All Forum Posts by: Rocky V.

Inform LL that these issues are a safety concern.  Give them 5-7 days to respond.  If they do not make necessary repairs, make the repairs yourself and deduct from rent payment.  I can't stand slumlords but one quick way to get their attention is to send reduced rent.

I just purchased one for $385 from HD.  It will be going into a small 700 sqft home.  So space was definitely the deciding factor for me.  I'd definitely recommend tankless.  

I've had this happen to me as well with a newbie investor but had a signed legally binding contract.  I went ahead and let the newbie off the hook and blocked him from future deals.  I do not deal with people like this in any of my businesses.  I clearly stated that I could legally enforce contract on him but it's just not worth my effort/time.  Cut him off and spread the word about his business practices.

NO!  I for one don't feel your home should be considered an investment.  It is a safe haven for you and your family and should not be gambled with.  I've had mine paid off for many years and figured that if I can not make it as a Real Estate investor using other means then why would I risk my home.  My two cents.

Congrats on taking the plunge!!   Don't talk yourself out of the deal.  Run with it and figure out if being an actual Real Estate Investor is for YOU.

If I close a deal whomever refers it to me gets paid.  This check was issued to a wholesaler without any contracts between him and I.  I simply stated to him if I get the deal for X you will get paid Y.  This business is all about keeping your word in order to build strong relationships.  

All I can say is I have been a Realtor for 8+ years and a contractor for 15+ years, if you perform a service for me you get paid.  

@Mark Collard Made some great valid points.  I would definitely do the deal but have a 1-3 year exit strategy or quicker.  I would not worry about the Due on Sale clause, just make sure payments are being made on time every time.  Mark is also correct in that when refi'ing title companies will require previous owners to sign a doc reiterating transaction.  I've had a hard time refi'ing several sub2 deals due to the owner being out of state or unreachable.

Bird dogging is just giving an investor the address or name of a potential deal.  While wholesaling is actually getting the property under contract which gives you an equitable interest and assigning that interest to another party.  I pay for your services either way.  I would recommend you find an investor that has been doing this for several years and I'm sure he/she will compensate you accordingly.

An 80/20 split is OK if he plans to pay you while your are working at home, otherwise, a 50/50 split seems logical.  I'd put a timeframe on completion of projects so he knows that his money will not be tied up for a long time.