All Forum Posts by: Luka Milicevic

I hate to say this, but generally there are no cures when you overpay for a property. The old cliche "you make money when you buy" tends to be true. Too late for that now, so here are a few options you might have.... Refinance your existing mortgage to a lower rate and put more money down in order to lower payment. (If you can) Manage the property yourself Make the tenants pay for their utilities Monetize your units with laundry if they don't have them. Vending machines perhaps. These will probably not contribute much but it is an idea. Sell and move on The roof leak/repair should have been covered with the 50% rule. Half your cash flow will be used for capital upgrades, etc. You have spread yourself very thin, and I think the best thing to Do would either be refi or sell. Hope this somewhat helps. Good luck

There are tons of resources here if you search for the keyword wholesaling. I'll summarize real quick: Wholesaling does take money. Mostly for marketing as you will need to market your business to find motivated sellers. This includes things like a website, display signs, newspaper ads, direct mailers. You will also have to find the best deals in order for your buyers to want them and for you to be able to profit. Good luck in your venture. Make sure to listen to the podcasts, there are multiple wholesaling podcasts available on the BP Channel.

Get the project source brand from Lowes and stain them yourself. Absolute best discovery I have made. 

Keep the tub. The shower only appeals to bachelors.

In addition some codes, depending on state I'm sure; won't allow you to consider it a full bath if you have a shower! So your unit will really be a 1/0.5. It would be considered a half bath since it doesn't have a tub.

Definitely keep the tub. Same reason you paint rooms with neutral colors-they appeal to the largest number of people.

I don't. I think it will be too complicated to do that. 

One bank account for all properties and a separate bank account to hold security deposits. In my state (TN) by law you have to hold security deposits in a separate account specifically designated for that purpose.

Now if you have multiple partnerships, LLCs, etc that would be different. If you are holding all of them in one entity I would say one bank account is okay. 

Others might have different opinions, but that's the way I do it.

Very nice, my friend. Keep up the good work and be patient and persistent! 

I personally judge neighborhoods by the quality of their schools. I have found that good neighborhoods tend to have good schools and vice versa. 

I lived in Chicago at one point and I do think 40k total is going to be difficult to find unless you go to really bad neighborhoods and find houses that need a ton of work.

I have been in this situation before. Not from the landlord side but the tenant side as I am an immigrant. It was very difficult for me to find housing without a credit report and no co-signer even with income and good references. One landlord gave me a shot but required 4 months of rent as my deposit. I ended up being one of their better tenants. If their income checks out, I wouldn't worry too much about the credit check. It's not like they were hiding it, they simply don't have the means of providing you with a SSN. Even if they did, their reports would have absolutely nothing on them. Gut feeling goes a long way

Lekka oke!

Welcome! Always nice to have a fellow South African on here. I'm in Nashville, TN now but originally from Jo'burg.

Wish you much success in your ventures.

Welcome to BP!!! This is the best place to learn/connect. 

The podcasts are gold mines of information. Make sure to listen!