All Forum Posts by: Jonathan Wilks

In your case i would sell the condo it doesn't seem to financially be beneficial to keep it at this time. 

I would talk to local multi-family  realtors and property managers in the area you would like to invest. They both should have enough knowledge to answer the questions you have. 

I would recommend using the rental calculator. It will help you figure out the process and to account for all the information needed.  Once you have done that you will know whether its good investment and if the return on your investment is desirable. 

One method that i have heard of is working with probate attorneys, another is looking at court records and tracking next of kin. This can be beneficial when the next of kin is out of state. 

I would for the fix and flips be using a separate LLC that would be have S corp status. The reason i would have a separate entity is for a few reasons the liability of impacting your other properties through a lawsuit. In addition the steady passive income from a tax method is easier to pass the income with lower tax measure. The fix and flip will be a heavy accounting business with having to keep track of receipts and deductions and having big chunks of income.

Dodd frank will come to play on a deal of this sort.  You may be able to provide gap funding if the deal needs it to finish the property.  

A better opportunity might be to be the listing agent for the property when sold for retail.  if you could sign a contract to be the listing agent. if you can bring private money to the table. 

Congrats!  Cash flow is cashflow, and with the equity you seem to be in a good place on your place to wealth. 

That depends on the city and regulations for instance in the city of long beach it is very difficult to change zoning. 

That seems reasonable to use the equity line, except if the economy drops again and they call your line due.

I have a real estate license and it is pretty cool to be able to receive a commission on the deals you do. It does occasionally allow you a little extra on a tight flip to work with. The thing i find to be really beneficial though is the education you gain in study for your real estate license. The MLS access is also pretty useful to directly be able to search for deals and market areas where you can become an expert.