All Forum Posts by: Account Closed

I grabbed a copy of my bank's deposit slip and scanned it in.  I have the account number and the address/unit number on it.  I print up a ton of these and put it in an envelope taped to the inside of one of the cabinets.  I instruct my tenants to use this deposit.  Also, if they don't use this one, they must put their address or name on the one they do use so I can identify who deposited it.  If they don't, I charge them an extra $25 dollars to figure out who it was.  I also have that service charge in my lease.  Works pretty well as I can see the deposit slip scan on my bank's website.  I keep track of it in my spreadsheet.

My thoughts are that all this is academic until you actually own a rental.  Go buy one.  Don't worry about all this strategy.  It isn't going to matter what your "plans" are until you take action.  Buy a house in the next 90 days.  Don't wait.  Do it now.  

Do you have a rental home?  If not, you are not a real estate investor..... yet.  Where are you going to live if you rent it out?  How long is your option on the land realistically?  Can you delay your gratification?   My rental homes have tile and nice things like that.  Mine does not.  Yes it is bigger and in a better neighborhood.  But my efforts are going into making a long term passive income so I can live the life of my dreams later.  I could probably have that life now, but I would have to continue a W-2 job.  I want the life and the time.  You gotta figure out what you want and what you are willing do and pay for it before you make this decision.  

Assuming you filed the eviction, the questions are pretty basic.  Have a copy of the lease and an accounting of their balance.  They will ask what sections where violated.  Did you give proper notice.  Do you have proof you gave proper notice, etc, etc, etc.  You may also get a dressing down by the judge if they don't like landlords, but that is just part of the game.

 Nope.  It is the highest rent in the neighborhood and we are not mizers.   Our standard lease is a 3 year lease with a 2.9% increase for the first 3 years.  That works for us.  We make enough money on them.  No need to Uncle Scrooge.

Just send them pictures of the completed work and ask if they want an inspector to come out. Your compensation is based 100% on the adjuster.  Depending on how old it is they may pro-rate it as well.

Why do you think the bank is getting cold feet? REO sales are very slow. To the bank, your house is just another file and nothing more. I couldn't follow your Cash for Keys part.

Call your bank.  I can get that loan at exactly 10% in 2 days flat.  It is a personal loan.  Also, call your bank and get a loan on any cars that are paid off.  Use one of the 0% interest credit card offers as well.  I know you are getting them.

Thats probably all you need.  Last house we did CL and signs and has 12 applications in 2 days.

@Anisha Spand 3 bed 1 bather multi family.  Thanks.