All Forum Posts by: Tracy D.

This is one reason I generally dont like wholesalers. And..... newbies like this after the golden ticket, not concerned about their clients, give agents abad rep too

I am very tough on my tenants regarding not paying rent. I am evicting a tenant right now who owes me five dollars from last month plus this month. I served her a 3 day notice on the fifth of this month. That said, my tenant is unrelated to me. One dream I have always had is to buy my parents a nicer home than they would ever have without me. One reason I am so determined to be a successful investor is so that I can live life on my terms and spend precious time with those I love while they are still alive, including my parents. So while I understand what you did from a business perspective, the fact that you mention you have lost sleep for 2 years tells me that you already know you screwed up. Never mix business with friends and family. And never treat loved ones like clients. This was likely a hard lesson to learn. Im glad it turned out ok in the end

i would not rent a home with a pool

I was a nurse for 21 years. I believe you have been fed large spoons of baloney that the medical community just gave up. Regardless, I did all the charity I ever intend to do during the decades I was a nurse. I started in real estate as a business and for me, it would be a 'no rent, no stay' situation regardless of the reason. I hope she is able to get help if she isn't lying but you can't house the world and still expect to get ahead in this business. Best of luck to you in dealing with the decision. This is a tough business for a bleeding heart.

 Actually no, I have never lost money in real estate. I have been in real estate for 13 years. I am a buy and hold investor. I am also an agent. I lost some equity during the downturn but I didn't sell then and now those losses have more than recouped themselves and they were only paper losses anyway since I didnt sell and make them real losses. Not only that, but I was buying during the downturn also and have made significant equity from those purchases. I calculate my purchases carefully and only purchase the best deals I find. You make money when you buy. You realize the gain when you sell but only if you bought right to begin with or held long enough to overcome that. As a buy and hold investor, i have had tenants that did more damage than others. That is the cost of doing business. In itself, the damages might be a loss. I have had projects take longer than expected so there were rents i didnt collect because of delays. We just had a hurricane here that cost me $$ in damages. These things are factored into my business plan. I have unexpected costs but they arent really losses to the degree that I am making money because I plan for the unexpected as part of my plan when I purchase and anually as part of my budgeting.

Real estate is a game of calculated risk vs calculated reward. If you are loosing $$, you aren't playing the game right. If you are blaming your losses on an online real estate forum, you need a bigger mirror. Those who can't accept responsibility for their own failures, find what they did wrong and adjust are rarely successful in life.

If the crowd is going against you, you are probably doing something right.  Keep going. Seek your support from those who have gone before you and successfully done what you aspire to do. Most times, people who have never done something, risked something, or aspired to do anything, are not open to seeing others do it either. If you have a passion, follow it. 

I have heard of it happening. I always get a lein release before final payment or at least at the time of final payment. I ask them when they start to have the supplier provide one also before final payment. This prevents that kind of thing.

What are you considering?

I dont use mortgages so it has taken me much longer. Its all about where you start, what you start with, who you know, and how bad you want it. There really is no average. The average American can't eat if they lose one paycheck.