All Forum Posts by: Ian Kee

Well it depends on your lease and the landlord tenant laws of wherever your rental is. Some places allow you to withhold the actual cost of cleaning. Does your security deposit have a non-refundable portion for cleaning, or was it just an overall security deposit? It's very unlikely that you can just withhold the entire security deposit just because they lied about a pet.

Don't let your gf relationship get terminated. ;-)

Have you ever played the Cash Flow game by Robert Kiyosaki? It's a cool way to play a fun game that exposes you to what happens when you buy or sell. The goal of the game is to get out of the rat race (long term passive income exceeding your expenses), so every time you sell something that's cash flowing, you're going the wrong direction. However, if by selling you are able to get a lot of cash that could be used to buy better cash flowing properties....then maybe one step back would equal two or three steps forward!

I have done some wholesaling in the past, but I prefer holding rentals now. Yep, returns can still be excellent, but if you're making $60k on a wholesale deal, I should hope you're leaving a lot more profit available for the end buyer, as they are going to be the one taking on all the risk. It's possible to make even more than that wholesaling. =)

@Abigail Timbol This is exciting and frustrating for you I'm sure! You will never know it all, but you don't have to know it all to get started. You do however need to know enough about whatever specific strategy you're going to focus on. Biggerpockets is a great place to start getting educated. Do however make sure that whoever you're listening to is someone worth listening to. People go to college to learn how to become a professional doctor, or CPA, or biologist etc...consider finding some sort of actual education for real estate.

Obviously we all want to make money in real estate and want to make good purchases right from the get go, but real estate has this funny way of covering up mistakes over time. I like the idea of lowering the purchase price by the amount of lost rent for the first year.

@Rodney Banks There are some banks that don't require the 6 month seasoning. I've found a couple here in Wisconsin, you'll just have to do your research for where you live. Check with some national banks too.

@Brian Pulaski No you're right, the wholesaler does need to know what the repairs might cost. If he doesn't, how does he know it will be a good deal for whoever he's wholesaling it to? So a wholesaler must both know his numbers, and also the numbers of the end buyer.

@Eric Jennings What I did was tag along with a contractor for a couple hundred deals and watch them price things out. You could also tag along with insurance agents and watch them price things out.

And you. The numbers are important, so are you. Do you want to flip houses in the $2M neighborhood, or would you prefer the $500k or the $50k? Just because the numbers work doesn't mean I'm going to go out and do a commercial flip. I don't know anything about commercial. So you need to focus on what fits your investor ID.

Well wholesalers have to do a lot of work for a relatively small profit. They also have to make sure that the deal is good enough for whoever they're wholesaling to, to make a profit, and then they have to make a profit on top of it. It's a good model to make money in real estate because there's very little risk, but it's also one of the ones with the lowest return.