All Forum Posts by: Sheila F.

BEWARE... Do your due diligence, and I would be extremely skeptical of anybody that answer is a post that doesn't have at minimum a pro status. It's not that I'm endorsing BiggerPockets, it's just that anybody can post anything. There's a post I just read about connected investors that was posted about an hour ago. Do your due diligence, read that post before you put up any upfront money or give too much information to anyone. Best of luck to you.

Thank you for the heads up. I've been checking out CI and haven't been impressed. Even less impressed with Josh Cantwell. You saved me a lot of time!! Thank you!! 🙌

STRONGLY urge you to read or download and listen to MONEY:Master the Game by Tony Robbins. Whether your skill set is Real Estate, the stock market, or other investment vehicles, the knowledge from that book will blow your mind. It's written in every day, understandable terms, like only Tony Robbins can do! Best of luck to you.... and instructor is right. Diversification is critical, but so is how you do it!! 😉

I'm in the same boat Danny. I have several properties that are paid off, and I have so many people telling me I should be tapping the equity. However, my long-term goal isn't necessarily the number of properties, but the security that they bring. My advice, take a good look at what your goals are. Also, traditional lending, and refinancing, is harder and harder. At this point, in my state of North Carolina, I can only have a certain number of mortgages. So the traditional refinancing is going by the wayside for me. Best of luck to you, and as always, keep your eye on the prize, the price being, whatever your long-term goal is!

If repealed, I will continue to save money, let "2008" repeat itself, and then I'll step in and buy all their over leveraged, over financed properties. Will we EVER learn????

Hello Henry... I've been doing real estate investing for a long time, and I must caution you on something. One of the biggest things to get to financial stability is balance. Be careful of putting all your eggs in one basket. Not trying to be a downer or change what you're thinking as far as a self-directed IRA, but if the 30,000 that you are considering investing is all that you have in your IRA or 401(k), just carefully weigh all of the pros and cons! I wish you the absolute best whichever way you go. Happy Investing!!! Sheila

Hello Vee. Welcome to The wonderful world of real estate investing! And I do not say that with any sarcasm. I wanted to let you know that many people of asked me about starting in real estate. The things you mentioned, websites, LLCs, even a doing business as is absolutely not necessary to get started. In fact I would think it would complicate things for you. I've been doing investing for a very long time, and would be happy to answer any question that you might have. Best of luck to you, and happy investing! Sheila

Can you give me details???

In all of my leases I have a clause about rent. If I want to get $775 a month for a property the rent is $800. If the tenant pays by the fifth of the month, which means on the sixth the rent is late. They get a $25 discount. On the sixth of the month they lose the $25 discount and they have a late fee. I can count on one hand how many times I've had a late rent in the last five years. You can make that amount anything. It can be a $50 discount. It can be a $10 discount. Whatever it is you want to make it. I also specifically go over that with them when they signed the lease. Basically being late on one of my properties cost them almost $50-$70 half of their cell phone bill. Why pay that. Just learn to balance your money and have your rent on the first! It has worked for me wonderfully! I also have a clause that if they are late four times in a 12 month period It is considered habitual and a means for termination. I don't just put that in the lease, I explained it to them and explain to them why. When their rents not paid, I have to go into other money to pay the mortgage. I can't pay my mortgage and there's. I hope this helps!

Hi Emily, I see I'm a little behind on reading my local posts, but I wanted to let you know, you can actually go to the North Carolina realtors website and download the state legal North Carolina rental application or a North Carolina lease agreement. They are 100% free, and anything that you want to add to your lease, you can do in an addendum. I should've read this three months ago! LOL. I was busy doing my very first flip! Hope that helps. Have a great day, and happy investing!!