo. Tenants have rights. Offer cash for keys or file for eviction (or both). The amount of time for eviction varies on counties and states. The tenant would NOT be seen as someone trespassing and law enforcement would NOT just be able to kick them out Day 1 after your closing. 

Cash for keys can save you time if tenant accepts. 

Run from CAD if you haven't used it before. Too complicated for beginner user. Big learning curve. 

Live Home 3D pro. 

Sketchup was great for many before google sold it. Used to be free. Now you get a limited version for limited period of time before you have to buy it. 

@Garrett May they're real. All of these types of lenders come with headaches. Documentation, Inspections, appraisals... 

they're not cheap. I've worked with people that have used them. Real company though. 

@Akeam Baron What are you trying to design? 

losses are only financial. They however bring great knowledge. Now your next one will be a win! 

Losses can many times be worth it. They bring experience, new relationships, education, values. Don't run away from RE because of a sour deal. Keep at it. 

Majority of us have probably paid our dues on our first deal. One way or another. :)

Zillow zestimate for real estate pros is like webmd for medical professionals - self diagnosing a simple cough into terminal illness. 

Don't trust it. 

Plus if I claim I'm the property owner I can boost my own zillow zestimate through their platform a number of ways. 

@Jay Hinrichs facts. $500/month doesn't get me out of bed. Six figures+ a month does. You would have to own 300 Rental properties (by most investor standards)  to achieve this. I still hold my bundle of a few dozen bought 2010-2012 but haven't bought a single rental since. 

Tough to scale. Even hedge funds with unlimited resources sucked at residential rentals back in the cheap days. Nightmare in terms of logistics. 

@Marisa R. rentals are a good way to dip your toes into the water. Good way to dabble.  Probably the most common way investors get started...

Take the money. Reinvest into active projects...All the "millionaires" that have "equity" stacked up are cash poor. Very cash poor. Equity can be there one day and it can be gone the next. Convert to cash either by selling or pulling $$ out. The lifestyle of being equity rich vs cash rich is completely different. Still be responsible BUT you only live once. 

1. Risk is transferred to you. 

2. Village/city may or may not force you to redo work with permits, open walls, pass rough, pass final (not always likely but can happen). 

3. Yes potentially. 

4. No harm in overthinking to be aware of possibilities. 

I've seen it happen and have had it happened to me. Usually nothing a few thousand bucks can't solve but can potentially be big issue. For example - if a garage is built on an improper slab with no permits. Inspector may be reviewing other parts of your home one day. Then notices the slab. Tells you to repoor the slab. Won't give you occupancy until it's done. Now garage needs to be torn down and rebuilt with correct slab poored. 

Most cases you'll be fine. 

Some cases you'll be out a few $$.

Rare cases you're f*****. 

100% with @Ryan Beasley

Depends. 

Not one shoe fits all. 

If you have current CC debt at 20% a year then use the extra money to pay off CC debt vs lowering home loan interest. 

Other scenario if you can make 7%+  annualized on other investments then technically use the extra $$ to invest elsewhere vs lowering your interest rate. 

I know many people that stress about monthly payments so they buy everything cash. That keeps them sane. Other people stress about not having money in the bank so they finance everything. That keeps them sane.

Multiple factors can exist.