All Forum Posts by: Jhanel Wilson

@Harvey Mac

Congratulations! I started investing as soon as I graduated and I reached financial freedom 9 year later. Would have been sooner if I knew all the things I know now.

Having multiple funding options is key! You do not need 20% down!!!!!! This slows a lot of people down.

Understanding value. The price and value are rarely the same. You want to make sure you buy properties that are under valued.

Good luck!!

@John Chen

Yes having a trust and LLC would do the same. I started in 2004 before trusts became popular. So I have LLC's.

I also have insurance, so if someone tries to sue, and I am liable, they will pay. I have plenty of insurance so they won’t be able to take my properties or any equity. Most people trying to sue are just trying to get a quick buck.

If LLC's are too costly then go the trust route.

If you cash out refinance your current home will you have enough for down payment?

I have been doing cash for keys. What is your gripe with it?

I have done it twice during our eviction moratorium. Was able to get a better higher paying tenant in the places. Peace of mind is priceless. But I am also now getting full rent. It’ll pay for itself in 4 months.

I use Buildium, it’s a professional software. Has all the features you would need to successfully manage a rental and have the tenant never know you.

I’ve never done these types of rentals so I’m not much help.

But I would definitely do ALLL the checks. Especially since they are living with you.

Pull out the cash by refinancing. Then reinvest.

Philly is definitely a hot market. You can still find deals as long as you’re not looking like everyone else is buying.

I still see reasonable prices in the north east part of philly. 

I would keep looking for plumbers or handymen. Focus all my energy on solving the problem instead of going back and forth with the tenant.

Have them install copper instead of pex.

This sounds like a great deal. Reminds me of deals here in philly.

Have you gotten multiple quotes on the renovation? Try to spend the least amount possible.

Don’t pay any utilities if you don’t have to.

Get a property management software. I use Buildium. They can pay their rent online, or pay in stores like CVS and 7-11. They can submit maintence requests online, and you can forward to your maintence person. Or you can have it set up so that it goes directly to both you and the maintenance person.

If this goes well, leverage your funds and get 2 properties instead of using all your money and only getting one property.

Congrats and good luck!!