All Forum Posts by: Mike Smith

I'm an OIF veteran in Salem, trying to get started investing. I just used my VA loan to do a cash-out refinance of my primary residence to raise capital to invest with.

How sure are you about your expense numbers? You only have $500 in monthly expenses aside from the mortgage payment. That seems low to me. 

I was speaking specifically about a restraining order, which the victim would have to apply for. You can't do it for her. If she does apply for it and it's granted, he probably won't know it's coming. But if she won't get a restraining order, you'll have to use your regular methods as a landlord to evict him.

This might not be what you're talking about, but if I were going to take on a big risk I'd look at STRs in popular vacation destinations. 

If no one is calling the police it would probably be hard to enforce a crime-free clause when he's not being charged with any crimes, let alone convicted. First off I would ask your other tenants to be proactive in calling the police anytime they hear a fight happening in that unit (or anywhere in the building). They can be anonymous if they want. You could also ask them to call you so you can stay more in tune with what exactly is happening. 

My other suggestion is try to convince her to apply for a restraining order. I don't know the process in Arizona, but in my state the petitioner fills out the form, it's reviewed by a judge, and if granted, it goes to the Sheriff's Office for service. Initially the respondent has no say in the process and doesn't know it's coming until it's served. He'll get his chance to fight it in court later. In cases where the petitioner and the respondent live together, the order can include a requirement for the respondent to immediately move out and not return. When I show up to serve this kind of order, I give the respondent about 20 minutes to gather a few personal essentials and then they're out. They cannot return for any reason without a court order. Violating the restraining order is a mandatory arrest. 

If he does get removed by way of a restraining order I suggest you still start the eviction process for him. If the order gets dropped, he would be able to return and his lease would likely still be valid. 

Good luck. A lot of victims will completely refuse to help themselves and there's not much other people can do for them.

Oregon is a different market than much of the country, so metrics like ROI and cash on cash come down to your personal preferences and goals. They cannot guide you on what the value of the property is in this market. If you're concerned with what it's worth to you and how it will help you achieve your goals, then analyze the metrics that are important to you. If you're wondering if the offer is a fair market price, consider having an appraisal done.

If you don't want to pay for an appraisal you could create your own estimate by using an average of online estimates that are available. I use Zillow, Redfin, Realtor.com, and the county assessor's website. Don't use Trulia because it's exactly the same as Zillow.  

Lots of people will tell you to ignore estimates from Zillow and other sites, but if the property is a typical house on a typical lot in a city with lots of comps, it'll be in the ballpark. My personal residence has a Zestimate of $252,000 and I just had an appraisal done that came in at $259,000, less than 3% off. 

Have you looked into assuming her existing loan?

Welcome from Salem!

I went to a four year university straight out of high school. I was not motivated, got lousy grades, and barely graduated. The degree has given me a few benefits throughout my life to this point, but it didn't make or break my career. The specific things I learned (or didn't learn) in college didn't help my career one bit. I was lucky that my parents paid for much of my education (the military paid the rest). If I had student debt I would absolutely regret going to college.

Having said that, there are some legitimate life/business skills that you need to know that are best learned in a college course. The key is to find the right course at the right college. I suggest you pursue an Associate's Degree at a community college. It's a lot cheaper than a university degree. It will teach you things that you will actually use in your future business. You can go part time if you need to while you work at jobs that will provide you a stepping stone to your career. And it sets you up to go to a university later if you decide that a Bachelor's Degree is for you. 

I would also recommend you take a look at the military. It's not for everyone, but if you join you will gain some life skills and have some experiences that you cannot get any other way. There will be things about it you love, and things about it you hate, but when you get out you will be glad you did it. You will come out stronger and better prepared for whatever life throws at you.

Welcome from Salem!