All Forum Posts by: Tony Savage

Don't take out a HELOC Jason, it's not worth the time it takes for the amount of money you need. Either pay cash for it or get a low interest C.C.

When I have to buy material from Home Depot for my rentals. If I spend at least 300 bucks or more I get 6 to 18 months no interest.  HD always mails me these finance promos, so I use HD money for free and pay it off as I get closer to the time the promo expires.  

Look into it, you may get more than 18 months with the amount of cash you need. This all is dependent upon you getting the carpet from HD of course.

I don't think you have much recourse Kenzer.  You are right, when the inspector mentioned the possibility or prior water damage is when you should of had that basement inspected by a contractor/professional and not listen to your agent.

Gregg is right, the sellers were aware of some of the damage which is why they gave you a 5K credit.  Spend the 12k on a sump pump instead of lawyer fees. Chalk it up as lesson learned!

If you can get a note for 200K at no interest and you have completed your due diligence on this deal, then go for it.  Remember trust & verify! 

I do not understand how that happened.  I'm a broker in CA and that's just not possible, especially when you completed your due diligence in 10 and wanted to cancel escrow.  If your escrow company allowed that to happen, you should go after them.

Are you able to put any skin in the game, besides your management expertise?

That's a good problem to have Pat!  You have a contact that has too much inventory. Now you just need to raise funds to buy more of them. What area are you in?

Sidra,

The tenant is totally responsible for the eradication of the bed bugs. I've had two tenants call me complaining about bed bugs. One of them had just returned from Europe.  I didn't want the bugs to move to the other two units so I covered half of the expense and the tenant paid the rest.  

There were no bugs in the unit when they moved in; 10 months later they have them.  Your tenants need to buck up and take care of the bugs. Tell them if they don't, you will take it out of their security deposit and they will have to replenish their deposit. That's what I did.

Hey Trevor,

I took a trip down south this summer, Memphis, Chattanooga & Nashville.  I met with fellow investors & agents in these markets.  My partners & I are flipping in Chattanooga so I hung out there for a couple of days, meeting my contractor and agent for the first time; of course I went by and took at our flip.  Two of the investors that I met with in Chattanooga and Nashville, I connected with them on BP.  

Good luck on your real estate journey, it's a fun ride!

Unless you can get the price significantly reduced, walk away Tim! You do not want this to become your problem.

Great news! I was hoping this was going to happen so I wouldn't have to take time out of my day to send in the BOI on all of my entities!