All Forum Posts by: Michael Rossi

ALL DEBT IS BAD DEBT! The debtor is always slave to the creditor. If you can be out of debt - there is nothing better.

Unfortunately, most of us can't build a business without taking on the inappropriately named "good debt", which has alread been defined above (although there is nothing good about any debt). Quite obviously, borrowing money to buy a rental that pumps out cash flow every month is MUCH better than borrowing money to buy a new car; a motorcycle; a boat; or any other bling. In fact, I would go so far as to say that borrowing money to buy toys is just plain stupid. "STUPID DEBT" would be a better term for this type of debt.

While I'm talking about it, even buying something with cash can be STUPID. Been there and done that! For example, I once paid cash for a brand new Mercedes. What did I get for all that cash? A car that was only "new" until I drove off the lot - when it instantly turned into a used car. I could have bought a rental with the money I lost the INSTANT that I drove that car off the lot! STUPID! Never again. I still have nice cars and a lot of toys, but I NEVER BUY NEW when it comes to cars, motorcycles, boats, airplanes, etc. You might as well light your money on fire! If we're going use the terms "good debt" and "bad debt", then we should also use the terms "good cash" and "stupid cash". Buying a like-new car for thousands less than a brand-new car - "good cash". Losing tens of thousands of dollars just to own a "new" car as it's driven off the lot - "STUPID CASH"!

What does your lease say? Most leases say that the lease reverts to a month-to-month lease after the initial term is up. If that's the case, do nothing. Just keep collecting the rent.

Can't BP members ask questions on the forum without paying a fee? If so, why pay a fee to get a question answered? Will the "experts" on the paid side have better answers than the real investors on the free side?

FLYOVER COUNTRY! It really is that simple. Flyover country doesn't have the wild swings that the socialist areas of the country have. In addition, they are not AS burdened with wild debt; unfunded pensions; and outrageous home prices.

If you're gambling on huge future appreciation, flyover country is not the place to be. However, if you're looking for steady cash flow over a period of decades, flyover country is the place to be.

Josh,

People are lazy and cheap! Now you know.

Yes, there are 35,000 members, but 34,990 of them are wannabes and pretend-to-bes and maybe 10 are successful investors.

Now you know the TRUTH about what people are willing to spend their money on. If you are trying to offer the truth at a reasonable price, they're not interested. If you offer those same people some pie-in-the-sky promise of unlimited riches complete with a Mercedes and hot super-model - they'll literally max out their credit card, even if you've got absolutely nothing to offer but hope. Nationwide found that out with his attempts to put deals together in one of the threads. I've known it for a long time also. However, I'm not willing to compromise my standards and I know that you're not either. Let the gurus make the money selling b.s. to ignorant wannabes. Keep offering the truth on BP and good things (including money) will surely come to you (although maybe not selling teleseminars).

I'd rather go hungry than be a "guru".

Of course, you are absolutely correct (although I think this political correctness is ALREADY biting this country in the butt). However, we've got to remember that Mike M didn't start the political correctness gibberish - the progressives (socialists) have been indoctrinating the American People with this nonsense for decades. Additionally, Mike M does understand the truth because he did say that "99 out of 100 people with heavy tattoo's, piercings, etc... would be a poor tenant".

The issue here is that you CAN and MUST judge a book by it's cover if you want to be a successful landlord. The reason is that these people are CHOOSING to look the way they do. If they CHOOSE to look like a druggie - they probably ARE a druggie. If they CHOOSE to look like a gang-banger, they probably ARE a gang-banger (or wish they were).

This is completely different from racial profiling (racial discrimination). People of different races simply have different skin colors. There is no reason to discriminate based on color because they didn't CHOOSE anything and therefore skin color does not indicate anything. If choosing to have pink skin meant that you were a gang banger, then discriminating against pink skinned people would be totally appropriate. Contrast that to someone who CHOOSES to have tats covering their face, neck, and hands. Quite a difference. It's not the presence of tats or piercings that intrinsically mean anything, it's the CHOICES the person made that got them to the point of looking like a freak.

Just to be clear, I'm not talking about someone with one or two tats or someone with one piercing - I'm talking about someone that looks like a freak or has inappropriate tats (like the teardrop, MS13, etc)!

EXACTLY! Additionally, as Steve said, most people that choose to look like freaks are druggies and have other issues.

What we're really talking about here is political correctness run amok. The American people have been bombarded with political correctness for many years and have been conditioned to repeat it or feel guilty for being a bad person. The funny thing is although Mike M repeated the required politically correct nonsense, he KNOWS the truth - which is that "99 out of 100 people with heavy tattoo's, piercings, etc... would be a poor tenant".



...and 99% of people with income that will barely cover the rent will crash and burn (burn you). I require the income to be 3 times the rent. I wouldn't have rented to this person either and I certainly wouldn't rent to someone because I can identify with their hardship. I simply don't care about their hardship - I'm in business TO MAKE MONEY!



NOT ONE! While it might sound nice at a cocktail party to say that I had upscale rentals - they certainly won't cash flow in my area of Ohio. Truth be told, I don't have a single rental that rents for more than $1,000 per month because the only number that I care about is CASH FLOW!

Forget the sex offender - you don't need that! As for the other two, if they are both qualified, I'd take the 80 year old woman. Young, single women with a kid and no husband are often a LOT of drama. Boyfriends can be a HUGE problem - especially when they move in. Failing to take care of their kids can be a HUGE problem - especially when they are loud and disturb the neighbors. Given the choice, I'd take the 80 year old!

Cops are no better than anyone else! If her screening isn't right - move on and find a better tenant!

You already made a HUGE mistake by signing them to any lease longer than one month. With a month-to-month lease, you can give them notice and kick them out!