All Forum Posts by: Marvin Meng

Thank you! I think I found a good attorney to talk to about this. My biggest concern is my ability to administer the loan properly. As a landlord I've found my own willingness to accept excuses, cut breaks, let stuff slide... problematic. If the loan is administered by a third party this takes me out of the loop, which is probably good. If it's all me... 

Hello everybody!

I've noticed over the last several years that my kids have zero interest in real estate investing. (I gave them all Rich Dad Poor Dad... oh well.) So it looks like putting them in my will might not be the most viable exit strategy. I'm planning on focusing on SFR going forward and would like to begin selling the older holdings as we get new ones.

Can anybody recommend any good resources for learning about selling contract or title for deed? Books, webinars, etc. Or if anybody has any advice or experience they want to share I'd be grateful. I'm all ears!

Thank you!

Hi all! 

• I'm getting ready to sell a SFR and a 3-plex; the sfr I've owned for over 10 years, the 3-plex about four. I plan on speaking to my accountant to determine if a 1031 is advantageous to start with. Assuming that it is, which is my expectation, I have a few more questions which would effect my strategy going forward.
  • Can any of the proceeds from a sale be applied toward rehab costs of the new property and still fall under the 1031 protection?
  • If not, can a property purchased under a 1031 be refied, and if so can money be cashed out?
  • Are there time limits on when a 1031 purchased property can be refied?

I'm aware that rules vary from state to state - for the record I live in S. Illinois. But I figure most of the 1031 rules and procedures are common across state lines - especially since they involve IRS (Federal) rules. 

Thanks everybody for any ideas, opinions or experience you have to share!

And @Kerry Baird, thank you as well! I was my own GC on this one so yeah, I hear you there! 

@Tchaka Owen, thanks for the information. Yeah, I think you're right. I'll try to get as much practical information as possible without missing the forest for the trees (getting bogged down in how much every nail cost and how many there were). One approach I'm thinking about is this: Figuring out the questions going into the next rehab and how might this one answer them. For instance, how much does a roof cost? Should I plan on replacing the AC every time? Should I estimate flooring costs by room or square feet and how much? Hopefully once I sit down with a 6 (12?) pack and all the receipts the answers will come...

@Charlie Moore

Well, at least this is a major box checked in the experience column. Have you spoken to the police? If you do, Matt K. had a good idea about the bouncer. Taking a play from Landlording on Autopilot, ask any police you talk to if they know any officers who do security on the side. For anywhere from $50.00 to $100.00 (maybe less) they'll go "talk" to your soon-to-be ex tenants. 

How far along are you in the eviction? I'm in Illinois and I think our process is pretty close to CA. I'll say this: Stick to your guns. You're getting a heck of a painful education but you'll have so much more confidence as an investor going forward (having made it through this). Again, good luck!

I don't know if I would antagonize them - I think going to the police is perfect. I recently sat next to a detective on a flight and he said in many violent crime cases he'd investigated the victim had egged on the assailant; "go ahead, try it..." that kind of stuff. When asked why they'd pulled the trigger (or whatever) the assailant would often tell the police "well, he told me to."

So please be careful but document like crazy and get police reports on everything. If the police go talk to them they will calm down unless they're crazy. Good luck!

And if you don't mind, please keep posting updates of your progress with this eviction. Thanks!

Happy for the response - thank you!

Hello all! 

I just finished my first serious rehab. It wound up being a lot more complicated, expensive and time-consuming than I expected but it's finally done. I've kept meticulous notes and all receipts. Had this been a hard money loan it would've gotten ugly (probably). Now I think I'm ready to take what I've learned and do the next one using hard money. I'd love to hear if any of you had similar experiences: Did you try a conventional construction loan before trying hard money? How detailed should I get in my analysis of the last deal in order to predict expenses in the next rehab?

Thank you!

Thanks for posting this! I'm in the middle of an eviction as well. My evictees have not threatened me but I think they're vary capable of it and I'm curious about how to handle that situation. May I ask what specific threats they made and why you think they might try it? 

Also on the subject of evictions (and since this is my first) I'm concerned about running into discrimination accusations. Are there any actions you're taking to avoid this? Do you have any advise on this issue?

Thanks!