All Forum Posts by: Martin Neal

@Nicholas Morgan I would need to see the numbers and take into consideration the neighborhood. Class B or higher, it’s a no brainer, Class C I would have to think hard on and triple check all the numbers. Class D, no.

@Steve Borodin not Here in Illinois, no but that could be different where you are at. I would consult an attorney if it really concerns you.

@Angeline Mentor I’ve seen it where it is two separate loans or one loan. Depends on the lender. Most might ask for two separate loans because it’s two separate parcels and units.

@Steve Borodin There is too much baggage here. Run your rental as a business. I have strict habitability rules that says no more than 2 people per bedroom. So six kids plus adults is two many people in the home. You don’t have room for chances with poor credit. Simply tell the potential tenant that you are going in a different direction and thank you for applying. If they ask why, they explain your occupancy standards and rules. Good luck.

@Israel Gabriel Martinez First off, I’m glad you’re excited about real estate investing but don’t let anyone tell you what you can and can’t do. If it’s one thing you will learn from the podcasts and forums is that there’s more than one way to skin a cat. It may not be possible in the area you’re in now but it could be possible in the next town over or the next state over. Secondly, surround yourself with like-minded individuals who are into real estate. Join a monthly meet up, Facebook group, etc. Anytime someone stays no, immediately say how can I?? Thirdly, if you are going to go to college then I recommend finance classes and computer science. Understanding the numbers behind deals and being computer savvy will be extremely beneficial. Good luck.

@Ivan Sing Section 8 can be great rentals. Half of my portfolio is Section 8 and I prefer them to cash sometimes. As long as they keep the property decent and can pay for the utilities (so my pipes don’t freeze in the winter) then I highly recommend them. The vast majority of Section 8 tenants are just regular people who need a little financial help from the government.

@Sadrud-Din Williams Real Estate is just like any other business, if you don’t have the mindset (meaning the drive, persistence, dedication, learning attitude) then people become just another statistic. The vast majority that I’ve seen in those seminars are looking for the quick fix, not the learn, lose, learn some more and then start to win mentality.

@Roberto Lopez I make my tenants use Quick Pay with Zelle, Cash App or go to the bank with my account number. The bank knows I am the only one authorized to take money out so the tenant doesn’t pull a fast one. Every blue moon, I go to the bank and try to pull a fast one with my own account to make sure they are paying attention. No problems thus far.

@David Dachtera No they have not missed a payment. And you’re right, I shouldn’t let it consume me.

@Judy P. I’m in Chicago and by law, I can’t charge them more than that. I agree that it’s not incentive enough.