All Forum Posts by: Philip Williams

Definitely seems they are taking every penny out and not building cash reserves or a maintenance fund!

Welcome I'm in the Illinois area so not to far. I'm thinking of looking into the Milwaukee area in the near future. Have you attended a local rea up there? Maybe I can join you at one.

Yes wholesaling is in my opinion much more work than people make it out to be. You have to be able to estimate rehab costs. You have to figure time and expenses for the person you are selling it to. Lastly you still need a cash buyer for this all to be possible! Investing in a small buy and hold that you can live in one side perhaps rent out the other. Will give you a small start in land lording and still allow you to pursue wholesale if you so choose.

The best way with someone like her is to offer her cash. Find an amount you are comfortable with offer it to her, get it in righting move her and her stuff out change the locks. Offer to pay for a motel for a few weeks things like that?

Congrats!

Yeah I would definitely eat it. The last month rent and security deposit more than covers it. I don't think they were doing you a favor and letting you keep it. It was yours but on the other hand it is definitely high enough to cover those costs.

Have you explored seller financing? With an interest rate that high, it's possible they would be interested.

Perhaps if you offered to sign a two year lease? This would give the bank there required time to be able to count the income as rental income?

It depends how much time each would require? If time is what you find yourself wanting? Either would offer financial freedom, you can but multi families. Put someone in charge and do very little. Does your winery offer you this option? Obviously I and most on here know little about the winery situation. Perhaps you could go into a little detail the time required for you at least.

Is you have a decent place in a so/so neighborhood why are you having such turnover? We have some nice places in those type of neighborhoods and we literally can't get people to leave. They get in and want to stay for years because it's so much nicer than the surrounding areas.