All Forum Posts by: Account Closed

Has anyone ever heard of WCAP, Worker's Compensation And Preservation? I got bit by them a few years ago pretty badly after a workplace accident took the life of a construction worker. But I have not been able to find hide nor hair of them since. Anyone?

I agree with the House hacking, and sincerely wish I had been aware of this back when I first forayed into REI!

What credentials does one need to consider themselves an adequate real estate investment coach?

A very difficult and unpleasant tenant has just skipped town, leaving no contact information and a mess of a unit. The deposit, which was only 1 months rent at 850, is certainly not enough to cover the repair costs in their entirety. Do I seek damages against the tenant (which may be almost impossible), or the insurance company? Or will I likely be stuck with covering the costs myself?

I have been with my personal accountant for many years, and I was asking around. It seems most everyone I know has been using the same accountant for as long as they have been doing taxes! How often, and why, do you switch your personal or business accountant?

What, in your opinion, is the best video game for getting a true feeling about how real estate investment works? I understand the question is wildly off-topic, but I am not sure such a game exists, and I think it would be a great teaching aid for high school students to learn the industry. 

I have been through this myself, and we had included a condition where if he did not sell the investment within 1 year, that ownership would be transferred to me, and the investment would be mine. His idea, he was very confident. The building did not sell in a year, but I did not exercise the condition, he sold 3 months later. You have to get the services of a quality lawyer, and expect to make some compromises if you want to keep your friendship intact. 

Have you looked into Credit Card financing? With interest free periods you can make use of a lot of potential seed capital for short term investments.

I would say have your 20% deposit for the loan, and an additional 20% in reserve to begin the project, and cover any necessary issues until you can acquire further funding. Seems like a good utilization of seed capital to me.

i would figure 4 months of mortgage payments available in reserve. If you wanted to compare your seed capital to your reserves, probably 20% for your down payment, and 20% on top of that as reserve.