All Forum Posts by: Philip Williams

@Ben Leybovich awesome just don't make me sound to crazy lol! @Larry Smet that's a crazy idea and it sounds so simple, I am definitely going to pursue that in the future great advise. 

Hey I don't know much about this subject but from what I do know be very careful!! Before you purchase make sure you understand exactly what it is you are getting into. Try and find out if you are grandfathered into the additions that were done without permits and if not can the owners get it rezoned before you purchase it. 

Well first I wouldn't use it to make a cash purchase, as long as you have a job and your debt to income ratios are good I would use it to make a down payment on a multi unit in a lower income area. You aren't looking for a warzone that has high crime but simply an area that is slightly economically depressed and on the way back up. 

Hey brie I just saw this and I was actually forming my email to you lol. You know i'll be there can't wait!

@Zoran M.  Hey great question Zoran, I don't show any W-2 income which is awful for getting mortgages. As far as personal loans I was offered small amounts by banks 5-20k but I already had cash reserves so a small personal loan wasn't going to help me out much in the short term. I have not worked with a portfolio lender and have just now started talking to banks about portfolio loans in the future. 

@Wendell De Guzman  Hey Wendell nice to hear from you! I saw you at the last chicago meetup but didn't have a chance to say hi, I will make sure to do so at the next one. The tenant management does seem to be a problem for most people especially as the number of tenants that you have to deal with goes up. Fortunately I don't have a day job so I am able to devote as much time to the task as is necessary. 

@Paul Palmer    Hey paul great advise thanks! Perhaps you could explain what you mean by creating a note on a property that has equity in it. Most people have only tried a heloc or a refi things of that nature. @Arthur Banks will do sounds great! @Jimmy Moncrief  @Donald Nylander @Eric M. @Marco Y. @LaTisha Crawford Thanks for the well wishes hopefully you have read the whole thread and utilize all the resources bigger pockets has to offer it's done wonders for my businesses. 

@Arthur Banks Thanks I appreciate it and yeah I'm  pretty close. If you want to meet up grab lunch talk real estate anytime just let me know. 

thanks all!!

@Jerry W.  Thanks for the advise and I certainly will be careful about getting big to quick! I am going to be out of money after these deals come to fruition but only for a few months and I will be paying down the couple loans and mortgages we have. All three of the duplexes we currently own are paid off and we will be purchasing one more cash out of the next four deals. After about six months with the cash flow and refinancing we should be ready to get more if we so choose. We are also in the process of starting a full service property management company in the area with our properties all being managed by that entity. We have one property manager at the moment who is awesome, I trained her myself she basically shadowed me for a couple months. 

@Gary Shaw We have some on the west side of the city and some in rockford. We are looking for good deals and properties with value, right now we are looking primarily for multifamily units. We aren't actually planning on buying anything for a few months until everything stablizes and we are ready to expand but if the right deal came along of course we would be interested.