All Forum Posts by: Raphaela Todd

Thank you Shawn Barga!   I will definitely try that website.   Much appreciated.

Hello Everyone:

I'm looking to purchase duplexes; triplexes; and fourplexes in Las Vegas, Nevada.  Can anyone recommend lenders who specialize in investment properties (with minimal cash down)?  Thanks guys!!

Great Tip!    Thanks!

By the way ... with regard to sending the debt to Collections, you may want to try and do this yourself first as Collectors get a percentage of whatever they collect for you ... or may "buy" debt from you for a deep discount while they chase the Debtor down for the money and if they don't pay, they get a Judgment against that person, which will result in wage or tax refund garnishment somewhere along the way.     With doing the right research, you can do this yourself.   Good Luck!

Hi Edita:

My suggestion would be to first send your tenant via CERTIFIED MAIL/RETURN RECEIPT, so that you have proof of their receipt.

In your letter, you want to give them a set time to either pay you ... or contact you to arrange for a payment plan if you are amenable.   (I would give at least a date in your letter at least 2 weeks from the date you mailed it --- make sure to BOLD the date).   In your letter, you want to state your intention to "seek legal assistance" which will then include attorneys' fees, court costs, etc. in addition to the $900 you are owed.

Before sending your letter, I would go online with your county court to find out how you can sue someone in  Small Claims Court.   It usually isn't that difficult.   Another suggestion would be to find a LANDLORD ASSOCIATION in your State, and contact them for advice.

Hope I was able to help...

I would quickly interview the buddy and have an application completed and do a background check.   If you approve, then collect a security deposit, first month's rent and signed lease from the buddy (provided they are happy with the apt. in its present condition -- and have them sign something to that effect).  

Then once you collect the security deposit and lease from the buddy ... promptly return the security deposit to the tenant who left.

That's what I would do.   This "buddy" might actually be a better tenant!

Why not do "house hacking"?   Buy a multi-family house (i.e., duplex/triplex/fourplex) ... live in one unit and rent the others out.   You would basically live for free, while your other tenants would pay the mortgage!   Meanwhile, this should qualify you for a better interest rate since this would be your primary residence.   However, I believe there are certain tax situations that you would be benefit from making sure you reside in the house at least two years before moving out and making it become a total rental property.   If you do to get Landlord Insurance for the rented units. 

Hi Lucy:

Landlord/Tenant laws vary from state to state.  In some states, it is a lot easier to evict a tenant than others.   I found a website that can answer your questions as to what you can do.  If you are that intimidated or confused, I would suggest hiring an attorney in Minnesota.    Click on this link:

http://www.rentlaw.com/eviction/minnesotaeviction.htm   GOOD LUCK!

You don't need to use a Credit Repair Company at all.   You can easily do what they would (supposedly) do in your behalf.   Just takes a little legwork, but well worth it.

First, make an organized list of all your credit card debt, balances and the interest rates on each.  List them from highest interest rate to lowest.

Second, STOP USING THEM.

Third, get a notebook out and set aside a specified time for you to call each creditor and ASK FOR A SUPERVISOR to discuss your account.   Tell them you are having financial difficulties and need reduce your debt.   You want to "do the right thing" and not start missing payments, so you "need their help."  (People love hearing this).   You can: (1) Ask for a reduction in your interest rate; (2) Ask to waive any built-up interest or fees if you are able to pay in full by a certain date.

Fourth, another option is to get a low interest rate loan to pay off all your credit cards.  If you are a member of Credit Union they have better rates.  Otherwise, I would suggest that you check out BankRate.com to shop for interest rates and requirements on consolidation loans.    Hope this helps!!

Above all else ... be firm in sticking to your new budget.   GOOD LUCK!!   :-)

@Alisha Wagner I didn't have a formal Management Company take care of my duplex, I have a great relationship with a realtor there who had a handyman who would take care of issues and maintenance.    I actually had  TWO duplexes in different areas of Texas at one time.  Unfortunately, when the recession hit, ALL my tenants lost their jobs and I couldn't find new ones!  I guess everyone was moving back in with Mom & Dad.   At the same time, my husband, a Master Carpenter by trade, was laid off intermittently for almost 2 years.   I ended up turning these duplexes back over to the bank.    It still stings just talking about it.   But ... I've learned a lot since then, and am ready to get back on the horse again, so to speak.    Because of my out-of-state investment experience, I will be a lot more cautious and do more research BEFORE I decide to do that again.