All Forum Posts by: Philip Williams

Yeah those numbers look solid congrats on the new purchase! It does get easier and the jitters go away but sometimes we wish they didn't. Sometimes with confidence comes recklessness......Been there done that haha

I think this thread is a great advertisement for professional property management! When I first started I was scared to death of property management from all the horror stories I had read. Now that I have switched everything to management something like this simply couldn't happen. They have systems in place to prevent these sort of situations. Like mentioned above they have move in check lists the tenants have to sign beforehand accepting the condition of the rental. They are the buffer to having to bring bubba with when you go to your rental. Also I would love to be a fly on the wall if a tenant suggested trading anything for rent lol. It's amazing how your perspective changes with time, spend more time doing things that make you money and less that are a waste of time like arguing with tenants!

That's crazy it really does depend on the area my 11 unit generates about 6k a month and I would run to the bank if someone offered me 600k lol 

It's a bit different than car insurance in my opinion. Although we do live in a litigious society you actually have to do something wrong to be sued and lose. I have been involved in one lawsuit in real estate and it was against a slum lord who hid things behind walls etc. It was a long expensive process that I eventually won but that taught me how truly hard it is to sue someone when you have the law 100% percent behind you. Everything I own with partners is owned in an llc but i'm starting to realize like @Nathan Gesner said the good owners never get sued, have never lost an asset. This includes thousands of units my mentor's, property managers and friends own. The fact that we haven't heard these horror stories from great landlords on BP truly gives me pause and leads to to believe it is over-hyped. As a caveat of course if your a slum lord maybe you should have an llc because the possibility of getting sued is much much higher lol. 

New PRICE! 50,000

Hey @Erik W. I think the main problem is your rent is abysmally low for your all in price. I'll give a real world example, I bought an property at auction for 34,000 the rehab should be about 11,000. So i'm all i for 45,000, I could rent this property for conservatively 900 optimistically 1000. Lets go with the 900 for the sake of this example, if I simply use your numbers even factoring in vacany of say 5% the profit shoots from 20 profit to at least a couple hundred. While this isn't a home run by any sense you can see how this can quickly scale. Also I don't want to speak for all investors but most I know don't have 15 year notes. Most shoot for 30 if they can get them and if not 25 or 20. Hope this helps!

Hey guys need your help on this one! So I decided to use a wholesaler to sell one of my flips. During our conversation he asked if I would be interested in being a transitional lender. I had a vague idea of wholesalers using transitional funding in circumstances like with a short sale or with HUD but had never personally encountered one. So I would fund the A-B side it sounds pretty painless and would us a title company and attorney. What am I missing this seems way too painless! It's not quite as lucrative as flipping but it seems like a relatively easy way to lock up 1.5-2% returns in less than 48 hours help lol!

While I in no way want to speculate on what market may or may not appreciate, I can speak to the burden of unloading your worst property. It is such a load of bricks off your back I would do it for that alone. My worst performing property actually made a couple hundred dollars a month but simply was not worth the headache. I cannot tell you the pleasure it gave me to never have to visit it again.