All Forum Posts by: Davon Lowery

Welcome to BP, where all of your REI dreams may come to fruition.

Thank you for sharing with us your story and I am both sympathetic and shamed that I am not on par with you, as it sounds, you are well on your way to regaining the success in your life, as you have previously experienced. 

 :( Unfortunately, I as a landlord, for the second time around, I would love a tenant like you, but, I would only think twice and only twice; before I sold the property out from underneath you for the chance at an adequate capital gain endeavor, not pretty, but the nature of the business. Not all money is good money, but deserving the difference is the challenge.

 Thinking twice...

First, you are a great tenant and assume a great person.

 Secondly, you have created equity and forced value into a property that would have otherwise moved at a snails pace, whereby capital improvement projects would not have been a priority.

 A landlords conscience would feel for you, however if a landlord waited and missed an opportunity to get access to untapped equity then they are in the wrong business. 

Callous? Yes. Illegal? Not hardly. Immoral?? Only if it's you mother, Rabbi or priest. 

In essence stop making someone else rich, you deserve great things and so does your family.

You wouldn't be here if you we not just like us, a passionate REI professional.

 Find your niche, exploit it, work with one of us to make it happen. 

We need you just as much as you need us. 

Best wishes.

no no response yet.

Although I have received some very supportive responses to my request for funding, a few have offered to help with a referral or two , I have not been able to secure any funding vehicle that suits our objective.

I have tried, Lima capital, funding for flips, several others, etc... Although the persons/lenders that I have spoken with for the past week or so, were VERY professional and supportive, most often the lender(s) has had contention with the purchase amount, 50,000, either that or the assets is outside of our home state and or my DTI .

So, I have the 20% down but need the remainder to be floated for at least a year while I secure more conventional financing, 37,500 to 40,000 .

If you know someone that want to lend 37,500 to 40,000 on an investment property in Wisconsin, at a reasonable rate, please let me know.

I disagree, I think it would fit well with a craftsman style home. Moreover, I'm sure it is a dynamically more cost effective alternative to real hardwood; granted, I wouldn't want it at my PR, if its staged correctly and accented as such, I think a creative person could make it really pop.

Now, alternatively, it is too specific and a rehabber may pay the cost for having an accent that is case sensitive. The seller pigeonholes themselves to a specific buyer, and that is a rehabbing/flipping, no no.

I think it looks cool, my only concern would be what @Chris Jenkins alluded too.

Saw this pic, thought I would bring it to BP.

Concrete stained to look like hardwood. Great or Oh No!!!???

@Steve Rozenberg

This topic is of much debate, very good topic nonetheless, very salient points. We are currently a small scale business and have had much success with setting up checking accounts for our tenants and having them make deposits as they wish. They get a unique account number, only for them, however I control the account.

As mentioned prior, we have had issues with previous tenants making partial payments, but we have  withdrawn the funds and return them to the tenant with and invoice. In my state that is lawful; also, we can evict for back rent as well.

I can see, as we grow as a business, setting up accounts for each individual tenant can become a burden, i.e, bank fees and tracking all the accounts, etc; notwithstanding, we have enjoyed the freedom of leaving the burden of collection of rent to the bank.

I thing as we grow larger we would want to transition of a paypal or pure electronic system, but for now we are OK.

Hello and welcome to BP. Tons of valuable information, networking is key to success. Good Luck in REI!

Thank you both for the input. I will reach out to them, but it looks like strictly fix and flip lending.