All Forum Posts by: Rick Bradd

All,
I was hoping this whole thread was leading up to a funny April Fools prank, I keep checking for the punchline..............

I appreciate everyone's views, I am smart enough to know that there are people smarter than me on BP who can explain these issues. I read the whole bill and can not get past the fact that Big Brother thinks he can tell me where to put my hard earned money. Is my net worth where I want it to be yet? No way, but if I keep getting handcuffed it may never be there.

Sorry about ranting, but this really touches a nerve for me, I work my butt off, recovered from a bad divorce and have been responsible, adult, cautious and proud of the fact that I have saved and built my net worth back up after getting wiped out.

Now the state thinks I am not man enough to take care of my own business? And the alternative to TD investing is what? The Stock Market? Really? Or maybe low interest CD's? I feel like they are saying I need to stand in this circle over here on the playground while the big kids get to play ball because I need another zero on my bank statement.

Where does it end? I implore those of you who can stay on top of this and find a work around continue to share, this effects a lot of us, I only wish I had the time and brains to work this out. I will "pay it forward" some other way if I can.

Ok, rant is over, back to work.

Welcome to BP Greg W. This is a great place to start, lots of really good people on BP to learn from, I know I have.

Rick

I should have said, this is not for a flip, its a small business venture related to real estate construction.

This thread made me think about it in a different light since Kyle and his father are going to partner, so I was interested in your view from a business perspective since you have been successful in real estate, which is why I said hypothetically speaking, would you JV or just make the loan if it was your kid?

I think I will just make the loan, probably at a favorable rate, but the thought of partnering might be better, maybe I could keep him from making to many bonehead decisions ( which he is prone to do ). If I did partner, what would be a fair split? My money, his labor! That was the reason I asked.

Rick

Will Barnard, J Scott
Hypothetically, if you were Kyle's father, how would you structure this agreement? I know what I would do, but would like to hear your thoughts, as I am considering helping my son in a venture. My son will be doing all the work, I am just going to be the bank, he is not in a position to contribute any capital.

Rick

Bill Gulley, Dion DePaoli Good feedback, of course your correct about BP Being a terrific source for information, I personally have learned a lot from some threads, specifically "Mr Notebuyer what do you want" and others. I tend to be very methodical in how I learn, while I do appreciate reading posts here, I do not want to ask random questions that I could dig up the answers myself, I especially like to read and highlight parts that interest me, that's hard to do in a forum. As soon as I am done with my elementary learning then I will post specific questions if I have any. I sincerely appreciate the time and effort you more experienced investors put into helping others here on BP, I have said it before, its a testament to your character, please keep it up.

When this OP came out 6 months ago, I had just gotten my BA II, so I was a little butthurt when you suggested I was not going to conquer the investing world. I have to admit this, I love this BA II, I play with it all the time, and that is one reason I am so enamored with notes. That probably is a terrible reason to want to get involved with notes, but I love working out different scenarios etc.

Bill, you would make a fine brain surgeon.
Rick

Ryan, if you decide to install it yourself I suggest you add a few days to your estimate of how long it will take. When I installed mine I discovered that every bowling ball sized rock in the state was in my front yard, the larger ones were in the back yard.

I really like the idea of having a xeriscape landscape after that.

BTW, my tenants told me that the sprinkler system was a must on their checklist.

Gosh, now I think I get what George was saying, I believe he is looking at the tenant as having a co signer?

Bill, I can not get my head around the liability, could you explain that part to me? I have no need for this service myself, but now that I have been thinking about it I can not move on.

It looks to me like this is very similar to a Paypal transaction, Experian is just the third party providing the payment servicing, they do the reporting to the credit bureau's, the landlord only has the ability to waive reporting late payments, not instigate a report.

Maybe I am totally missing something here, which is very possible???

Interesting, that is not at all how it is described on either one of the processor sites, its a monthly fee based service where they process the rent payment then do an ACH transfer to your account 3 days after the check has cleared.

There is no joint account, you pay about $15.00 a month for the service, it really only benefits the tenant that wants to or needs to build credit. Might be really good for LO purchases.

This is no different than what my property manager does for me now, only my tenants currently do not get to improve their credit scores.

Where did you see the joint credit account information George?

Congratulations, looks like a nice deal.

Question, you financed the whole $135,000 purchase? You show an investment amount of $33,500, yet your debt service is based on the full purchase price?

Still, nice deal, good Job!
Rick

I know this is an old thread, but I just saw this in an AARP newsletter ( Yeah, I am that old ) and I thought it might be of interest to some, especially if you are trying to help a renter improve there credit etc....

http://www.aarp.org/money/credit-loans-debt/info-12-2012/credit-reporting-changes.html?cmp=NLC-MONY-NMCTRL-031213-F1