All Forum Posts by: Rick Stein

I am assuming their lease has expired and they are now month to month. if their lease had not expired yet, you must honor the lease until it expires, at which time you can offer them a new lease and change the terms. I should qualify this by stating that I am in New Jersey. California laws may vary.

I would join my local REIA. You can find a wealthof info there and probably find a mentor. I also give educational videos on my Youtube channel: RLSProperties

Try getting an equity partner. He/she provides the money. You find the property and do the leg work

OR try procuring private money. Let's say you find a property for $60K that needs $30K in repairs. Let's say the ARV (after repaired value) is $150K. You borrow $100K which covers acquisition, rehab and closing costs. Pay the investor a fair interest rate, sell the property, cash him or her out and keep the profits. I learned a long time ago, having ACCESS to money is just as good as having your own. I have done the example above many times. There are a multitude of folks out there with money in money market accounts or CDs getting minimal interest who would welcome the chance to invest in one of your projects for 5 or 6 %. Be bold and ask. You are dong them a favor!

Good luck

Where are you located?

Thx

I highly recommend Adam Kuhl of the Kuhlman Group. He does good work for a fair price in a timely fashion. He has been my GC on all of my properties for years.

I can't put his contact info on this posting. Send me a message and I will give it to you.

Good luck.

The idiot who wrote those profane comments said more about his own character that about yours. I own property in low-income areas and have many sec 8 tenants. Most of them are nice people who are glad to have a clean well-maintained place to live. I treat them with respect and most of them treat me in kind. Some people are low-lifes. Neither you nor I can control that. If we have worked hard to develop our rental portfolio, good for us. Personally, I owe apologies to nobody. I don't make my problems my tenant's problems and tell them not to make theirs, mine. Ie . I don't want to hear that sad stories. I run a legitimate business. I do not run a charity.  

I have a biz line of credit. But most enough . However, I have a private lender with a $100k loan. I am going to refi that loan with my credit union . He  has committed to return the money to me for the new property. 

my email address is [email protected]

Thx

Ok. I am still asking about the financing. How are you borrowing the whole purchase price on a zero interest loan?  What are the expenses (taxes, insurance, etc)?

Is this a real deal or hypothetical? I like to use real numbers. What are the taxes, insuranc cost, etc?

 I see you are buying the property for $40K and there are no repairs (?). Is $40K  the market value? I see you are borrowing it all with a zero interest loan. is this seller financing or private money. I need more info to analyze this deal.