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All Forum Posts by: Steve Stuart

Steve Stuart has started 3 posts and replied 41 times.

Post: My Craigslist Rental Ad Keeps getting Removed

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

Do you happen to be out of the U.S. or using a VPN by chance? I’ve had mine removed for this reason.  

Post: Has anyone successfully sued their loan servicer?

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

I have the exact same issue with shellpoint on multiple loans. Complete nightmare. 

Post: What do beginner investors overlook when analyzing properties?

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54
Quote from @Vincent Lattuca:

I am analyzing small multi-family properties and I feel that there are some costs that I am not taking into account. Any advice would be appreciated!

Property taxes and insurance will increase (often drastically) when you buy so you can not go by what the sellers have been paying. 

To a much smaller extent: Bookkeeping and accounting expenses. 

Post: Renting to people who don't have Social Security but do have ITIN

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

I’d rent to them without even thinking twice. 

It’s pretty much never worth your time to sue tenants who don’t pay (you don’t need their SSN to sue anyway) and you’re not going to report it to their credit. 

I don’t even bother asking for SSNs- I’m just extra thorough with my other screening processes


As for them being paid cash… chat with their employer and maybe ask for a double security deposit. 

Post: Looking to Refi 4 Unit in Myrtle Beach

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54
Quote from @Eric Brust:

Hello BP fam.

I have a 4 unit multifamily in Myrtle Beach that I own outright. There are no existing liens on the property. However I purchased this property using a LOC on a long term stock account that I have. I am treating the LOC as an "interest only balloon" paying the interest monthly and planning to make the balloon payment once I am able to get the cash-out refinance, then using the LOC to purchase another property, rinse and repeat.

The issue I am running into is that NO ONE will give me either a commercial cash out or DSCR loan. My personal income is not great as I make very little money as an individual for tax purposes therefore I am trying to get a commercial loan by just underwriting the LLC I own the property under. As I stated before there is no lien on the property and it has netted $2,200/month (even with the interest payments) since I have purchased it in March of 2021. If there are any lenders that you may know that can help, please let me know.

Thank you all in advance!!

Do you have any interested in

@Eric Brust

Do you have any interest in taking on a partner in this deal? 

Post: Buying a Rental home as your first ever home purchase

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

There’s no problem with that formula at all. I’m 34 with 80+ rentals and I’ve never owned a primary residence. 

Post: cosigning a home loan for a friend

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

Definitely an awful idea on many levels. The simplest, and very honest way out of it if you’re not comfortable directly saying no is to let them know you’re planning on investing in real estate and if you have a different mortgage on your credit report it would hurt your chances of getting one for yourself- at least it would reduce the mortgage amount you’d qualify for. 

I know many people who’ve been financially ruined (or at least very hurt) because of co-signing for houses, cars, etc. 

Post: Sell or keep renting?

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

Hi Mark,

I currently have 80+ units in Myrtle Beach and can guarantee you that $1,000/month is too little for almost any property currently in this area. 

Post: Would anyone be willing to allow me to stay with them for a week.

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

@Jayden Hamilton

This is the wrong way to go about things. Aside from the normal concerns of letting a stranger stay with you… business people are busy people or they’re done with being busy and value their freedom.

I understand what your goal is here, but a week in a stranger’s house isn’t going to teach you anything…

And though I know you don’t mean it this way, the request comes across as a bit creepy.

Do you really want to learn? Then you really need to put in work… probably without compensation. If I were you, I’d find people active in real estate and offer to work for them FOR FREE or for very minimal compensation.

Maybe they need help cleaning up a job site, writing letters, landscaping, posting bandit signs, sweeping the floor… maybe you just go and pick up their lunch and run errands every day. In return, you get to see how they operate, the nuances of the business, and you make connections. You have to give something. You have to be a hard worker. You can’t just ask questions, people get tired of that.

Sure there are people who ‘made it’ that may say “I’d like to give back, I’d like to mentor a young guy or gal”… but I promise you they’re going to look for the same traits in their mentee that they had- which, in part, was the willingness to work ungodly hours in order to learn and get ahead in life. At least at the beginning of their career.

It may not be an investor you do this with.. perhaps it’s a REALTOR, a contractor, etc. Don’t limit yourself.

All this probably means you need to work 40 hours a week to support yourself then moonlight another 40 hours to learn…. And you’ll likely have to do this for at least a couple years. That’s just how it is.

At all points in this process you should be reading everything to do with real estate, then business in general. Sprinkle in psychology, economics, accounting, etc. Don’t ask “what books”… read them all. Read one book (300+ pages) every week for the next year and you’ll be amazed at the results.

Post: NNN Leases Question

Steve StuartPosted
  • Rental Property Investor
  • Myrtle Beach, SC
  • Posts 41
  • Votes 54

@Joe Richardson

The type of real estate you're talking about (NNN with investment grade tenants) is about the safest sector there is in real estate. Add to that: it's the absolute least amount of work (a couple hours per year after the deal is done)… for the limited risk and limited work you give up the higher returns you'd find in residential.

These deals are generally for high net-worth individuals (often folks who’ve built smaller commercial or residential portfolios then 1031’d) who are ready for the safety (and tax benefits) these types of properties offer.