All Forum Posts by: Lisa Shankus

I was supposed to close on my 5th rental property two weeks ago. Less than 24 hours before I was to close I received a call indicating that the property didn't have a clear title. Apparently the seller sold the house on land contract to a couple in 2017. The seller went through the legal process of removing the couple but one of the tenants names was crossed off on the Judgment of Possession After Land Contract Forfeiture document and my title company wouldn't proceed. I gave the seller two weeks to figure it out and have now backed out of the deal. Unfortunately, I'm out the cost of the appraisal but will at least get the EMD back. How can I avoid this in the future and ensure the house I'm putting an offer in has a clean title? Not sure if it makes any difference but the seller's agent is his son.

Great buy and you managed to one up Robert Kiyosaki. It's gonna be a good day.

My tenant asked for additional insulation and gave an estimate of $225.00. The tenant has been there 4 years and we purchased the house 2 months ago. So far he's making payments on time. How would you handle his request?

Hi Collin, Your approach is very similar to the one I've taken. Education: Rich Dad Poor Dad, Bigger Pockets, Millionaire Next Door and Financing Strategy: HELOC. I've done 2 deals on SFHs and foresee being able to do 2-3 more deals before needing a new financing strategy. Can you please share which hard money lenders you used and the terms?

Hi Peter, the public record comment is a good point. It will be in my name for the time being but am I correct that if I move it into an LLC then it wouldn't be tied to me in public records? This has been a consideration anyways to mitigate risk.

Long story short, the listing didn't include that there were tenants in place. The seller wouldn't provide the rental agreements until the purchase contract was in place. From my perspective, I ran the numbers and, even with a property manager, determined it would be profitable.

I'll have to check out Mike Butler's book - thank you for the recommendation.

I close on my first SFH next week. The property came tenant occupied. There are two individuals renting rooms. I determined through a Google search that both tenants have violent criminal records so I would prefer to remain anonymous (they don't know my name, contact information, what I look like, etc.). Has anyone self managed a property while remaining anonymous? How? I realize this may be a scenario where a property manager is in my best interest but wanted to explore the possibilities first. Thanks.