All Forum Posts by: Tammy R.

MANY great ones here that have made a major impact. Think and Grow Rich and Rich Dad, Poor dad are 2 of my favorites. The Trophy Effect is also a great read.

And these next two have changed my life in so many ways all around. Totally Fulfilled I refer back to all the time. Many of the exercises brought me to tears of realization and breakthrough. The Power of Positive Thinking (Dr. Norman Vincent Peale) is phenomenal as well.

Secrets of a Millionaire Mind was also a great one to read.

Questions to ask your tenants:

Which ones were the most upfront about everything? Were there discrepancies on what was on the application vs what was found in background and credit checks? Good credit doesn't always mean good tenants. Some of my best tenants have been prior owners with foreclosures.

What kinds of questions did you ask when you called references? Call neighbors, what do they think of them as neighbors.

What did their employers say about them?

What do their prior landlords say about them?

Have you checked out where they live now? (if in the area). How are they keeping the property?

Did you call the local sheriff/police for information on any calls or disturbances at their current residence?

Do they meet income ratio requirement (less stringent than a bank, but make sure they can afford it).

Remember, its EASY to get a tenant in, but much harder to get them out. Choose wisely, do your calling on references. Gauge who will take care of the place the best and who will pay their rent.

Wait for the right tenant. Don't rush into it. There's no rule you have to take the 1st, 2nd, 3rd or 4th applicants.

The only way out of an REDC auction is if there are environmental hazards or it is declared condemned. Keep that in mind when bidding.

I successfully won an REDC auction property for 190K, pd 199K with the 5% fee, fixed it up for 11K and it appraises for $330K ARV as of this month. :) Not too shabby. :) As always, due diligence is a MUST!

Bahahahahaha! Thanks for the laugh!

It may sound intimidating, but if you meet with an SEC attorney and spend a few hundred dollars to do dozens of deals, this is a small investment to make. The SEC is not anything to be afraid of or not pursue private money because of the SEC. It is not as complicated as you're making it.

It sounds like you are willing to give up on it pretty easily. :shoot: :cry:

I have mine on my website (first link in my signature). I made mine up by combining several samples together.

Been using it for YEARS, and adding to it as experience teaches me things I need to add, and technology changes. (Never would have asked for email address and cell phone #s back in the 90s :D

I still make mistakes :jawdrop: , but its because I've entered a lot of different areas and expanded to different parts of RE.

My biggest mistake cost me $12K. I trusted someone and switched my HML to a supposed PML that was going to finance $30K more for a point less and 1.5% less than what I had locked down. I was assured by the slick talker the whole time and kept hearing that I would get something in email in writing. It never came. 3 days before closing, bait and switch; points went up by 5, interest rate went up by 5%, with a laugh and a 'take it or leave it'. They saw the great spread, they knew that I had to close in 3 days, and it was a Thanksgiving holiday and finding another lender and switching wouldn't be possible. I either lose my $10K EMD and my great deal or go with the financing. Dumb! And, I know better. This was my first HML and I was reassured the whole time.

2. Renting to a family member to help them out. My ex aunt was trying to adopt my cousin's kids. She already had the oldest one who loves to take apart cars. Needless to say, grease all over EVERYTHING and brought into the house through the garage. All the sob stories of not being able to pay rent. And, I even ran her credit and took an application and she was definitely someone I wouldn't rent to, but I was thinking more about the kids. :(

3. When I first started renting properties, I didn't realize the bank only took 75% of my rents even having long term tenants.

4. Trusting a real estate agent I shouldn't have. Took a deal right from under me.

5. Right now I have a tenant out of work and I'm working with her because she's been a great tenant since 2004. I will probably lose my shirt helping her, but I worked with her and put a note against her car (worth $9K) so at least I'll have that if she doesn't pay the rents I've let slide.

I'm sure there's more. Moral of the story... you will fail, and you will succeed through your failures. Don't give up for any reason!

I'm interested in this too. I see there are no replies. :cry: How would this work exactly? Do you actually record the deed but keep paying the mortgage on the property you originally got the mortgage on? Would you do a purchase contract 'subject to existing financing' or do a rental contract with an option? What if one of the parties decides not to pay their mortgage? What safeguards can be put into place? Has anyone ever done this?

These rekeys are really bad too. I had a double lock on the gated entrance, and of course they only rekeyed one, and the other was left with the original lock and no key for it so its useless unless I have a locksmith come out and change it.

I would like to be able to just PROVIDE the lock and/or do it myself on the day of closing with the realtor there instead of paying this fee. They even put mismatching locks on the darn doors and gates.

Mitch, Well, you can get some good deals on the Fannies and Freddies, so you have to weigh it against that. And also remember, Fannie and Freddies put a restriction on the title to the property prohibiting a sale above 20% of the price paid for the first 3 months. You can negotiate that time frame and even have them waive that; unless you buy at an auction. Success getting that restriction removed during the purchase negotiations is varied.