All Forum Posts by: Lee Fahy

Originally posted by @John Nachtigall:

Go with the check forger, just insist they pay the rent in cash.    They should have no trouble raising rent every month....until they get sent to jail.   lol

Lets review.    Drug house (no hidden money)...made wife work on renovation with buckets on her feet.....a water heater from the Reagan Administration..... the parole board wants to set up a sub-station close by to cut down on travel times to check in on your tenets....

This is truly the fast lane to wealth and privilege.   You will be on the podcast before you know it.   

Honestly I wish you nothing but good luck and fortune.   Having a sense of humor has served you well, and apparently allowed you to marry far above your station.

Personally I like the idea of the short commute for my ex-con tenants to check in with their parole officers, haha.  My wife is on board for our next purchase and I'm hoping to find Disaster 2.0 in the very near future. She's definitely my better half. 

Originally posted by @Tim Swierczek:

Hey @Lee Fahy I hadn't realized that passed "Minneapolis recently passed a law saying you cannot deny tenants based on Section 8 housing status."  Not good for Minneapolis 

http://www.ci.minneapolis.mn.us/news/WCMSP-196366

Yep. Won't be long and Minneapolis will be providing all evicted tenants with attorneys, just like Manhattan. 

@Scott Weaner ; Yes, we can deny Section 8 housing for now. Minneapolis recently passed a law saying you cannot deny tenants based on Section 8 housing status. 

I want to take a moment to record my list of prospective tenants (really glad I learned how to run background checks):

- 12 grams of coke with a gun, he's just out of prison

- felony possession of meth with a firearm, she's just out of prison

- forgery of checks, judgments from wells fargo/us bank/payday loans in the range of $1000 to $2500 each, then the last one to Kum and Go gas station for $12.53.... I guess they really wanted that money 

- fleeing an officer, multiple DWI(3), driving without a license, driving while revoked

- Drug possession - marijuana, DWI (2),  multiple evictions, dog enthusiast (pitbull)

These are each separate individuals who were interested in renting. I can't describe how many others I denied for having pitbulls, rottweilers, etc. 

My ad said no Section 8, I had five Section 8 families/individuals ask to see the place. One indicated she would help me set up the Section 8 housing and became angry when I said no thank you. 

It took me nearly two months to place a family who had a good credit history and no history of violence. What an eye opener. 

Originally posted by @John Nachtigall:

Your water heater and the Penthouse you found are from the same year.    It will be interesting to see which will hold up better.

HA! Yes. And now we wait. 

I had them install the A-coil on the furnace and plumb the lines for future central air in the event I decide to go that direction.  Better to do it now without sheetrock on the ceiling. 

Update: 11-3-2017  - We put our primary residence for sale on a Friday and I it's under a purchase agreement on Monday. 

Investa-Brothel is getting the xps foam board glued up as fast as I can (about 80% finished now)

Renters are placed in the upstairs unit and I'm cash flowing $450 a month (after PITI) but WAIT.......there is of course.....MORE. Two weeks into their lease the furnace goes out and it's snowing (at 8pm on a Friday).

Unexpected $2400 but hey, chin up, now I can sleep knowing one major 'what if' is off my list. Never mind that 80 gallon electric water heater from 1988...its fiiiiine. 

Hey Kyle, I have a duplex in St Cloud and if I can help let me know. Tim is a great resource on lending and mortgage information and has been a great help to me. To see my project search Investa-brothel on bigger pockets.... Good times. Haha. Lee

John Nachtigall the odyssey continues! I'm waiting on a $1000 worth of materials nobody will ever see (xps foam insulation and wall framing for the basement). I'll update as soon as I have it installed on the walls.

James Wise really? Skull game and Nudie mag did alright but 'wife on 5 gallon buckets' seemed to be the show winner. Haha.