All Forum Posts by: Linval T.

As a parent and investor, my modus operandi is that I don't lend to friends and family, money which I can't afford to lose. This came about as a result of multiple lessons learned early in life.

Now, with that said I am in agreement with the other early contributors to this thread, regarding your deposit of the funds in a short timeframe prior to the loan processing.

Additionally, you need to sweeten the tentative payment plan and not have it drag on for eternity to repay your parents.

Don't assume that they have nothing better to do than lend you their hard earned money for an extended period.

Put this transaction in writing, so that your feet are held to the fire and there is no misunderstanding later if it's done verbally.

Lastly, on the other hand, what if they say no? You should create a plan B to mitigate this possibility.

1 Vote

@David S.

It's never too late to get started and overcome your handicaps if you think they are. Not owning a home or completing a RE form is no barrier to achieving your goals.

I take it that you are hungry for success, so, follow my suggestions below and you will be well on your way!

Welcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language at near zero cost. It doesn't matter if you are young or old, totally new or need to build upon your experience.

Yes, you have just announced a commitment to the thousands in this community about

your seriousness regarding REI and have taken this bold step to affirm it.

Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.

You are here at the Forum, but, should raise your mouse to the top and explore the other

headings displayed.

Don't get overwhelmed by the massive amount of data archived on this site.

Simply, bone up on the areas that you need to expand knowledge in such as, Forums,

Marketplace, Learn, Network, Analyze, Resources.

Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book

recommendations.

Also, you can review the quick links below to help solidify your grip on this site.

After becoming more knowledgeable and confident because of my above suggestions,

take action to snag your first real estate investment deal if new or add to your

existing holdings if you have prior experience.

Don't get caught up in analysis paralysis.

You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.

Take calculated risks if needed and you shall be rewarded!

"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter

Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!

2 Votes

@Ian Hoover

Congrats! My take is that you may want to wait until they move, then do your updates. Otherwise, you will have to revisit parts of the refreshment again when they exit.

Furthermore, you will not be getting the increases anticipated if the changes are made during their tenure.

This seems to be a situation where you are caught between managing from your head as opposed to your heart. I say that because you mention that one of them has been living there for years and the other a section 8 tenant, who will not be able to afford your next rent payment scale.

Think through your action plan and execute it accordingly to bolster your bottom line.

Good luck.

2 Votes

Angela,

I clearly understand your predicament and this is not a clear-cut case. There is a possibility you may lose your deposit depending on the organization you are dealing with.

The bottom line is communication. You need to talk with them and see how they will resolve this matter. Do they have any other property for you to switch with?

However, as a Georgia landlord myself I personally would refund you the deposit and move on. The reason being is that I don't want to deal with someone who doesn't want to be at my property.

You will be unhappy and possibly find every reason to make my life miserable during your tenure.

You can review the Georgia Handbook at the link listed below to see if there is any recourse for you. I glanced through it and didn't find any.

https://www.dca.ga.gov/housing/HousingDevelopment/...

Good luck, but, I am sure you will learn from our feedback and your involvement with this issue.

0 Votes

I have never visited their home. But, paid close attention to the interactions with the spouse and children during the showing of the property and interview.

Believe it or not, you learn a lot from these meetings that will help with your decision to rent to them or not.

1 Vote

Yes, you have just announced a commitment to the thousands in this community about

your seriousness regarding REI and have taken this bold step to affirm it.

Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.

You are here at the Forum, but, should raise your mouse to the top and explore the other

headings displayed.

Don't get overwhelmed by the massive amount of data archived on this site.

Simply, bone up on the areas that you need to expand knowledge in such as, Forums,

Marketplace, Learn, Network, Analyze, Resources.

Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book

recommendations.

Also, you can review the quick links below to help solidify your grip on this site.

After becoming more knowledgeable and confident because of my above suggestions,

take action to snag your first real estate investment deal if new or add to your

existing holdings if you have prior experience.

Don't get caught up in analysis paralysis.

You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.

Take calculated risks if needed and you shall be rewarded!

"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter

Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!

0 Votes

@James Slaughter

Yes, you have just announced a commitment to the thousands in this community about

your seriousness regarding REI and have taken this bold step to affirm it.

Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.

You are here at the Forum, but, should raise your mouse to the top and explore the other

headings displayed.

Don't get overwhelmed by the massive amount of data archived on this site.

Simply, bone up on the areas that you need to expand knowledge in such as, Forums,

Marketplace, Learn, Network, Analyze, Resources.

Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book

recommendations.

Also, you can review the quick links below to help solidify your grip on this site.

After becoming more knowledgeable and confident because of my above suggestions,

take action to snag your first real estate investment deal if new or add to your

existing holdings if you have prior experience.

Don't get caught up in analysis paralysis.

You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.

Take calculated risks if needed and you shall be rewarded!

"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter

Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!

1 Vote

Tips are not constant and of course you have to take the seasonality of it.

If you have an inkling of doubt renting, I would do a month to month for the 1st year and see how it goes.

Frankly, I would pass on this tenant, but, you might not have anyone else interested and hence looking for a solution.

Good luck.

0 Votes

@Account Closed

Yes, you have just announced a commitment to the thousands in this community about

your seriousness regarding REI and have taken this bold step to affirm it.

Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.

You are here at the Forum, but, should raise your mouse to the top and explore the other

headings displayed.

Don't get overwhelmed by the massive amount of data archived on this site.

Simply, bone up on the areas that you need to expand knowledge in such as, Forums,

Marketplace, Learn, Network, Analyze, Resources.

Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book

recommendations.

Also, you can review the quick links below to help solidify your grip on this site.

After becoming more knowledgeable and confident because of my above suggestions,

take action to snag your first real estate investment deal if new or add to your

existing holdings if you have prior experience.

Don't get caught up in analysis paralysis.

You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.

Take calculated risks if needed and you shall be rewarded!

"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter

Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!

0 Votes

@Branden Newman

Thanks a million for your service. It's because of you and others why we are enjoying our freedom.

If the price is right in the current neighborhood you live, then, go ahead and try to purchase a property and rent it. You have local visibility there now, so, use it to your advantage to find these opportunities.

Yes, you have just announced a commitment to the thousands in this community about

your seriousness regarding REI and have taken this bold step to affirm it.

Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.

You are here at the Forum, but, should raise your mouse to the top and explore the other

headings displayed.

Don't get overwhelmed by the massive amount of data archived on this site.

Simply, bone up on the areas that you need to expand knowledge in such as, Forums,

Marketplace, Learn, Network, Analyze, Resources.

Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book

recommendations.

Also, you can review the quick links below to help solidify your grip on this site.

After becoming more knowledgeable and confident because of my above suggestions,

take action to snag your first real estate investment deal if new or add to your

existing holdings if you have prior experience.

Don't get caught up in analysis paralysis.

You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.

Take calculated risks if needed and you shall be rewarded!

"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter

Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!

0 Votes

All Forum Posts by: Linval T.

Linval T. has started 2 posts and replied 1293 times.

Post: Asking parents for loans:/ Best strategy for paying them back

Post: talking to homwowners

Post: I'm buying a fully rented duplex....

Post: holding deposit

Post: Home Visit

Post: What's the #1 tip that you'd give to a new investor?

Post: Newbie in Charlotte NC area

Post: Wait Staff

Post: This Newbie is now PRO!

Post: Hungry Newbie in Southern Illinois and Yuba City, CA