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26 March 2015 | 16 replies
@Lynn M.I will agree that a tenant with good credit is better and playing the waiting game is a better strategy for many property owners, especially for properties in high demand.For those who own property in less desirable areas where the applicant pool is smaller or in situations where paying the mortgage without collecting rent would put the owner in a bad financial position, I think simply checking for judgments and criminal records is good enough.Of course I'm willing to accept a higher degree of risk than most property owners because my costs are lower due to the fact that I process my own evictions and many times do the clean-outs/repairs myself.I've learned that it is good idea to at least check for non-existence of rental judgments because that is a sign that either they will leave the property when asked or that they've never rented a property before in their own name because they are young.
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15 March 2015 | 16 replies
In order for both side to have “skin” in the game I have either a $50 a month pet rent OR one months security deposit.
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15 March 2015 | 3 replies
It's truly a numbers game.
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26 March 2015 | 10 replies
However, you can do the work now and get yourself set up for when you do have the cash and graduate college you'll be way ahead of the game.
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15 March 2015 | 14 replies
These are merely suggestions , since i having started working it per say. re: the hang ups unless you want to call and directly say something like " I see i've missed your call do you have a house to sell" i would simply send another letter and maybe an experienced wholesaler can chime in here but I don't think you should send the same letter.As for the problem of not closing i guess you can chalk it up to learn curve. it's a numbers game (or so i'm told) so keep trucking
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17 March 2015 | 6 replies
Recieve frim the seller the security deposits at the closing table, or proof that the tenants didn't pay them.
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23 March 2015 | 8 replies
You should do what you love Learn every part of construction that you can then you can offer your services to other investors and be able to jump into the game with low funds or bad credit.
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20 December 2018 | 11 replies
Thinking about getting back in the game, but the cheapest multi-family in my area is around $600K so I feel kind of hamstrung.
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22 March 2015 | 1 reply
I am looking for a mentor, not looking to share profits(unless I have some skin in the game), otherwise I am willing to do some of the day to day stuff that you don't want to spend your time on.
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9 April 2015 | 4 replies
I found one that plays the Cash Flow game by Rich Dad Poor Dad once a month, but that's not what I'm looking for.