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Recent content by Mental Rental

  1. M

    New home sales: Down 80% from the boom

    REAL ESTATE 
    How much of this is due to fewer new homes being built? Personally, I'm surprised that so many real estate developers are still trying to build new residential housing; in most places, the local markets are more than saturated with existing homes for sale and foreclosures. On the demand side...
  2. M

    What questions do you ask references when screening tenants?

    REAL ESTATE 
    You should have them fill out an extensive rental application, including their personal data (such as name, DOB, SSN, etc), their employment data, their financial data, and a chance to explain any criminal or credit history problems. Then, run tenant screening reports on all adults who will be...
  3. M

    Tax Rates on Flips

    REAL ESTATE TAXES | REGS 
    Profits from real estate sales are taxed as capital gains, provided it's not your primary business. If it's your primary business, watch out, because you'll be subject to self-employment tax, which can basically double your tax bill to Uncle Sam. Happy investing, _______________________ Junior...
  4. M

    HUD Eliminating Seller Financing as an option for RE Investors?

    REAL ESTATE 
    Re: HUD Eliminating Seller Financing as an option for RE Investor This may sound really cynical, but it's my goal to not participate in our government's push to grow into an ever larger and larger juggernaut. I don't want to contribute taxes to it, I won't vote for a single candidate who...
  5. M

    Real Estate Discussion Questions

    REAL ESTATE 
    Hey, way to get the replies out! Good questions, thought-provoking. To answer your first question, it's not practical to own super-high-end rental properties. Period. After a certain point, the income from a rental agreement simply can't keep up with the rising mortgage costs, because of the...
  6. M

    Bought a New House

    REAL ESTATE 
    Congratulations!!! I'm jealous; my current library consists of a cardboard box that constantly rotates books in and out. Libraries make such great relaxation rooms, nice and quiet away from the ruckus of everyday life, and I hope to have a home with a proper library one day. Glad to hear you...
  7. M

    The Message of "Get Rich Slow"

    To play devil's advocate, I would argue that the "don't act rich" camp is really saying "make an investment plan and live within whatever means that plan allows," not "you can't have fun." I'll illustrate that with an example of a friend of mine, who has, at various times in his life, made a LOT...
  8. M

    Quick Overview of Asset Protection for Real Estate

    Thought I'd pass on this beginner overview of asset protection, in particular as it relates to rental properties and real estate investments: real estate asset protection. Unfortunately, landlords are lawsuit magnets, as the article points out, which means they need to be extra careful of...
  9. M

    Techniques for working EFFICIENTLY

    A few business tips for efficient working: 1. DON'T multitask. Do one thing at a time, which allows your brain to "get into the zone" for that task and work extremely quickly and efficiently at it, and then move on to the next one (the transitions in thinking are what slow you down; minimize...
  10. M

    Asset Protection for Real Estate investors

    What exactly is a double blind LLC? After all, you have to have a human resident agent, who can be served with a subpoena and brought to court to testify about the owners. I have to admit, all the discussion of ripping off mortgage lenders is a little unsettling. There's a reason why lenders are...
  11. M

    Hey Guys

    Hey Hugh, welcome to the Fast Lane to Millions! One of the things I love most about this site is the diverse backgrounds and industries of the people on it, ranging from online entrepreneurs to securities investors to rental investors (like myself). It makes for a dynamic and interesting...
  12. M

    Trends and New Business Ideas

    IDEA 
    I'm a huge fan of niching down within your chosen industry, and following the trends within that industry. For example I'm in the real estate industry, so I track sites like NuWire Investor, MSN Real Estate, etc for real estate articles and industry trends, with particular attention to landlord...
  13. M

    Getting into the market...

    REAL ESTATE 
    Investing in higher end properties requires a lot more money than investing in lower end rental properties. It's harder to find good deals on higher end real estate, because you're competing with homeowners, not just investors. Also, market rents on a rental agreement in a working class...
  14. M

    Why Craigslist is Such a Mess

    WEB/DIGITAL 
    Craigslist has proven an excellent resource for landlords trying to advertise an available rental agreement (a common use that I've put to Craigslist), and is great for finding local jobs or 2nd hand stuff. While I appreciate the simplicity of Craigslist, my biggest criticism is its inability to...
  15. M

    Landlords: Got messy tenants?

    REAL ESTATE 
    wow. just... wow. My worst horror story as a landlord was having to wade through (or rather walk on top of) 3 feet of garbage, in a house where the parents had kept the children in cages where they smeared their own feces on the wall. Fortunately, that was the condition I bought it in, and...
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