All Forum Posts by: Davon Lowery

I've have had an ongoing debate with a fellow investor about,  the best way to market to potential tenants. I have done it myself; posting on FB, Craigslist, flyers, Agent/Broker,word of mouth, etc... But, the most effective way for me and the best use of my time has been with a service. 

Doing it myself is not hard but, the most frustrating thing is dealing with time; specifically the showings. It drives me crazy when ppl either just don't show up, or they cancel while I am at the property waiting for them.

What are the most effective ways for you to market you property.

 So, true J., perspective is priceless.

@Amanda HanJust heard the podcast, you were amazing. 

Also, just finished reading your article about the disadvantages of holding rental property in an S-corp; this, the day after I purchased property in my S-corp, intent on holding it as a rental LOL. Can't make this stuff up. I am very gratefully that within the article you provided an exit strategy for us genius that do what I just did. I will be re-conveying title to an LLC prior to soon, definitely prior to generating income with the property.

However, I am puzzled as to, how can an S-corp purchase a corporate office and avoid the pitfalls in the article?

Thank you.

@Pat L.Thank you. That is a great perspective, I will stay open minded.

@Charlie DiLisioYou are absolutely correct. When I do walk thoroughs of prospect properties, I say, "they could have easily done x or they should've done y here", You are right, the smallest things can make the difference.

@Sarah MastellerThank you. You are right. I will begin to look at the shows and get a couple of those magazines. I do think education is a big part of our budget, but education from mistakes isn't. Great info.

@Bill HinshawSmart man. I am learning the 'whole yielding to who ever is stronger' thing. I'm so independent to where I want to do a lot myself. I agree with you, highend finishes may not necessarily really make the difference if the area doesn't support what we put into it.

@Nate WightmanThanks for the advice.

Initially, my masculinity/bravado balked at the idea of taking an interior design class; but then, I said huh? SHE, went on..."If we are going to flip properties, don't you think you should know what your talking about? ""I mean, really know how to...travertine this and, backsplash that, glazed so and so, inlay design, mosaic...blah blah.""Davon, you know, you never stop learning, you know that better than I do."

I slowly realized, this woman is brilliant (glad she's mine). Maybe I don't have to go as far as enrolling in a class; but, why not endeavor to really educate myself in my craft, beyond what is on clearance at one of the big box stores for the quick flip.

Any of your gals/guys have done so? I don't have an extensive background in flip, have primarily been a buy and hold investor.

I would like to first thank Lima One Capital for considering all aspects of my application and approving my loan. I would like to thank Greg and Denis of Senior Commercial Capital (lending broker) for insuring that my loan application did not fall through the cracks.

Back in Mid-October, I found a 20's duplex in good condition to purchase in Milwaukee. The sellers' Broker said that the seller was looking to liquidate this property to acquire more property, this was one of his long-term holds and it had always been a good investment for him (basically buy this house, its a great house).

After a little back and forth, we get some disclosures from the seller, we learn that the tenant is in arrears for approximately $3 grand. Whoa!!!. We changed our offer to include a contingency which stated that the tenant must be evicted prior too closing; therefore, the unit must be delivered empty. The seller agreed, now we have a signed sales contract. Several weeks went by the seller came back to us and offered to evict the tenant after closing. Now here understanding the law, having good REI acumen and having good resources was imperative. We were able to recognize that once title is conveyed, the seller would have no standing in the matter; therefore, we inherent the tenant and the responsibility of evicting the tenant on our own. So, we rejected that offer and stated that we would ONLY accept that offer if we were to receive a $10k credit at closing. The seller rejected this and continued with the eviction. However, this was a long process and it took at least 2 months to have everything worked out with the tenant.

Fast forward to this week, escrow is closed, and now we are the new owners. The place needs only minor work and is in a decent area.

The main reason, I wanted to share this story, is that in our business, we will hear too many NO's, but out of nowhere we will find that one YES!!! So, guys keep working, never give up, never think this business is not for you or you don't have what it takes. This process has taken me a year or so to complete. Being patient having good help and being dedicated, we were able to pull it off. The funny part is, I know the real work is just beginning.

I would love to begin developing a relationship with my Wisconsin, Minnesota, Illinois, and Indiana folks.

Thank you.

Anyone going to the Milwaukee REIA meeting on the 8th? Let's grab a cup of coffee and talk REI, especially the week of the 8-12th.

Welcome Erin, BP is the place to be.

Hello Kevin and welcome. I look forward to learning about opportunities that you might bring about for us to be a part of.