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Articles by Caleb Heimsoth
Needy Tenant With Incessant Requests
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes 7y Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes 7y I would not renew her lease. Find a tenant that pays that is not a PITA. As for pest control, I have that done when a tenant moves in and after that it is their responsibility (with the exception of WDO).
What can I do with $5,000 Dollars?
Hi Makala, $5k is not enough to invest in the Bay or in another state. Don't put it into an IRA. You don't want the only amount of money you have trapped into a retirement account. Just do the math. If you took the $5k and had a 12% return for 10yrs straight compounded it would be $15,529 which doesn't change your life. Keep saving the money don't bother investing it into anything because the honest truth is that it won't be enough to make an impactful dent into your life.
Pay off student loan right now... or buy first property?
Hello Everybody! My name is Drew Roqué, 22 years old, and I am aspiring to be financially independent! I graduated from a Maritime Academy with a 3rd Mate’s License and I am now working for a shipping company. To make a long story short, I am able to pay off all my student loans ($30,000) in about 4 months. I was wondering if I would be better off paying off my student loan as soon as I can... or pay the monthly payments on them and instead use the saved money to conduct my first BRRRR method.
Would you take a deal that results in zero cash flow but doesn't require you to put any money down? I have a 4-plex that I am considering buying from the owner. He has offered to finance the deal and I have negotiated no money down, no closing costs, and an interest rate that is almost 1% lower than the bank. The negative is he is only willing to do a 20-year loan with me. Because the loan is shorter, the net result is that I will not cash flow positive, but will at least break even.
Thoughts about the virtual CPA firm The Real Estate CPA?
We used The Real Estate CPA last year and were pretty displeased. A “30 minute phone consultation” is heavily advertised with their package offerings, but it was a struggle to get them to agree to a phone call once we were engaged. To the point where there was very little partnership or strategy alignment, and their advisors were ignoring our request for our 30 minutes in their email responses. The work product was also very marginal for the price.
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CASH IS KING!!! G'Day everyone, I'm going out on a limb here so before you condemn my thoughts at least have a read and try to understand them. Why does modern day society always want more more and more? GREED that is why. Human behavior always traps us in vicious cycles, where cash is only used as a stepping stone for more leverage. In all reality is turnkey real estate that good of an investment when you borrow at 5% and try to make 8-10%?
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Hey @Shawn O'Gorman! I don't think there is such thing as too early to invest! I think what happens is people invest without the proper understanding of fundamental investing principles! Also people invest without being sufficiently capitalized (which is a fundamental investing principle). I think rather than worrying about an appropriate age, you should focus on learning sound investment principles.
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@Jared Lomker I just had this same convo with an investor yesterday, happy to expand more if you like...but here are the basics: 1. Know your goals for your lifestyle: •Are you looking to be an active investor, a semi-active investor, or a passive investor? •Active= you find and buy the property, self manage, call all the shots, do all the hiring, firing, finding of residents, etc.
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Anyone have suggestions for investor friendly lenders in Cleveland? I am having trouble getting a 20% downpayment for a duplex (most lenders I have talked through will only do 20% for single families, and want 25% for duplexes/triplexes/quads). I have mostly gone through the big mortgage companies, and have only had some limited success (most have very high rates if they drop the downpayment to 20%).
What to Do with Little to No Income or Credit?
@Griffin McKisson, you want some real advice? Pull your head out of the clouds and put some calluses on your hands. If you think you can invest in real estate while working part-time at a sub shop and living in mom's basement, you've on a path to major disappointment. I recommend you read "The Millionaire Next Door" to see what real wealthy people look like. How many of them do you think were working part-time at the age of 20? Probably none.
Seller wants to live in property for 6 months aftet settlement?
Background: I have a childhood neighbor who is ready to sell their family home. I think he has some alcohol/drug problems and needs to sell right away (there’s been multiple family deaths due to old age/illnesses in the house that he says is beginning to haunt him & financially he’s barely holding on). But he hasn’t found anywhere to live. He’s trying to find housing in a senior living facility which, will take about 3-6 months - maybe.
$20-50k for a mentor?
My brother and and have been studying the business for a month in a half. We are currently attending a 3 day training with great content!!! They are soliciting their others services which consist of a personal mentor with phone number, email and access to their time for a price of $20-50k. Can anyone share thoughts or concerns?
How do you guys have your tenants pay rent?
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Time to find a new PM
Based on what you've shared, I'm going to disagree with everyone else on here. They all recommend you review the terms of your contract but why should you be obligated to fulfill the terms of your contract when the property manager is clearly not holding up his end of the bargain? I would start by searching for a new property manager. If you send me a PM I will give you a short list of how to research and find someone professional.
What can we legally ask in screening a felon? (sex offender)
I had a potential tenant contact me and ask if I accept felons. I have read that it's illegal (discrimination) to flat out say "no felons" so I asked what the crime was. He said "sex offender, 16 years ago when I was 18 years old". I told him I would "review with the owner" and get back to him. Since then, I've been trying to read up on what I can legally ask him. Can I ask him more details on his crime?
Is this really cash flow negative?
Hi All, I'm still debating investing in my home market of the Bay Area, CA, or doing a STR in Maui. Despite preferring to invest locally, I originally ruled out the Bay Area simply because I didn't think I could get something to cash flow - I'm simply not comfortable "losing money" each month and relying on appreciation. I've been working with what feels like a fantastic investor friendly agent (whom also has a finance background).
Pumping the brakes in Detroit?
I would be cautious with Detroit right now. Dan Gilbert was the force driving a lot of the investment into the downtown area, which then resulted in some of the outlying neighborhoods seeing increased investment. However, his health and the succession plan for his empire appears to be a bit up in the air at this point. If I was one of his commercial lenders getting ready to cut a 9 figure check for work downtown, you'd better believe I'd set the pen down for a minute and have a chat.
Should I fire my CPA?
QUESTION: Is $2684.25 a reasonable price for CPA to file personal Federal and State tax returns which included 3 sole-member LLCs, all used for operating multifamily REI properties? BACKGROUND: Last year, my wife and I decided to go with a recommended CPA. Since we started our REI business and we're starting to own more property, we thought having someone a tier or two higher than H&R Block would be a good idea.
Help with unethical plumber
Our property manager hired a plumber to repair a dishwasher in one of our single family homes. This plumber had done jobs for the property manager in the past and was reasonably priced from what our property manager told us, so we decided to use them. Our property manager contacted the plumber who says he was already in the area of our rental and stopped by to conduct an initial assessment. The tenant said he was there for 20 minutes tops.
Millionaire in five years
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HELP!!! Deal financing issue!
New to Real Estate from Charlotte, NC Member since Dec 2, 2019 Posts 73 Votes 46 Experience 6 Yrs 73 Posts 46 Votes New to Real Estate from Charlotte, NC Member since Dec 2, 2019 Posts 73 Votes 46 Experience 6 Yrs James WilliamsPoster New to Real Estate Charlotte, NC 46 Votes | 73 Posts @Tommy Daggett that is not a dumb question at all. Most hard money lenders will not cover your project 100%. They want you to have some skin in the game.
Just paid $4000 for 3day workshop. Thumbs up or down?
I don’t want to name drop but I paid $4000 for a 3 day workshop and now they want $40,000 more for coaching and mentorship. A friend of mine that has a successful portfolio worth millions advised me not to. He recommend to network as much as possible, study and research and start small and scale up. Your biggest investment is yourself so decided to check out bigger pockets to start my journey.
Good time to get in the stock market?
For us real estate investors this is a good time to have rental properties while we watch others portfolios crash with the stock market. Other than a moderately safe mutual fund I contribute to monthly and my 401k, I am not involved in trading stocks. Do you guys think this is a good time to buy stocks while they are so low? I made an account on Robinhood and found some stocks that seemed like good investments. BAC, V, FB, MPC and ET.
What would YOU do if you have a large sum of money?
Originally posted by @Jonathan Yeh: Originally posted by @Joe Villeneuve: None of the above. I would use it over and over again...and never spend it. When you said you would use it over and over again, what are you referring to? Use it like your seed money. NEver spend it. Use it as many times as you can. To do this you must flip the cash. Notice I said "cash". Every time you flip it, it comes back to you with friends. Reinvest (use/flip) both over and over. It grows exponentially.
Have you paid for a coach? Thinking about Michael Blank
@Skylar Vincent Inagree with with what @Todd Dexheimer explained that if the 15k you invest to learn starts to generate 15k a year in cash flow, then it was worth it. You are asking a biased group the question of whether or not paying for education is worth it. There is a higher percentage of people on BiggerPockets that have a negative opinion of paying for education.
What are valid reasons to increase rent on tenants
I’ve found most tenants will decide to either stay or leave regardless of a (modest) rent increase or not. $25 or $35 isn’t going to make their decision one way or the other. Same with an upgrade like a fridge. I probably wouldn’t bother unless they’ve asked about it and you’re increasing the rent extra. Many tenants might even say ‘I’ll keep the fridge and keep the rent as-is’, which isn’t what you wanted.
Jerryll Noorden's system
He is 100% solid, worth every dime he charges. I spent around 12K with his competitor over the course of 10 months and got nothing but frustration to show for it... Jerryll's team is very responsive and extremely helpful. If you get stuck just ask for help. Jerryll is very direct which I prefer. I would much rather deal with someone like him who knows what they are doing and speaks the truth rather than someone who spews out a bunch of feel good crap just to get your money then disappears..
Mortgage Cancellation Act of 2020
Have a read on this article here and give me your thoughts, I myself am going to have to re-read it again to fully understand what it entails and how it fully impacts us, were it to get pushed through. https://www.fool.com/millionac...
Use a car loan for down payment
I have the opportunity to acquire a vehicle at an incredible discount. The purchase price would be 2750 and the retail value would be 8300. A local bank has run the numbers and I can put a car loan on the vehicle for up to 125% LTV for a loan of 10,375. Subtracting out the 2750, that leaves me about 7600 I can cash out of this loan. My question is this - would I be able to use that as contribution on a down payment on a property?
Frustration with Agents? How to find a good one?
Would welcome any advice on finding a good agent. I have been looking for a small multifamily for about 3 week to a month. The first agent, recommended by the VA, didn't even call me back. The second has shown me one property I have requested to see in the last 3 weeks. Does not send me any homes tor multifamily listings that I might be interested in. I send properties I find.
Student loan Pay off or another investment property? advise
Hi BP, Recently in January I closed on my first duplex with a 10% conventional loan and im currently living in the smaller unit cash flowing $150 per month after all expenses ! Fixing it up along the way here and there remodeled the bathrooms etc adding equity/ BRRR basically. Anyways my question is I have about $38,500 in student loans (government) I have been out of college for about 1.5 years now good job as an engineer been saving money living frugal driving a clunker car etc.
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