All Forum Posts by: Account Closed

This isn't something i would recommend often but have you looked into filing chapter 7 bk? NOT ch 13. Clear the slate,  don't go back into debt and then you can start moving forward. 

You sound really driven  which is great.  Cold calls are difficult to say the least!

Just wanted to share a recent experience on the receiving side of child calls.  Having recently had a listing expire i was  being bombarded with 20 phone calls per day for a week from hopeful agents-- i just stopped answering my phone.  But it made me think of the book The Compound Effect and the author said when he was an agent he would go to the expired listing house with a sold sign and a request to just talk as a way to get away from the pack and differentiate himself.  

I know that would have gotten my interest.  As it was i stopped answering my phone for a couple weeks. 

So your cold calls are great but is there anything else you could do to really show prospective clients you aren't like everyone else? 

Like i said you sound driven and i wish you lots of luck in your business!

you are incredibly emotional-- this whole offer has been a rollercoaster for you. 

You find a good deal and submit an offer before others- excitement!

Seller is slow to respond- disappointment/frustration 

Seller doesnt immediately jump at your counteroffer- anger!

Deadline expires - more anger, feeling loss of control,  disappointment

now do you think the seller is on bp ranting about some offer they received where the buyer is being pushy? No, that's unlikely. THAT kind of thing would be emotional.  

I think you are just an exceptionally bright teenager who is probably bored in class. BUT there is no point in arguing with your teacher about this stuff so you should just let it go.  

Your classmates need to hear something simple. If you give people too much to consider they will usually shut down and keep doing what they already know.  The majority of them are not going to be big investors in anything,  but need Dave's basic principles of money management as they start their adult lives- which is basically don't buy things you can't afford and stay out of debt.  These kids aren't investing right now anyway so it didn't matter what the best investment is. 

I need your help please BP, EVERYTHING is wrong with this deal- but it started off so great--

A few years ago my cousin bought a run down house in the country that has a large pole barn with an unfinished apartment/living space in it. His plan was to get the apartment inside the pole barn finished and then live in it while renting out the house.

Things were going pretty good-- he got the house looking nice and then started work on the pole barn apartment. It was just a shell and needed everything- new electrical, some interior plumbing, fixtures, etc. he did these things "off the record" but with licensed contractors that were his buddies...And this is where things start to go sideways...

In June he got a Stop work order from the city. He ignored it with the reasoning that they couldn't actually see into his pole barn apartment (covered windows) and they didn't know if he was really working on anything- they were just guessing from a neighbors complaint. He continued to work on it and the city didn't follow up.

Then things get really bad--

In September he got the pole barn apartment ready enough to live in so now he could live in it and rent the house.. just like he planned. His friend found out about this, gave him some crazy sob story and he decided to rent the house to his friend to help him out. Since he doesn't officially have a CO to live in his apartment though, he tells the friend that they have to say they all live in the house together as roommates.

The "friend" turns out to be a horrible renter, drinking and being loud and disruptive at all hours. He leaves bottles everywhere and my cousin is worried that the neighbors are going to call the police about the disruptions. He did get rent from his friend the first month but doesn't expect that to continue for long.

My cousin doesn't think he can evict the renter because that would expose that he does not actually live in the house as roommates. He is so overwhelmed with the whole thing that he plans to just sell the house in the spring.

I hate to see his 2+ years of hard work go down the drain and I would like to be able to give him some advise but we only have a few rentals and our missteps were nothing compared to this so I don't have experience to draw from. I am also worried for him that the renter is going to trash his house.

So BP, what would you tell my cousin? Can he still evict the renter? Is there any hope for this situation? Should he just sell the house?

It's a really pretty house.  For some cheap things that could make it stand out you could do  virtual staging. The front could also look nicer with more color,  maybe paint the door a bright color and add some colorful flowers around near the front.  Overall,  the front of the house just didn't seem welcoming.

The only other thing i noticed is there are a TON of houses for sale in this neighborhood. So you have a lot of competition and need your house to look way better than any of the others. 

The various city commissions will typically post their meeting minutes on the city website,  you could spend some time reading through those.  

It seems to me that anyone who doesn't do real estate thinks it's a very risky,  very hands on thing to do.  Just do your due diligence and prove them wrong. 

We just were telling a financial advisor we have 3 rentals and what does he immediately do? Tells us a story of a guy he knew who had one out of state rental that the tenants trashed.  Why would he tell us this? He didn't know anything about how successful we have been with our rentals.  And this guy is just one of a million odd, snarky, or totally negative comments we have received over the years.   Im sure it's harder with family but things like this are so common you just have to brush it off.  

My husband bought our first rental when we were engaged and i was TOTALLY against it.  And get this--- it cost $6000, his dad would manage it for free, and it brought in $650 per month. There is literally not a better investment that could be made. It was our first house and we had credit card debt and i just didnt have a big picture mindset at that time. He bought it anyway and needless to say I've come around since then.

My point in telling you this is that if you can do something to show her that an investment in real estate is a real benefit to your future then you could possibly win her over.  Maybe you could get a really,  really cute duplex that she would be proud to own...or get the little house she wants at the lower end of her budget and then also buy a rental on your own.  Once she can see the benefits in real life then you might be able to get her on board.  

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