Court Date and Security Guard Run-in

Posted on 26. Sep, 2010 by in Atm Deals, Debt, Goals and Planning, Landlording Rants, Makin' Offers, Multi-Units/Apartment Buildings, Passive Income, Private Lenders



Well my court date for my eviction is scheduled for Wednesday morning at 11:15am. I’m seriously thinking of selling the place if it’s in decent shape, which I have a feeling it will be. Even though I’m pissed at my tenants for not paying, they always kept the place immaculate and even added “home” touches to it.

Starting October 1st, Kathy and I are going to go through a major shift in our finances…..we are going on a major budget to pay off of debt. Speaking of which, did you read this post by Shae that will help you get out of the rat race? Shae is the one who helped me with the actions that Kathy and I will be taking come October 1st. (P.S. Shae, I hope it was ok to say that lol)

My thinking for selling goes like this: Do I want to have a crap load of debt and collect $300 a month positive cashflow from this place? or Do I want to sell it and get rid of 1 huge debt and possibly another big one? And then work on bigger and better streams of positive cashflow? (Btw, that $300 goes right out the window when you have to evict a tenant 1 time.)



So the jury is still out with the rental property. But funny story, last night Kathy and I went to fill the strip club. Well it was Race Weekend and the place was PACKED. And I mean PACKED! There were guys all over the place and security guards all over the place. Some guy stopped us walking in and asked “Have you been in there?” And I said “Tonight? No. Why?” And he says “two women unattended…it’s probably not safe.” I lol’d and said “we come here all the time, we’ll be fine.” I should have said “I know the owners, all the girls, the manager and the tallest, badest security guard in there.” But I didn’t….

Now this was the first time we went there where there were more security guards there than their normal guy. The first security guard stopped us to try to make us pay, until the BIG GUY that we know pushed him away and said “they’re the atm people, let them go.”

Then we walked right over to the atm, right passed a gigantic security guard (one who was never there before.) We noticed the machine was unplugged (i.e. it was out of money so the owners unplugged it.) Well Kathy leaned down to plug it back in and little did we know but the gigantic security guard was following us and at this point he went for Kathy (it seemed) and said “leave it plugged in.”

Well all I could do was react, thinking this big guy was going to grab her or something, and I stepped in and put my hand around his HUGE arm (ladies and gentlemen I couldn’t even get my entire hand around his arm lol) and I squeezed realllll hard and said “BACK UP…it’s our machine.” Kathy looked at me and looked at him and he just said ok and backed up and went back to his station lol

After that split second I thought to myself “holy shit his arms were huge and he could have crushed me like a bug!” But of course, we don’t think of that stuff when we’re trying to protect our loved ones do we? Anyway, as we walked out the security guard came up to me and said “sorry about that.” I told him no problem.

Then Kathy and I thought and said to each other “hey, at least they are watching our machine!” lmao So I have to say that once again, I’m happy to be alive and so glad that mr. bad ass security guard didn’t crush me like a bug. hehehe

Kathy and I went and saw that 4 unit that I seen already….we will be making an offer on that cock-roach infested place tomorrow. If it gets accepted…the private money hunt will be on. We’re actually going to be making like a $35k offer, I’m thinking…place needs some work tho….plus 3 tenants aren’t paying so we’re going to have to account for evicting them and only getting 1 months rent while we work on the places to get better tenants in. Wish us luck!

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8 Responses to “Court Date and Security Guard Run-in”

  1. Shae

    26. Sep, 2010

    Really excited for the major financial changes…way to go!

    So you have some decent equity in the rental property?

    P.S. ATM story was too funny!
    .-= Shae´s last blog ..Momentum Always Makes A Difference =-.

  2. Flippin' Carey

    26. Sep, 2010

    Yeah we’re excited about the financial changes too (even Kathy is, suprisingly enough lol)

    I wouldn’t say the equity is that great, but one of my debts that I have accounted for is a home equity line that I have on that property….so that would definitely get paid off (that’s my biggest debt actually.) And I think, depending on the market I could possibly pay off another real estate line of credit. Possibly? Again, depends on the market…..

    I gotta admit I’m a little nervous because I don’t know how long I want to try to sell for (i.e. pay the mortgage on my rental property which will cut in big time to our new “budget”) before I give up and rent it out again. I don’t think I’ll have a problem renting it out…..but I really think selling is the best option. What’s your opinion?

    P.S. The ATM was really funny after we left and thought about it lol I said “see babe, if you were ever in doubt if I had your back, now you know….” lol she laughed and said “I sure do!”

  3. Shae

    26. Sep, 2010

    It depends. Are you saying you have a positive net cashflow of $300/month on the property even with the home equity line?

    Also, is the other real estate line of credit attached to a home that has a tenant in it who is essentially paying it off?
    .-= Shae´s last blog ..Momentum Always Makes A Difference =-.

  4. Flippin' Carey

    27. Sep, 2010

    Shae,

    Now THAT is an awesome question and the answer is NO, it’s not positive $300 a month after the h.e.l.o.c.

    Actually, the interest payment alone is like $50….so if I added principal to it, it could be anything over that. I, honestly, never used that h.e.l.o.c. for my rental property so that’s why I wasn’t concerned with paying it from it…..I know it’s a whole big mess BUT the good news is I’m working on it ;-)

    And the other real estate l.o.c. is not attached to any property……it’s just a business line of credit.

  5. mobilehomegurl

    28. Sep, 2010

    Wow, what a crazy story with the ATM business and all Carey! If I were in that situation, I would have been really scared, too. Thanks for sharing :)

    About the rent house, as a former landlord I can definitely relate to your situation. I’ve been through the same thing, evictions are not fun…not fun at all. But, if you’re planning to sell it’s best to have some time to plan ahead.

    Going into fall and winter, it can be quite slow especially with the holidays coming up. Sure, there’s always a chance you may find a buyer but it’s kind of a gamble – I find during the holidays a lot of folks have their minds on other things (like Thanksgiving and Christmas!).

    I think the spring is usually a better time to put homes on the market. But, I guess it really depends on your situation. If you can wait till the spring, it may give you some time to get better prepared. But, it’s really up to you. Hope that helps!

    Thanks for sharing your stories, I really do enjoy reading them! :)

  6. Shae

    28. Sep, 2010

    Hey Carey, I can see the benefits of selling it under the circumstances. The only kicker is the year end/holiday timing as Rachel has indicated which tends to be slower. If you can get a short term tenant on a month to month or short term (3 to 6 month) lease that would be awesome. I don’t know anything about your area, but sometimes there are people who need temporary housing for a number of reasons. You can post it on Craigslist to test the waters

    OR you can offer your home in a lease option scenario. That way you can get a nice little cash deposit now and then have someone who will buy it from you within the next 12-18 months. We’ve done that with one of our properties.

    Hope these ideas help!
    .-= Shae´s last blog ..Momentum Always Makes A Difference =-.

  7. William Tingle

    25. Oct, 2010

    Nice going on the IRA, Carey.

    Hope all is going well with you.
    .-= William Tingle´s last blog ..William Tingle – Is Now the Time to Invest in Real Estate =-.

  8. Flippin' Carey

    25. Oct, 2010

    Hi William! Wow! Long time no chat. Everything is going well with me…….thanks so much for stopping by. I hope all is excellent with you!

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