All Forum Posts by: Tracy D.

Wow. I never heard of a fine. Sounds like another great reason not to use section 8 to me. I very much dislike the program

Michael, Actually i dont plan to keep OR leverage these at all. Next year I intend to sell them ALL and 1031 them into a class A multi at the beach. I will have had them for over 2 years at that point and already gotten all of my initial investment back in rents so 100% of the value of the properties is pure gravy and im gonna use 100% of the sale as my downpayment. I bought most of these as tax deeds so i got them pretty cheap and used rental proceeds to do my quiet titles and to repay myself. At the time i sell, i will actually not only own them free and clear, but they will no longer even have any of my initial investment tied up in them. Its been fun. I hope to be in your position soon. To the op..... Sorry to jack your thread. But it IS possible to make up for that 10% penalty if you really grasp what is possible and do your research really well. Tracy

You also have the ability to file your contract with the city. That would certainly complicate their sale. And if they do list it, call the agent and let them know about the contract. First thing though, i would talk to them and remind them of their obligation to sell to you. Second i would get the lawyer. Maybe they just need educating

To the poster, I cashed out my 401k last year and bought 8 rental properties free and clear with a total of $6800 in monthly cash flow. I used my 401k money to purchase them all and my w2 income to rehab them. Looking at what my annual return would have been on the 401k in 20 years doesnt come close to what cashing it in will be for the next 20. Ultimately, the decision is yours. Just be smart about it if you do it. Do your research and find the best investment you can find if you decide to do it. Good luck! Tracy

If you change the way you look at things, the things you look at change right before your eyes!! ~ my new fav quote. Thanks, Mr Swan

Michael Biggs ...... Can you answer the other 3 questions too? I enjoyed reading your response. I learn all i can when i can from those who know about what I do not. Thanks.

I would try at $1495 initially if it was mine. I would also find a different PM as it sounds like they arent doing proper screenings.

I would serve them a notice to pay or vacate as soon as they stopped paying. But thats me. If they dont want to pay, they cant stay. Just because you gave them 45 days notice doesnt mean they can stay free during that time

Originally posted by @Eugene Kemp:

@Tracy Dydney

Hilarious! 😀 What neighborhood are you referring to? We're neighbors, so might be useful information.

 32208.......

Hi guys! Just for laughs I thought I would post this. So..... My phone rings tonight and a lady asks me about a house for rent. She tells me she really needs to move asap. Ok. So I ask why she needs to move. She says...."well..... I just sued my landlord and won. But shes just not being very nice to me and I think Im gonna have to sue her again. Are you a good landlord? Cuz i had to sue my last landlord and im getting tired of having to sue everybody." At that point my cell phone started breaking up. We lost connection. Dang. And this, my friends, is why I wont buy in my old starter neighborhoods anymore.