All Forum Posts by: Brenda Whittaker

So, since something in my subconscious is holding me back from believing I can find deals with bandit signs and asking friends and family, I gravitate toward other means of scouting. Any opinions on buying rehabs from wholesalers? Any pitfalls? My passion is rehab, and wholesalers sure have a lot of messed up properties. I'm thinking that just like any deal, figure out ARV, figure out exact costs needed including debt service for the length of rehab, then... is there a basic percentage or something that is considered a good return? What constitutes a good deal>? And back to my more pressing question, do you rehabbers have good experiences buying from wholesalers?

Hi, I am in AZ as well, the sedona area, maybe we can network and attend some local RE groups.  There are none here, but I can travel to PHX to attend AZREI is one of them.

@Vincent Crane well then, I have to find another way to come up with $200K.  Any ideas?  It wont be a job - I'm a 53 year old disabled convicted felon with no college and no experience in the work force beyond a few menial service jobs here and there.  My passion is rehab and I know landlord/tenant law.  So if it can't be my passion of real estate, then what?  Slowly paying down principle on 2 mortgages has not worked, as one evil lender stole my payments by creating out of the blue reasons to charge me fees and costs and fines and other charges, and the other one, well I spent this year struggling to pay $1000 off the principle and that made the payment go down 75 cents.  Then they raised the rate, so my payment went up higher than it was 5 years ago with an additional $13 per month.  So slow and steady isn't the answer.  I have nothing to sell.  I spent my retirement on basic needs like those 2 mortgages and food. I dont buy trinkets, gifts, electronics, clothes or furniture, I don't even heat my house to save money.  There is nothing to cut out.  I'm sitting here freezing cold with a winter coat and hat and scarf on in my bedroom in front of this computer.  Oh I suppose I could cut out the $25 month internet bill and walk to the library......   So now what.  

@Roland Thomas thank you so much. I am intrigued by the idea of being in a position of control rather than ownership, and working smarter. I have dabbled for 20 years and made many devastating mistakes, rendering me seemingly unable to move forward, so I fixed and held the 3 rentals I have now, which are dangerously exposed without being in an entity or being insured, because I dont make enough to care for them properly and have lost all confidence in moving forward. My passion is rehab, but Im sure I would be passionate about anything I felt sweet success with. I've been working on myself, my inner self for a few years now, trying to get back into the business, but would be smart to find and follow a mentor. There is so much essential stuff to figure out that I have not been able to understand and implement, like what kind of entity to start, how to do an LLC, etc., how to find and fund deals and how to protect the assets that I do accumulate. Lots of information here, overwhelming a bit, but I do find myself here on BP often, and am happy to be part of the family. Thanks for your words.

Jack Presen thank you so much!!

Thank you Sandra and Tim, it's worth $60K fixed, needs about $10K to get it into tip top shape.  I would be happy with $42K in as-is condition and can carry half.  Rent is $650 and can be raised a bit.  Tax $1000 year.  

Thank you Karen.  SO much.  I guess I am taking some of their comments as personal insults, but one reason for the last reply is that I'm pretty sure we shouldn't be allowing someone else to tell us we can't or shouldn't go for our dreams.  If I listened to that guy I would curl up in a ball and let my spirit die.  He was telling me that I can't do something.  

I have been attached to my rentals because I love the area they're in, I love rehab, and I love being a landlord.  I've owned 3 of them for 7 years.  But I know my financial situation needs some juggling.  But the home I live in is my life, and it's not necessary to leave it.  I'd rather work myself to death to stay in it than give up on getting a grip on things.  I raised all my kids here, I planted all the trees, I have everything I need here, it's just a very basic little 3 bedroom home in middle class America.  It's all I want and it's not much to ask.

I do fear action because the actions of the past have been devastating.  I'm terrified of doing the wrong things again.  But I know I'm in a risky situation so I'm moving forward on selling one rental and will be working on repairing another for a possible sale of that one also.  I would get some cash out of them and just wish I knew how to invest in more real estate, as this would be a good chance to invest with cash.  But I also need to pay off home mortgages.  I wish I knew where to find an actual mentor, as I have bought countless classes and seminars only to be sitting here still wondering what to do.  My passion is rehab.  Before and after photos excite me, I can happily look at them all day long.  But I have been unable to find someone to follow, an actual human and not just another computer class or e-book.  

I have to shake that stopping point - I've started a few books, started a non profit corporation, started a manufacturing company, started a rehab business, started working with a tea seller, and more - only to not have anything become of any of it.  Problem is, no mentors.  You can't ask real-life questions of a book or on-line webinar.  Now I'm considering joining a group that funds real estate projects and they claim to have education on acquisition of property, sounds good but how do I know it's another dead end until I try it?  I have racked up tens of thousands of dollars on seminars and other forms of education only to give up soon after the class is over.  We aren't supposed to give up.  I'm still holding on to the dream of being a rehabber and finding a real live mentor.

I thank you for your input, I hope we can be friends here and I wish you all the best.

Well Mr. Crider, I am already living on way less than 90%, a lot of my income goes to debt, but the amounts are more than I would pay off in my lifetime at this monthly rate.  And what digging am I supposed to stop?  Buying investment property?  I haven't bought one in over 7 years, and have not had to work a 9-5 since then, so I am going to tell myself I'm not doing all that bad, despite your defeatist comment about my investing abilities, even those in the future.  Unlikely my luck will change?  I dont' even know how to process that statement.  There is no other form of investing for me.  And you know nothing of my temperament.  

Thank you Greg. The judgement can maybe be negotiated, though they are pretty evil, but it would have to be for a cash lump sum. Though Id rather sell Bonham, I probably need to sell one of Adkins instead, where the market is better, the houses are better and worth more. The manufactured homes in Adkins have not been moved, it's manufactured home community, very well kept, nice area of homes each on at least 1 acre. Yes, Bonham was built in the 1950's, and has some structural issues. Thats the one Id like to sell,, but would be more difficult. Im not sure if FHA can be done on the Adkins properties, but I think it can, however, the owner financing option sounds pretty good because Id still get income, Id get rid of the judgement, and could pay down a little of that balloon on my HELOC that comes due in March, if I can get a decent down payment. Now i just have to get the tenant to cooperate - they are not setting up a time for the realtor to do a walk-through, they probably dont want to cooperate in fear of having to leave. Its hard to manage from 2 states away, but I know I have to do something. I am in a very very high risk situation, so I know I have to get rid of some of that risk first before doing anything else, I can see that now. I've been going at it very unprofessionally. Thanks so much.

David Toler, that's a fantastic idea.