All Forum Posts by: Royce Talbo

@Anthony Wick Im with @Andrew B. its not cost effective to go after someone and nickel and dime them when they probably dont have anything.  Even if you did win a law suit against them, doesnt mean you will ever collect anything.  better to just chalk it up as a loss and move on.  

@Roderick Sims no i did not pursue it.

@Chris Gawlik have you tought about property taxes?  If in several years you buy and the market hasnt gone down to what you bought your current house for you could be paying a lot more in taxes and would eat into any profits you made from the 3 units you are purchasing.  I would try to see if you can do a heloc, refi or even see what you can rent out your place for and find a cheaper place for your family to rent.  

@Yosselyn De Abreu there are many other positions that is involved with real estate.  being a lawyer will require a lot of schooling that doesnt seem worth it to just help with your investing. it should be something you enjoy.  Don't be a realtor, its a waste of time for your situation.  There are more realtors here than property available and if you are trying to invest out of state that wont help you with realtor costs anyway.  

Have you thought about being a loan officer or underwritter, which will help you understand and know different ways to finance your investments. Appraiser will help you know what the property is actually worth vs a ballpark figure your realtor gives you. Home inspector and construction worker lets you know what things need to be done and rough cost of fixes. Building permit drafter or checker lets you know what can and cant be built with the structure and what the county permits due to zoning, setbacks, easements etc.  All of these would help more than a lawyer or realtor.  

Just find something that you like, maybe even be a doctor or engineer.  Something that makes lots of money that will help you invest in better properties that will yield larger returns.  You either do something that doesnt make a lot of money that will save you money or something that makes lots of money to offset the savings.  Point is do something you enjoy, good luck.

@Daniel J Jackson I would choose option A only because option B has a cat and an extra baby.  If it were 2 dogs and same number of kids I would go with option B.  something you forgot besides flooring and baseboards, cats like to play under doors and claw at them as well as going in and out of cabinets.  They do a lot of damage with their claws as well as the pee smell.  Kelly mentioned to increase security deposit 1.5x, check that you can do that. Not all states allow you to do this, you can only hold a deposit has much as monthly rent.  If you want to charge extra for rent that would be a better route, as you net more money incase of damages.  Good luck!

sound to me more than likely there is a leak somewhere.  I had a leak that i couldnt find on my property.  checked all the fixtures and pipes all the way to the shutoff on my property. turns out the leak was at the joint right after the meter on the street.  

@Aaron Cayabyab I dont think that it is you that doesnt qualify, but the property.  If it is the one I am thinking about in Kalihi, its legally only 2 single family.  Zoning wont permit for more than 2 due to land size. City records says it is 2 single family dwellings that is why there is only 2 electric meters instead of 4.  This means that you would likely only be able to use 1 unit's rent as you will occupy the other, which means you might not have enough income to cover the mortgage requirements.  

@Mike Hoskins Could you buy the property from them and have them rent from you? It seems like a good property if you say appreciation was great. just rent to them to cover all your cost and use this as appreciation play to help them out. Eliminating realtors, the costs should minimal. They can then use the money to do BRRRR. They bring the money, you do the work and split 50/50.

If they dont want to do BRRRR after couple deals they have enough money to do what they want. If they want to downsize they have the money to do so, then you can sell it, hopefully it appreciated and enough principle was payed down that you can profit or keep it and rent it for market price. If they want to buy back the property they should have enough to do so, sell it back to them for the remaining principle and they pay all costs. If they want to keep renting from you they have the money to do so.
At the end of the day no matter what route they take, you will have BRRRR properties without putting any of your own money in.  

it all depends on how you redeem them.  some redemptions you can get .03 or .04 cents worth combined with earning 3-5miles/dollar you are looking at .20/dollar spent vs .02 cash back.  I spent 450,000 points on my honeymoon that would have cost over $23,000, if i used 450,000 cashback points for cashback that would only give me $4,500.  so it all depends on how you earn and redeem.  

Thanks @Dave Foster for the quick reply.