All Forum Posts by: Michael Pilarski

Ned Carey Once again excellent advice. You mentioned he could discriminate based on rental history and based on that alone he could refuse the 1st applicant since the had a previous broken lease and judgement. That protects him from the other types of discrimination that are protected and he could take the deposit of the second. Tommy Wang Just curious but what makes this 2nd applicant better qualified (besides the obvious lease being broken and judgement against the 1st applicant)?

Ned Carey If we make the assumption the 1st applicant is in a protected class (I'm not real sure if you mean protected as in race, religion, etc. or not) how could Tommy Wang be able to protect himslef in this situation? Could he not argue that no money was exchanged and no paperwork signed therefore there was no damages (legal damages if sued by 1st applicant)? I know you have a lot of knowledge based on your posts I've read. I know I've learned a lot from you and looking forward to seeing what can add. Side note, I'm originally from Baltimore. Lived there until I was 21 and still have friends and family there. My dad still lives in Middle River and my mom in Bel Air.

I agree with Rob K. If they haven't given you any money and they haven't signed anything, if the other applicant gives a deposit it goes to them. Good luck and I hope it works out for you!

Scott Williamson Glad I could help out! Let us know what you decide and how things progress for you.

Patrick Snyder Since you have them lsited in numerical order, is that the order in which you put your team together? For example you found your, agent first, then a property manager, etc. If not, who was the first memeber of your team and why did you pick them as your first member?

Scott Williamson Awesome! Good for you! In that case what I would suggest is building up the savings again and while doing that talk to an attorney and CPA so YOU can become the hard money lender using your self directed 401k (too high in interst and points = more money in YOUR account).

Will Barnard I do try to post when I believe I can help. I'm just very careful. In regards to asking questions, most of the ones I need answers to have been answered previously so doing a search is easier than asking for the 800th time "how do I build a buyers list?". I believe the project that Joshua Dorkin is working on will eliminate a lot of the reposting and put a lot of information into a central location making it easier to find. I will and have posted questions when I haven't been able to find what I needed and will continue to try and engage daily. I'll definately be active daily.

Scott Williamson Ok, that helps a bit more. I would doubt that the returns you're getting on your 401k are anywhere near the possible returns in REI. I would talk to a lawyer and possibly roll the 401k into a self directed IRA. That way you have evry option available to you to use that 215K to maximize your pre tax profits. I'm not a CPA but would also suggest talking to one of them as well. You mentioned the 11K in savings, other than the 2 rentals and your own home do you have any debt? If that is the case, I tend to lean conservative, and would build the savings back to handle any and all expenses for at least 3 months then work on the debt. After that build savings back to 6-12 months of living expenses, I would not touch the equity in your company. I hope that helps. I know there are others on here that could give more specific and probably better advice, but this is the route I would go.

I try to log in and see what's going on here every day, but I may not post everyday. I'm still new so posting to some of the active threads at times is over my head and I don't want to give misguided or wrong information, but the upside to that is that I learn from those threads that I might not be able to post in. With that being said Bill Gulley and his wealth of knowledge was able to enlighten me as well as Dion DePaoli and there is one other I'm forgetting at the moment. I would say there will be 100k members before the 1,000 active in a day. I love this site, just wish there were more in my immediate area to contect with.

Scott Williamson Sorry forgot to post some of the info needed like why do you want to borrow from the 401k vs. convetional loan? Why not use a hard moeny lender then refinance? What investing strategy are you going to be following? If your thinking of doing this becuase you don't have the cash reserves do to debt, I would refrain from doing this until the debt is paid off.