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All Forum Posts by: Richard C.

Richard C. has started 19 posts and replied 1919 times.

Post: Can't find a tenant!

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614
Originally posted by @Michael Woodward:

@Estelle Lee  Unfortunately, the thing that initially appeared to be a big positive (roadside visibility) is probably the biggest problem. 25k cars per day is great if you're selling something but most renters don't want to live that close to that much traffic.  I agree with the other posts that price will determine whether it's rented or not but you might have to get so cheap that it doesn't make financial sense to keep it.  I'm sorry you're in that situation.  Hopefully you will find a solution.

Is it an option to convert it to store-front and look for a commercial tenant?

 It is a store-front, and she is looking for a commercial tenant.

Post: Phil Grove

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614
Originally posted by @David Dachtera:
Originally posted by @Richard C.:
Originally posted by @David Dachtera:
Originally posted by @Richard C.:
Originally posted by @David Dachtera:

@Paul Felix,

 It also prevents issues with lenders complaining "you already have too many mortgages outstanding".

 It does nothing of the kind.  

How do you figure, Richard?

If my entities average one loan per property and I have two or three properties in each entity, but hold none of those properties / loans in my own name nor am I personally liable for them (non-recourse), how can a bank complain that -I- have too many mortgages outstanding? (Hint: -I- have none, and my entities are not me.)

 Jason explains above, and Bill below.

Hint - this is another of those times where your hideously expensive Ren-crap-us training has failed you.  You should try to get a refund.

 If you think $20K is "hideously expensive", what do you call $37K (Fortune Builders)? ... $44K (Yancey)? ...$160K (Rich Dad)?

I'm so glad so many uneducated investors are so much more well informed than people who teach us how they make $1M/yr with strategies they use everyday running their businesses...

 "Even more hideously expensive?"

I am, in fact, much more well-informed than you are in how both the banking system and corporate entities work.  The proof is our respective forum responses on those topics.  QED.

Seriously, if what you stated regarding the impact of "your entities" is something Renatus taught you, you should try to get a refund.  Because it is flat wrong, and will at best cause you to set up unnecessary corporate structures, and will at worst result in you being jailed for bank fraud.

As for education, it is true I have not had the opportunity to be "educated" by Renatus.  I have had to settle for Holy Cross, Boston College and Harvard.  But I shall soldier on.  Perhaps one day I will be able to avail myself of a higher-quality education, like that offered by Renatus.

Post: Phil Grove

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614
Originally posted by @David Dachtera:
Originally posted by @Richard C.:
Originally posted by @David Dachtera:

@Paul Felix,

 It also prevents issues with lenders complaining "you already have too many mortgages outstanding".

 It does nothing of the kind.  

How do you figure, Richard?

If my entities average one loan per property and I have two or three properties in each entity, but hold none of those properties / loans in my own name nor am I personally liable for them (non-recourse), how can a bank complain that -I- have too many mortgages outstanding? (Hint: -I- have none, and my entities are not me.)

 Jason explains above, and Bill below.

Hint - this is another of those times where your hideously expensive Ren-crap-us training has failed you.  You should try to get a refund.

Post: Phil Grove

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614
Originally posted by @J Scott:
Originally posted by @Account Closed:
I know a multi millionaire that love car payments, because (according to him because ive asked) " don't want to battle insurance for my money if something happens to the car"....i dont understand what in the hell thats supposed to mean, but it makes sence to him.

That means that if he totals the car and can't recover the value from the insurance company, he can just stop paying on the car loan and the lender is the one that would have to eat the loss.  

In other words, if I were you, I'd never loan that guy money!  :-)

 Slightly more charitably, he may mean that insurance companies are more likely to total and pay out on a car with a lien against it (because they have another party to help hold them accountable), where they might hold out/lowball when faced with an individual owner who has no loan.

Which is plausible, to me.  Insurance companies are about the most rational of all economic actors.

Post: Investors who try to steal your deal/seller

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614
Originally posted by @Hasan Hamdan:

What does everyone here think about investors who try to cut you out of the deal you're wholesaling? I personally think they are a disgrace to our industry. Although its technically legal there should be a moral code among investors IMHO. This would be the second time this year an investor goes direct to seller and shows them we are marketing the property. This has caused me to believe we should end our advertising and market privately only to those who have done business with us or have a very strong referral.

At the same time, deals come and go, but any advice/suggestions on how to handle the seller? They understand its a cash deal and knew it would be discounted but when they see you trying selling their property for more they feel they are leaving money on the table (among other things).

 Oh, the irony...

Get a license, and sign a listing agreement instead of a wholesale contract, and this problem goes away.

Put up you own funds, or get a private lender involved, or JV, and take title to the property and re-sell it, and this problem goes away.

You don't get the benefits of the law and the regulatory system if you operate outside of the law and the regulatory system.

So either get a license if you want to sell something you don't own, or make sure you own what you are selling.  Otherwise, people going around you occasionally is simply a cost of doing business in the manner you are doing business.

Post: Your Tenant Lost Their Job!

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614

Interesting question.  I don't see anything about the tenant not paying.  So why would they leave?

Post: Payment as a Wholesaler Who puts Houses under Contract

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614

Hopefully you get paid in cigarettes.

Post: School Ratings and Rental Properties....

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614

Quality of school district is the most important indicator.  Homes in good school districts get higher rents, have lower vacancies, and have generally better tenants.

It doesn't need to be the crown jewel school district.  Prices may be too high there.  But it needs to be at least decent.

Post: how to dump construction garbage in North Jersey

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614

Oh, I wasn't joking...

Post: exploding light bulb issue

Richard C.Posted
  • Bedford, NH
  • Posts 2,011
  • Votes 1,614

"And you must have been imagining the fire.  I know, because I have Google."