All Forum Posts by: Jeremiah Perry

@Ericka Williams

 Good for you!  The more I read on this forum the more interested I am in this wholesaling.  I look forward to hearing updates!  For awhile there I was going to assist some wholesalers by finding the houses for them as the thrill of the hunt is what I enjoy in this, but as soon as I started asking even the most basic questions they got skittish and disappeared so it left a bad taste in my mouth.  Will you be hunting in your current location or a nearby area that you know?  Well I wont ask too many questions, but Ill be looking forward to updates!  Good luck!

One thing I would like to add is that you need to be sure the rehab has added enough value to your house to make it worth while.  The lender is going to charge to have the house appraised and a new set of closing costs and in my experience still only offer you 80% of the value.  Maybe someone else has a good lender but I looked into it on my first house that I did and was kind of disappointed.  If there is another way Id love to hear it!

@Nick Stango

 I am curious how that works.  Are you doing research into the house prior to sending the letters?  Are you typically paying cash for these houses?  I have been trying to do it the hard way for a few years waiting for it to come up for sale and its very competitive here in Tucson now.  Are the letters youre sending as simple as let me buy your house?  As other people have mentioned the mls is going to be much more accurate.  I was trying to use Zillow and Trulia and 90% of the time they had not been updated as to sales and what not. 

Hello Tabor, how has the business been for you lately?  What sort of projects do you focus on?  Which side of town?  I have pretty much stayed on the east side but it seems the deals here are getting harder and harder to find.  Have you had any luck with flipping in the south side?  I have never tried a flip and sell, but am always interested in hearing about it.

Kelly, Im not an expert but your deal can really be whatever you want it to be since you and your partner are making it. It definitely would be a good idea to set up an account for expenses and put a percentage of your monthly income into it, that way the money is there and should there be some repairs needed it will be available rather than hounding your partner to get their share. I think an LLC is a good idea in that it can protect you to from some liability short of gross negligence. The mortgage itself will not be in the LLCs name as the banks will be using your credit and you/your partner will be the responsible party for the payments. I pay my property manager 10% of my rent for their work so it is only fair that you take an extra portion but the amount is up to you. Thats my opinion there are way more experience people on here who will know better. Good luck!

 @Ken A, I think that is a very good strategy.  It seems that no matter what the pet your tenants have they invariably do some sort of damage....well maybe not goldfish.  Whether its unraveled carpet, chewed on miniblinds or scratch marks its always something. I see you say it depends on the house and such but on average what are you charging?  Maybe as percentage wise to rent?

I would definitely live in that duplex, just be very careful when screening your tenants....you certainly do not want some scumbags being your neighbor for years particularly if they know you are the landlord.  But, if I could do it all over again I would have definitely gone that route!

Im with Rob on this one, straight out of the gate you are making money.  Unless you have your eyes on a bigger project why get rid of it?  Milk that cow!

Sorry, last post was meant for Jerry Padilla, Im new to this!

Robert, is that possible? I have a VA loan on a house and I thought I was stuck with that until I sold that house to clear up my certificate. Apparently Im wasting my VA!!!