Those people with decent incomes, who took out extensive lines of credit, overused the credit cards, got that expensive home, car, boat, vacation home etc. and have been able to tread water to this point because they have had some savings (quickly becoming depleted) to keep out of the ditch--so far.

ThanksI'd join the local REIA (real estate investor association) and find out what the other investors were doing, where they're looking for deals, what type of deals they're looking for ie. subject 2, rehabs, lease options etc...then i'd let them know that i'm an investor friendly agent looking to serve other investors. remember to bring plenty of business cards with you to the meetings.

All was going well until the Title Search showed a lien from a credit card company.

Now really fast here is the tip for you if rates change (they go up) typically inflation happens and when that does you usually get a pay raise.

They are considerably cheaper and if several months down the road you decide real estate investing isn't for you, then at least you won't have a $5,000 credit card bill.

My two instances of not being firm enough have effected my cashflow a bit (I should have stuck to my raising the rent that month for the 85 year old lady instead of postponing it for 3 months), but not enough to make me grimace.

it seems that they received his payment on the 3rd (instead of the 1st), and due to the "late" payment the account was frozen. ...and yes he later found it in his fine print that if the payment was received w/in the 15 day "grace period" they have the option to freeze it...and raise the rate :shock:

When you have a relatively good tenant that pays on time, do you raise the rent?

Since, they have jacked the house and had it raised 3 inches, the source has been repaired.

For the money you do need, have the guts to put it on credit cards.