All Forum Posts by: Tom Goans

College or trade schools in the neighborhood? If yes, great place to post on the bulletin board ... I you can work with this type of tenant. Sometimes grocery stores have bulletin boards.

Craig’s List is loaded with nuts and professional lease-jumpers.

Seek legal advice from an experience Estate attorney. Any legal advice in an online blog should be considered questionable. You are going down a path that can have very serious issues.

Listen to the old pro if he has an overall successful history. Take advantage of working for him to get free education.

Getting a real estate license has pros and cons. However, the education required in order to pass the test to get a license is critical.

Be the most informed and prepared person in the room. Learned from the experiences, lessons, and tricks from the old pros. Years later you will charish the time.

Knowledge is power.

Seek an experienced partner and share the wealth. The partner will share the experience, especially the lessons learned. You will get far more education in a very short time than years of schooling or the school of hard knocks.

Financing is the least of your concerns.

A good contract between you and the property manager will address this issue. Define what have become your concerns and issues learned under the present contract.

Time is of the essence.

Bill is dead on this one, the very first thing I thought about was the Due on Sale Clause. The second, I would get the advice from another attorney. There are some major issues that seem to have been overlooked.

Bill would know this, but I have heard that even a Lease with Option to Buy can trigger the Due on Sale Clause.

In any case, let it be known the lender has staff attorneys. You are facing very deep pockets should a challenge arise.

Talk to the owners of the local real estate companies, title companies, and ask bank officers. Montrose is a small community. The cash buying investors will be known.

It has always been my business philosophy to remain in control of my investments, including research, management, and sale. This is personal and what works best for me. Everyone must find his or her own methods and comfort that fit their business plan and time frame.

Moreover, I have never found anyone who is as thorough conducting research as I am.

Dylan,

Be the Most Informed and Prepared Person in the Room

This is what I live by. Know more about the business, the laws, the property, seller, the lender, how to best structure an investment for now and the future ...

There are cons to having a real estate license. Nevertheless, having enough or more education than is required to obtain a license is critical to your future success.

I recommend attending the same classes that are geared towards obtaining a license. You will learn the business and the laws. You will also know what is expected and required of a real estate licensee.

I agree with Bill. Keep all debt obligations as simple and predictable as possible. The last several years are great examples. Many of the problems occurred when people did not budget properly for the changing payment amount.

I also would not recommend a balloon loan under any circumstances. Even the seller/lender is at risk.