All Forum Posts by: Richard Warren

You don't have to do a new lease every month. Check the existing lease and see if there is a provision stating what happens at the end of the initial term. Mine convert to a month-to-month if a new lease isn't executed. If there is no provision and you need to draw up a new lease you would only have to do it once. Many investors will only do month-to-month leases because it is easier to get rid of a bad tenant.

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Spend some time reading the BiggerPockets Blog. There are dozens of articles on there about marketing.

Check it out: http://www.biggerpockets.com/renewsblog/

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Look into www.Meetup.com and see if there are any clubs in your area Start your own group but uderstand it takes time.

Check out these articles:
http://www.biggerpockets.com/renewsblog/2008/12/28/find-real-estate-investing-club-avoiding-bad-clubs-succeeding-good/

http://www.biggerpockets.com/renewsblog/2008/06/30/getting-the-most-from-your-real-estate-club/

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You might find this article helpful:

http://www.biggerpockets.com/renewsblog/2008/06/30/getting-the-most-from-your-real-estate-club/

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I think a judgment is certainly easier for the collection agency but, as Jon says, probably not necessary. Getting a judgment isn't necessarily difficult if you can do it through small claims court.

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Waiting certainly is the wisest move in your situation.

I just want to echo Jon's suggestion that you get a copy of Dave Ramsey's Total Money Makeover. You may find the financial advice to be life-changing.

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I think you are missing something here. Frank buys for cash. When financing costs are removed from the equation so is a lot of your risk. The 70% ARV guideline assumes that you are financing the deal. So a couple of those transactions may look risky, they really aren't.

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The CBO works with assumptions that never seem to materialize.

Look at another huge government run program – Medicare.

Started in 1966 at a cost of $3 Billion, it was only expected to cost $12 Billion (adjusted for inflation) by 1990.

The reality was that it cost $107 Billion. Ooops, they goofed. It only cost 9 times more than expected. By 2007 that figure reached $599 Billion – 20% of all Government dollars spent went to fund the program.

So the government isn’t exactly accurate in their projections. How much will they be off this time?

If by some miracle it actually did reduce the deficit the drunken sailors of Congress would just spend it on something else.

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You can purchase with the 203(k) without using a HML. You need to find a mortgage broker that does these loans and see if it will work for you.

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Are you going to occupy one of the units? This program is not available to investors, just owner/occupants. It can be used for 1-4 family homes.

http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

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