All Forum Posts by: Marc Winter

@Christian Licata, first, congratulations on the mindset you have in wanting to invest in real estate!  

A few questions come to mind based on the info in your post: 

1) On the rental, Is the $50k just for the downpayment, or do you have additional funds available in reserve to cover cap x?

2) Re the flip, Do you have any experience in construction, or dealing with contractors, as well as your local building department?  Have you considered partnering with an experienced investor to work with you during your first flip?

3) Do you own your own home, or can you 'house hack' if necessary?

I sincerely wish you the best of luck with your real estate journey!

Keep investing and moving forward! 

Timur,

Try visiting the assessor's office to discuss the valuation and millage rates.  Also, ask about the tax protest process for your location.  Just keep in mind, that a tax re-evaluation request MIGHT result in a higher tax. 

Good luck.  Keep investing a moving forward!

Do you ask all your applicants for their employment contact info?  If yes, then certainly get that number and call. 

Listen to how the manager responds to your questions.  At the end of the conversation, I'd ask with a chuckle, "Would you rent to them?"

Good luck.  Keep investing and moving forward.

After many dozens of flooring replacement jobs, I'd recommend LVP (vinyl) for most installations.  Don't use sheet vinyl--tears way too easily.  

BTW, if you have hardwood or even pine under the carpeting, you might consider refinishing the wood.  It's a cost-saving up front and lasts longer than many other choices.  (Not in bathrooms).

Good luck.  Keep investing and moving forward!

First, does your lease address the issue, (such as in this example):  "Tenants will obey all local, regional, and federal laws or be subject to eviction."

How long will the arrested brother be in jail?  If it will be months or more, you might simply serve them all with the proper notice to 'cure or quit', or 'non-payment' if that is the case, and then go to court.

Assuming you get the judgment in court, you might then simply evict them.  

I am not an attorney, and this is NOT legal advice. I am speaking only from my own experience of over 40 years.

Good luck.  Keep investing and moving forward.

I agree with @Kevin Sobilo on all the points he covers. 

However, I'd add that, be thankful to the tenant who brought this to your attention.  Many tenants would just ignore this issue, and we all what happens when water leaks are ignored.

Keep investing and moving forward!

@Aaron Williams, the questions should be: how deep are your pockets? And, how much cash do you want to lose every month?

Unless you can convince the lender to do a seriously low short sale, I'd take a hard pass on your relative's problem.  

With no equity and negative cash flow from the get-go, I'd say if you want a hole to throw money into, get yourself a nice boat.  At least you can enjoy the ride once in a while.

@Ryan Lee

Quick questions:

Are you figuring in your total closing costs and comparing that to the (hopefully) lower total monthly mortgage payment?  

How long will it take for the new payment savings to break even with your closing costs?

Keep investing and moving forward!

@Michael Oconnor yes, it is "legal" for anyone to show a rental property without a license under the following conditions:

Do not speak beyond saying, "Hello, I am only here to open the door.  I cannot answer ANY questions.  You need to speak with the broker/agent for any further details or information."

If you discuss anything else, you will be in peril of violating real estate licensing law.  Stick to that script, and you should be good to go.  Again, discuss NOTHING else.

Also, double-check with your agent/broker for any other laws that might apply in your state.

Good luck.  Keep investing and moving forward.

Based on the last 4 housing crashes I've survived (and lived to talk about), we are teetering on the brink of a major downturn in many geographic areas.  

Those most affected will be in the areas that had the greatest price appreciation over the last 5+ years.  The downturn will eventually spread across the nation, and to a somewhat lesser degree affect those areas that had lower price appreciation.

My timing prediction: the oncoming slow-motion housing crash will become very evident within 6 to 9 months after the first Fed rate cut.  They don't cut rates because they've reached their 'inflation rate' goal; they cut because they finally realize our economy is circling the bowl.  

For the Fed--too little, too late.  For real estate investors--fortunes are made by buying the major housing dips.  

My recommendations:  #1=have some powder.  #2=keep it dry.

Keep investing and moving forward! (Just be a bit patient.)