All Forum Posts by: Val J.

1.3 million  thumbs up!

I have a dilemma. I set up an account at the end of June with Cozy to allow my tenant to use that without giving me cash or money orders. This didn't work out because I didn't realize that it would take 10 days or more for funds to be deposited into my account. I've given the tenant my bank's routing # and my account #.  My lease states rent is due the 1st but is past due after the 4th with a $15 daily fee. My tenant went online to her bank yesterday and I was sent a text notifying of a pending payment. I also got an email from the tenant with a scan of the transaction and  a voicemail from her daughter notifying me of the payment(she had mom's phone). After reading the text & email and hearing the voicemail I log into my bank and there is no sign of payment. I looked to day no payment. I replayed the voicemail and it said something to the effect that the payment wouldn't post until 2-3 days later.  Would you consider the tenants payment late?

I too like your thinking since I'm older and near retirement age. BUT, have you considered what you will do if you need to pay for a repair or if the tenant moves how will you fund the mortgage since your cash flow is negative? Like you I'm new to this and I've often wondered myself about the rule/advice from seasoned investors to set aside 50% of the monthly rent for expenses that without a doubt will happen sooner but hopefully later.

Thanks for your advice.

Thanks Mark. I used to live in Adelphi & University Park until 2012.  Would you suggest being there 1st hand before investing in their properties or are you aware of someone (even yourself) who would be my feet on the ground?

Anyone have any experience with Ashland Auction Group in Baltimore? Your thoughts?

Ummm? It seems like you were WORKING!  To even get where you are today with your $850 @ month fortune  :) took some mental and physical effort on your part. Hey I love the term funemployed.  May I suggest brunch at Mickey D's dollar menu. If $850 @ per month is your goal you might want to consider getting an $SSI check and even food stamps. It's easier and perfect for the "lazy" as you self titled.  It's great getting a monthly check from your tenants but not so great when a major or even a minor repair has to be deducted from that great fortune.  Do you boo.

From my understanding the hidden liens doesn't apply to properties on Auction.com and I assume Hubzu.  The hidden liens are on those that are being auctioned for delinquent taxes.  One would need to do their due diligence on these types of properties so that you understand exactly what you will be paying for.

Those of you who invest in Dallas in general but specifically Oak Cliff.  Have you noticed how quickly properties are selling and all of the flipping, demolition and rebuilding that is happening? I'm not just speaking of the Bishop Arts area but all of Oak Cliff.  OC used to be an area where affordable homes and even apartments were easily had whether you were buying to live in it or invest in it. It now seems at least IMO that those days are gone.  I'm noticing that houses are priced waaay to high for my liking. I'm now seeing small houses  between 900-1300 sf (renovated but not fancily/expensively) listed and selling for 100k+.  A realtor friend told me that most sellers are getting their asking price. Yes the growth is exciting but the affordability for the working class people of OC cause my brow to wrinkle. Your thoughts ?

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