All Forum Posts by: Joshua Rogers

I just revisited this post...many of you were right on many of the issues that would come to pass.   The breakup was legally devastating and did not end up anywhere close to 50/50.  But I survived, and I'm back.  

I typically self-manage, due to investing in my own backyard.  I can't say it makes the most financial sense in all situations, especially when you surpass a certain number of units, but it's what I am comfortable with right now.  

Looking to start over in the buy and hold rental arena. From Collinsville, IL, just outside of St. Louis, MO. Have 8 years buy, rehab, hold experience, self-management, and 15 years in construction and remodeling. 3 million dollar portfolio, 32 units (mostly SFRs, a few duplexes, and one 8-plex), over 1 million equity, 20k+ monthly gross rents. Possibly losing a significant portion to my ex girlfriend/former business partner due to my own stupidity on how we structured our business and filed taxes (trust is not a viable business model), coupled with her desire for me to burn in hell. Need a partner with strong W-2 or assets to secure financing, mostly for BRRRR method of investing, starting with SFRs. I have 800+ credit score. Your role could be limited to financing and bookkeeping (which we can outsource easily), unless you desire to take on additional roles. 50/50 split on rents, equity, everything. I have cash reserves, industry contacts, bank relationships, realtors, know my market, know how NOT to structure a partnership (hard-learned lessons in that department), have contractors, have tools (I DIY selective portions of rehab projects when it makes financial/time sense). I'm eager to get back to my former level of success, hopefully you're eager to make some money too. This will be my full-time venture. Let's work out a win-win scenario and build this wealth machine.

Hey Alex, I live in Collinsville, IL and have been doing buy and hold SFR since 2010, with 24 units (3 are duplexes, the rest are SFH), and one 8-plex. I'm in a bitter split with my ex and former business partner, so I may be starting almost from scratch when all is said and done with our attorneys. I'd be happy to meet with you sometime to discuss REI. I can also advise on how NOT to do a partnership lol.

Samuel Leeds has a lot of free information available on his website and youtube channel regarding UK HMO's, they seem to be his bread and butter.  I can't vouch for his credibility, but his info seems solid.  

Unless I'm mistaken, wouldn't seller financing mean she remains on the note and mortgage?  I don't think she would go for anything that keeps her on the note or mortgage.  Her parents would go for it, but she's calling the shots, and is not budging.  

To make a long story short, sloppiness and absolute blind trust i.e. stupidity (in hindsight of course) has me being pushed out of my current rental portfolio, currently 15 SFR's, 3 duplexes, and an 8-plex. Long story short, I am trying to buy just one of the SFR properties to keep a roof over my head. However, because we filed the business almost exclusively through my girlfriend for the last 8 years, my tax returns are almost useless when it comes to getting financing. I worked misc. 1099 side jobs and built our portfolio full-time. We were not married. I believe legality favors her by a land slide, and my attorney seems to be leaning that way as well. So, my question is....how do I get a loan on a house for 110k (house is worth at least 160k) without much going for me on paper. Her family wants to cut all ties, so leaving the existing mortgage in place (which her, me, and her parents are all on, both title and mortgage) is not an option. Looking for ideas. I have no family, and most of my friends are living paycheck to paycheck. I do have some cash and a 30k Vanguard fund. My former partners can vouch for my track record in the business, everyone at the bank knows the role I played in rehabbing all of these (but no paper trail, they simply know because of our personal relationship), but on paper that's relevant to banks, I have almost nothing to my name. Any ideas are appreciated. I could probably negotiate for a few more properties out of the deal, but I would need a financing parter, and that wouldn't leave much wiggle room for equity and cashflow. My primary goal is to keep the roof over my head.

Nice job!  I was thinking a build up of cigarette tar on the fuse box...kitchen grease is even better, more flammable!  Congrats on the successful rehab!

I think the replies have been thorough and address the issue of problem tenants.  I will add, based on my own experiences and personality, that you may find it beneficial to work on your reaction to such tenants.  Believe me, I have not changed my mind about the fact that I consider non-paying/problem tenants to be thieves and trash. I have no sympathy for their situation in 99% of cases.  Even replying to this thread has probably caused a slight jump in my blood pressure.  I can relate to losing sleep over their ********.  However, I've worked diligently to change my reaction.  I don't treat problem tenants as people, I treat them as a number in an effort to leave out emotions and logic (far easier said than done, but a goal to strive for nonetheless).   Accumulating more properties and more money also helps.  It takes swallowing one's pride to pay someone to leave your property, but in the end, this business is about money, and paying a problem tenant to leave is often in your best financial interest.  Is it "right", is justice being served?  NO!  But that's not the point.  Money is the point...and preserving your sanity.  Money often buys solutions.  I was fortunate to build some degree of momentum during my first few years in real estate before the problems surfaced.  If I had the problems in my first year that I had this past year, I can say with a clear conscience that I would have been very tempted to give up.  Although it sounds cliche, this is a good time to remind yourself of your "why".  Real estate can buy you the freedom you seek, but there will be problem tenants along the way.  They can destroy you, or be passed over like bumps in the road. I'll finish with a quote that still angers me yet speaks to my core (not that it's all about size ;)...

"You can tell the size of a man by the size of the thing that makes him mad."-Adlai E. Stevenson

Typically you need to occupy the property for one year to satisfy the "owner/occupant" purchase if you want to go by the book.