All Forum Posts by: Kevin C.

I'm curious, did the tenants continue paying the old owner throughout the foreclosure process? When did they become aware that the property was being foreclosed? I'm sure this kind of thing happens all the time but I wonder if the tenants found out the landlord was not paying their and then thought "Well, if landlord isn't paying their bills why should we?"

Advice? Of course it's all dependent on your goals but assuming you want to be a real estate investor (since you are on BP)... Don't waste time or money on college. Get any job in the real estate industry. Live on nothing while you save up. Buy a house, live in it, rent out the other rooms. Save more. Buy more houses. Repeat. You could easily spend $40k in tuition if you go to college which just so happens to be enough for a down payment on some real estate!

You can password protect a Nest thermostat so your tenants would be unable to change the temp. You can control it remotely via wifi and monitor usage. Nest just came out with a new less expensive version. https://nest.com/thermostats/nest-thermostat-e/overview/

Yikes. Don't forget to specify what form of communication is acceptable in your new lease once you get this guy out. (i.e. email vs text message) Sounds like that wouldn't have mattered in this situation since you received bad legal advice to deposit the checks, but just throwing that out there.

I've heard Dave Ramsey talk about this over the years. Some lending institutions do what is called manual underwriting. This is where they underwrite the loan based on a number of criteria but not a credit score. In general smaller local banks and credit unions are more likely to do manual underwriting than big national banks.

Well hey stranger. I'm glad you're on BP, there's so much to learn here. I have family in Waco, so I've spent a little bit of time there. Maybe we can talk real estate next time I see you!

Check out strikingly.com. Amazing way to get a nice website up and running very quickly. All drag and drop, so no web experience needed. Very easy to create a landing page to send prospects to.

Great job Cody! You jumped right in but were super smart about it. What do you think the property is worth now that it is rehabbed? Maybe you could cash out refi again in 6 months and use that cash for the next deal?

James K. Wealth is not something Christians or anyone else should be ashamed of or avoid. Quite the opposite. As Austin mentioned it has everything to do with your heart. Here are some more great books on the subject. Thou Shall Prosper - Daniel Lapin The Legend of the Monk and the Merchant - Terry Felber Fields of Gold - Andy Stanley The Legacy Journey - Dave Ramsey As for my thoughts more specifically related to the original post? You want to IMPROVE this property and your friend thinks you are morally in the wrong? That's just nonsense. You provide a product (housing). Free people can choose if what they are purchasing is worth the cost and choose to stay or go. However, renovating as the units naturally turn over seems like a good idea for many reasons. Spread out the expenditures while keeping some cash flow coming in.

Thank you everyone for such an entertaining thread. :) The "elite" tenant really did convince me M2M is the way to go!