All Forum Posts by: Mark Whittlesey

HOWEVER, since the buyer of the property is paying a professional certified appraiser to do an appraisal, shouldn't the buyer be entitled to an accurate valuation of the property they are buying?

I could NOT agree more. This has been a pet peeve of mine for a long time.

Same thing just happened. As I pointed out to me realtor... she amazingly listed the property EXACTLY at what it was worth.

Not a dollar more. Not a dollar less. Hmmmm.....

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I have a SDIRA with Entrust. Mixed bag so far.

I flipped one house for about a 40K profit in 4 months.

Then lost about 5K on another flip over 15 long and painful months.

I am buying notes now instead.

Hopefully less of a headache.

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Best. Most specific. Most replicable advice I have read in..... maybe forever.

Kudos. And thanks much for sharing.

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Doubling down on Ray. I have spoken with him in the past on a few occasions. The depth of his research and analysis is absurd. I have never seen anything like it.

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Originally posted by @Brie Schmidt:

@George P. is that true? If I get sued and the property is in a LLC they can only get the equity in it?

In theory, yea... That is the whole point of an LLC. Liability reduction. The 1st thing an attorney is going to do is to try to pierce the corporate veil.

Better just not to get sued at all and have tons of insurance.

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Originally posted by @Dawn Anastasi:

Originally posted by @Mark Whittlesey:

But all MY leases have per diem late fees. So if they get into the 3rd week of the month, it can easily be more than 20%.

I wouldn't let someone get into the 3rd week of the month without paying rent without taking action against them first.

Yea, I get that.

But if rent is due on the 1st and late on the 5th then likely the only action I can take is a 5 day.

Even if it is due on the 1st and late on the 2nd and I 5 day them immediately then the best I could do would be to file.

And with all that... it's more complicated. A lot of it depends on the tenant and what the relationship is.

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Originally posted by @Steve Babiak:

Roughly 20% late fee for a month seems onerous and predatory to me.

I haven't seen the lease. But all MY leases have per diem late fees. So if they get into the 3rd week of the month, it can easily be more than 20%.

I would never have a flat rate late fee. Tenant needs to understand that paying late causes hard costs for the landlord. And that the later they pay, the more the hard costs are.

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Originally posted by @George P.:

I have 10 mortgages and I am fine that. knowing it costs me less than I make each month let's me sleep at night.

How did Armando lose his "empire"? Does anyone know the whole story?

Yea. I don't think he ever had one either. Even if his claims were 100% true he always seemed like a flipper. To me, that isn't an empire. That is what you do to jumpstart yourself into an empire.

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I would be concerned.. for all the reasons you mentioned and some you didn't.

One question that hasn't been answered: What is the alternative?

If you quit and "get on with your life"... what does that mean?

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All Forum Posts by: Mark Whittlesey

Mark Whittlesey has started 2 posts and replied 217 times.

Post: Widespread Appraisal Fraud

Post: What we did with a Self-Directed IRA . . .

Post: My First Deal 4 Plex in Phoenix

Post: 21 months in, 15+ deals either done or in the pipe

Post: Best Apartment investing course

Post: Paying off loans - interest deduction vs income taxes

Post: Late Payment Question for Landlords

Post: Late Payment Question for Landlords

Post: How do RE empires typically collapse?

Post: HELP! Should I stick with law school or start my life?