All Forum Posts by: Kurt K.

It is all about "value add". You buy a property fix it up to make it more valuable, refinance to pull all of your money back out (and some times even more than that, just be sure you still cash flow) and then do it again. You "hold" with the "bank's money" only, as the refinance pulled your original capital back out. 

That's how people grow fast. Nothing wrong with your way, other than it takes longer to grow, but you'll still get there.

The state of Michigan supplies many legally compliant forms for FREE, such as: Lease, Sub-lease agreement, Roommate agreement, Move in/out checklist, and more...

http://www.michigan.gov/documents/Landlord__Tenant_Guide_10-2005_142052_7.pdf

You should have evicted them a while ago. Just imagine what the inside looks like. Good luck, it isn't going to be pretty in there.

Always look at returns. Invest in what gives you the highest returns. Whether that is your own business, SFH, MFH, stocks, etc.

Don't "fall in love" with one asset type.

 Similar to what banks offer. But sellers can be negotiated with easier than the bank. I got the same interest rate from the seller but a longer term.

It would be prudent to not fully trust anyone on the internet. Better to get ideas here then investigate them yourself.

I'd tell them to invest it for themselves in an index fund if there wasn't any appealing buy and hold properties you had your eye on.

I would not force buying a property just because the money is available.

I just glanced thru, but that trash fee is insane! Way overcharged there unless they literally left entire house full of stuff and walked out with the shirts on their back.

I have hauled away well over 1,000 pounds of stuff for maybe $150, it was renting the u-haul and dump fee.

Typically if they do not give a forwarding address you do not have to give them a list of damages with the deposit return (or no return). However, they are still entitled to their deposit if they contact you, even months later, for their deposit.

You can keep the deposit insofar they are still required to pay rent on the lease until you find a new tenant, but you MUST be actively seeking a new tenant. So, if you find a new tenant right away, you cannot keep the deposit as damages if the contact you later.

That's how it goes in MI anyway. Your state laws may vary.

Not that it isn't full of great information but I'm just skeptical of reading "how-to" books by (or rather take advice from) people that "haven't done it" yet.

No offense to the author but, how do you get "set for life"? You write a book called "set for life", telling people how they should do it.