All Forum Posts by: Account Closed

My contractor is currently leasing one of my garages. We made an informal verbal agreement, month to month. I told him to sign the lease agreement with security deposit. Past couple of months, he hasn't paid, but has made it up with discounts on remodeling my bathroom. If he doesn't pay next time, do I still have to go through the legal process of eviction even though there isn't a lease agreement signed?

Welcome! This is a great place to research! Just ask!

Its in a small city in Lancaster County. Lancaster is pretty country and old fashioned with the Amish if you're familar with the area. The city which the property is pretty nice actually, low crime rate. I know the area pretty well because I went to high school there and lived in the area for about 10 years.

Yup

Mostly South central PA. Lancaster or Upper Philly area

So, I am about to close on my first MFU in 2 weeks. What I'm wondering is how am I going to raise more money to buy more and more property? I know the general idea of keeping expenses low personally, with the property as in doing the repairs myself, and keeping any income. What I'm trying to ask is, is the name of the game save every penny I can get and find a diamond in the rough deal to buy another? I hate the idea of trying to save from your job which can take a couple of years!

It really does depend on the deferred maintenance. I am also currently about to close on a quadplex in 2 weeks. The property is OLD, like 1880 old. However, it has a brand new roof, solid foundation, new plumbing, electrical, and a space age oil heater. Tenants have been there for over 2 years, and no rent signs around. It's always best to always do your research. I'm in a different boat than you are because this is actually considered as my "first home" so it has to be owner occupied. Good luck!

I saw the pics, the house looks really good! Congrats!

Everybody has different goals and purposes. I do agree with a lot of people here to keep your 9-5 for a little bit longer. Think about it, your employer supposedly pays for your health insurance, plus just think of your job as play money or money you can reinvest in. I personally will quit my job when 1.) I can pay off my personal loans and school loans off first, 2.) My real estate business REQUIRES me to be there more than my 9-5 3.) I make more than from my rentals than my 9-5. Just think this way, the people here are more financially intelligent than the mass of people out there. We are not better than they are, we are just more financially prepared. I got into rentals because I saw how the current economy is. If anything ever happened to my job, or something unfortunate would happen to me, I have my real estate business to at least cover my expenses. Just a thought.

Isn't it the goal to stay away from PG if you have a LLC? I know it is hard to obtain business credit w/o a PG, but I guess the whole point of a LLC is to separate the risk from person (PG) from the entity.