All Forum Posts by: Peter M.

Zillow works well for me

No its so you can make more profit. Take the same 2 distressed houses with the same ARV but one owns it free and clear (high equity) and the other owner is underwater (negative equity). If you spend time trying to buy the latter owner's house only to find out they can't sell it without taking a loss then you just wasted your time. Same applies if they only have 10k in equity, they have to sell to at least pay off their debt which means you have less margin. Now there are ways around this of course but the advice for newbies is that way for a reason-its easier.

@Chris Huang Stessa

@Johnny Mack Check your state laws. Everyone who has posted about not accepting partial payments probably live in states where it matters. In Texas for example there is no "clock". I can accept partial payments and still evict, it only changes the amount awarded in the judgement. An eviction case is for a breach in a contract. They failed to pay as agreed. Simple. They get out. (I had a judge explain this to me and a tenant right before he ruled in my favor) In Texas that is how most JPs interpret the law (landlord friendly state). But a JP in urban Dallas may not rule the same as a JP in a rural county. PA may or may not be that way but you need to talk to a lawyer or other landlords in your area who know how the court works and leans.

@Kyle Harmon Same thing is happening in Texas so I concurr with the other posters to go through a broker. But insurance companies have had some big loss events over the past few years and are pulling out of some markets because of it. Couple that with the material costs going up and inflation not looking to cool anytime soon and were seeing these double and triple digit increases. It sucks. Insurance companies have literally written the book on risk mitigation so they're protecting themselves.

@Matt Bishop I like the strategy although I expect in the next few years you won't see quite that much appreciation. Have you considered short term renting any of them if allowed in the subdivision? You would cash flow more and have the same benefit of reduced maintenance. I like that aspect of my new build short terms rentals. Just a thought. But sounds like it's been working for you so keep going.

@Anthony Dohman find a mentor and emulate them. Education and reading books is all well and good but you don't learn until you start doing. So figure out how much you have to invest and buy something- then manage it. You just have to take action. If you don't have any money then save up till you do. Don't pay any more then you have to on those loans, use that money toward your first purchase

@Laura Martinez is it part of your rental screening criteria? If not and they applied in good faith, you'd be taking their app fee. They should know up front. I personally would set a weight limit for the reasons you listed in addition to prohibited breeds based on your insurance

@Lisa Connor Sell it and 1031 exchange into a different asset or assets that give you the same or better passive income. You say passive income is the goal/driver for keeping it but it sounds like you're not passive if you have to advertise this much.

@Jerry Davis Well that's the beauty of land trusts. The beneficiary controls the trust ie the property held in it. It's not a well understood process so use a lawyer