All Forum Posts by: Luis Prieto

Hi guys, I'm reaching out for help or advice on how to deal with a tenant that I have been having problems with. Short story is that this tenant lost her job last year. We felt bad (horrible mistake) for their misfortune and accepted half rent for some months. They are $2,200 behind, and keep making BS excuses. Anyway, besides being behind in rent, there seems to be a lot of drama between the couple, and it has got us a bit annoyed. Everytime the guy leaves, the women inquires about changing the locks. We asked for a restraining order, and the guy always goes back. What's most frustrating is that they have bought a new gazebo, a new large pool, outdoor furniture and other luxuries while they owe us money. My question is, is there a formal notice or letter that I can use where I demand the outstanding balance within a specific date, and what are my rights. I have looked online for resources, but feel that I can use more clarity, and I trust the opinions of the biggerpickets community much more. 

@Scott Jenson, To expand on selling the 3 homes. The reason why I'm thinking about doing this is because we have about 240k in profit after taxes. Moreover, what I would like to do is build a home. I know a guy that can build me a 4bd and 2 bath home for 100k done. The lot is going to cost 30k and it's 5 acres 1 minute drive out of town by the hwy. That house would easily be worth 350k and I will own it outright. My thought process is that I'll eliminate risk, seeing a recession may happen while adding even more equity. From that 350-400k in equity, I can then take a line of credit and get into multi family now. Moreover, I'll still have 80k or so in liquid after the build.

Its hard to pin it to one ingredient for me. However, I think that discipline, networking, and thinking deeply and critically about goals and how to get there, while assessing risk is fundamental for success. A big part of the discipline is living within kr below your means and being perfectly happy.

Hey guys, I am getting ready to transfer to an online university. My dream job is to become a financial advisor, and have 3 universities on my list. The 3 colleges I'm considering are Penn State, the University of Florida, and Arizona State. My question is, does it really matter where you go, and if so, which one would you chose. Also, feel free to suggest any other online only college that I should consider.

Also, my wife and I have been able to leverage 3 single family homes in the last 2 years. I don't think we can leverage more since we are on only her income right now. I'm a little worried with a possible recession and feel that we may be vulnerable. If we sell all 3, we should have about 250k left. With that 250k, I'm thinking of buying a 5 acre lot and know a guy that can build me a 4 bd 2 bath home for 100k. A new build on that lot should be about 150k done, but that home will be worth 3050 to 400k. Do you guys think this is a smart move, since we will own the new house out right and have a lot of space for a HELOC? Or do any of you have any other suggestions with the 250k or so.

@Steve Vaughan Hey man, nice to see other Central Washingtonians. For our foreclosure being only 43k, my wife and I just got a loan with Sofi. We got low interest and had the money in 2 days. For larger amounts of money, I may be able to borrow from some family members that have a lot of capital. 

@John Acheson Thanks for the sound advice. I will start reading and informing myself, as knowledge is the source of prosperity, thanks.

@Rachel H thanks for the warm welcome. I am planning to do more volume and ultimately buy multifamily units. Thanks.

@Tyler Barranger I've been trying to message you but for one reason or another, the messaging keyboard isn't working properly. I'd love to chat with you, feel free to text me at 5094297234.

@Sandra M. Dempsey Thanks for the kind wishes. I am very familiar with Wenatchee as it's kind of like the place people from around this area go to for shopping. Good luck with your RE endeavors in the area!

@Tyler Barringer , sent you a pm.