All Forum Posts by: Kevin Harrison

Personally I would keep a cash cow like that. If you want the money to re-invest then just re-finance the home to pull you equity out.

If it were me I would ask them for 500K plus first right of refusal for any property they bought for this project that they are going to sell. This would give you the option to buy near this new development in an area you know is going to increase in value. Also if they over bought and are going to sell off some of the lots they didn't need you have the chance to build in a great spot weather it be residential or commercial.

followed.

If you read my comment carefully you will see that I said I would advise AGINST putting it into a money market account or similar.

I don't see any harm in keeping it in a high yield savings account, as always check with state regs to make sure this is legal. But you can definitely not "invest" this money in any way shape or form. As a matter of fact I would even advise aginst "money market" or similar accounts.

not a lawyer, CPA Etc

I would send them your list of materials and add in a line for "Labor", then I would also attach the written or e-mailed quote from merry maids so they know that you could have charged them double what they are being charged now. Some states wont allow you to charge for labor performed by the LL so check you state regs first.

First I would try to threaten the sellers with legal action, if that did not work go to small claims court. I would not retain a lawyer though for such a small amount of money as the lawyer is likely to cost more than the amount owed to you.

Maybe you should start with the tank full and take a separate "OIL" deposit at move in to cover the cost of the oil if they don't refill it. As always, check with you state laws to makes sure this is legal in your state.

Starting with it full is an easy way to ensure that they know how much to fill it back up. Starting off with it empty is a PITA for them especially when they are in the middle of moving in.

If you own 2 of the properties free and clear then why don't you off to use one of those to back the loan along with the property you are trying to buy? A smaller bank would most likely consider this.

@Dave Garlick is correct, you should also look up "GroundFloor". I just read about them here on BP the other day. But after perusing their sight a little bit it looks like they fund much higher amounts than 36K, and as far as I can tell their terms are 6 or 12 months. Your interest rate varies depending on your experience and the strength of the deal.

EDIT: I have no affiliation with this company.