All Forum Posts by: Leon Henry

good question... wonder if a lien or a judgement could be filed on me or my other properties. 

thanks 

I reposted on my reply to you, still learning BP

i hear you on that also, I have enough capital to continue investing without a loan which was my dilemma.. Should I take the credit hit.. but I am thinking that in America credit is everything so I am gonna plan on just making some changes and deal with the headache at least at this point in time so I can continue to use the banks money.

@Bradley Bogdan that is great advice. I have done sec 8 in the past but currently my tenants are not and they have been great for almost two years. Section 8 was a bad experience.. I am thinking that putting the money up to balance the loan to house value which will be about 15-20k then refinancing to a 15yr would be best so I can start hitting the principle harder and get a little more profit that I can roll back in so I can start building equity. I had this house for 7 years but not much has been paid down. Just hoping they will stay for a long time and things will be great. Had a 5yr horrible run but the past two have actually been good just the fear of the future is probably whats making me wanna run lol.  

thanks again I was thinking in the same direction concerning the principle. 

I have probably answered my own question because I have already closed my first wholesaling deal a couple months ago but my concern is: 

Is direct mail a waste of time when marketing for houses in a small city surrounded by suburbs, located over an hour from any major city.

I am wondering if it was just luck or if direct mail marketing strategy is worth continuing to pursue?

It took some creativity to get it to cash flow. I turned the dinning room into a third bedroom, got the property insulated, added a washer and drier, replaced some old windows, and converted it from oil to gas. with the upgrades I was able to charge more for rent and same money on utilities. I still plan on making the washer and drier coin operated with will add more income, but for now it is still cash following a few hundred a month. 

I no longer live in the property due to buying a single family home in a part of town with higher property values. I am also in the process of selling another duplex. This House on Dewey is difficult because even though I have great tenants now, both have been there for over a year... It is very difficult to screen tenants in a low income neighbor regardless of what you do. For the most part you will not find people with high income paying jobs and good credit. However you do meet some great people but usual they do have means to pay consistently over a long period of time. Thanks for the references Justin Jacques.

That was great advise, thanks a lot. The reason I've stuck with it and continued to push even when I was close to losing the property was due to my integrity. I go off emotions with a lot of my investments and always try to do whats best for the people that I am providing services and the people that have given me opportunity including the BANKS. I do have to look at the pro's and it does produce income now after improvising turning a dinning room into an extra bedroom, so I could charge higher rent. It also help build my credit to where I am today, why take a a loss now.