All Forum Posts by: Shanti S.

Late fee in the next lease not an option?

Then at least if you have to chase him you get some compensation....

OK so I have a cash for keys question - I have an accepted offer on a nice bank owned 2 family. It has been foreclosed, and another investor got it at auction but has not closed yet. On closing, my funds will 1)clear $7k municipal liens on title, 2) purchase contract from other investor.

Have not signed P&S yet because there is a problem tenant on the 1st floor who refuses to show 1st floor and basement levels. He demanded $7500 cash for keys and I said that was ridiculous, I would simply purchase and begin eviction.

Have been waiting for weeks while the listing agent tries to communicate with him to little effect.

Today we're down to $3k and I just want to see the first two floors to see if I want to complete the deal or walk. (Possible water issues in basement) I just told the listing agent, "OK, $3k, I want a showing tomorrow and will sign a C4K afterwards if I still want the property. If not tomorrow, my C4K offer is reduced by $500 per day until it's signed or a week passes."

Terms - tenant gets $3k only when he's out clean - completely out within 30 days of closing, no personal property left behind, broom swept condition, property in same or better condition than I see it in tomorrow (I'll take plenty of pix), 3rd party can hold check if that's what he wants.

What do you think? Any timely advice appreciated, thanks all!

It really pays off to have a basic understanding of how the ratings worked. For instance, I had a very old credit card at 25% interest. I never cared because I paid in full each month.

But then I got a great offer on a platinum card with 0% for 1 year and a good rate after that. I got that card and cancelled my 25% one.

This really hurt my credit quite a bit, since it was my oldest credit reference and was now no longer active!

Now I question every move I make regarding credit, keep any balances spread out among accounts instead of concentrated at the lowest interest, etc, etc.

Insure them, then have the roof spring a leak and ruin your merchandise? haha

Umm, that's a tough one - I'd try posting on some woodworking forums to see if anyone is interested - they don't seem like they'd be worth anything to anyone but a cabinetmaker or a kitchen/bath refacer

I have been at the same job for 8 years now and recently converted SOME of my 401(k) to a self-directed IRA.

The SOME was from a 401 that I had previously rolled into my employer's 401. Funds added from my current employment did not qualify and had to remain in the employer's account.

There were no penalties whatsoever. This may be specific to the employer, to the state, I'm not sure. But not all people have to leave their job to have a penalty free rollover!

Though primarily interested in multifamilies, I have ~$20k in a self directed IRA and was thinking of investing in land with it. I find lots available for as little as $5k so can anyone tell me what questions I need to ask and what due diligence I should perform if -

I want to buy a lot and move a mobile home onto it, then sell the home and rent the lot?

I know many areas are against new mobile home parks but I am thinking of a single unit.

Of course, if I purchase a sub-dividable lot then it's possible to put more than one mobile on the land...btw I read a Lonnie Scruggs book and recommend him :-)

Hello all, I've been reading the forum for a while and decided to sign up today.

I'm from beautiful Western MA and travel all over New England - a full time Analyst for a major utility by day and a REI student by night :-)

So far I have been to a bunch of REIA meetings and have been making offers on various properties. One is currently accepted but is foreclosed and still has a tenant from hell squatting in it, he won't allow anyone in the property's first two floors and wants $7k cash for keys and a showing haha

Anyway, I have a couple of cash partners lined up and my goal is to purchase multi families with decent cash flow at closing, make wise improvements, and gradually trade up in size via flips or 1031's into some very large properties which will support us full-time when we get there.

I'd be interested in hearing from anyone local who wants to talk about the market, strategies, possible partnerships, or maybe even share some good references for investor savvy accountants, attorneys, contractors, managers, etc. Also maybe sharing educational materials.

Wishing everyone a happy, safe, and prosperous 4th !

Shanti