All Forum Posts by: Philip Williams

Just have him sign a month to month lease at closing, before the closing is finished obviously. Then give him his 30 day notice that you are not keeping him around. I hope this is a great deal be prepared for a possible hold over or eviction!

Want to be more jealous lol? About the only complaint I have about it is that I never get a late payment because the tenants are too good. 4 of them have been there for 20+ years and 3 have been there for 15 plus years. @Alvin Sylvain

People scoff at these deals and while I admit the good ones aren't often on loopnet for 500 days they are around. I purchased an 11 unit for 340k that cashflows between your 1600-2400 a month. In all fairness with the amount we are saving for reserves and cap ex it is closer to 2000 a month but it was a killer deal. Oh and it was not in st louis so defintely not apples to apples just more of a example for all those there are no good deals around people lol. 

Also I should mention through rentals, while I do flip houses they are not a part of my long term goals. They are too much like real work and simply being used to help me acquire more rentals in a shorter amount of time.

@Kenneth Williams I try not to set super long term goals, I set yearly goals. It seems too easy to set sky high goals with no plan of how to attain said goal. That being said I had a goal of 10k in net income per month. Having already passed that my next will be 25k a month.

@Account Closed so far we have bought a 12 unit and 3 houses at auction. We are going to brrrr 2 of them and flip one of them. We buy a lot of auction properties and depending on the price location etc determines if we flip or hold them as rentals. 

Well thank you @Jennifer J Bennett perseverance definitely is key!

@Dana Whicker Thanks hopefully i'll have more of these stories to tell lol!

Thanks @Jay Hinrichs the most satisfying part I believe is the fact that certainly wasn't my purpose at all in talking to that individual. It shows how partners or lenders comes from places that you least expect. 

I am sure you like most others on this site have been looking for the ever elusive private lender. Here is my story of how I found mine and hopefully it translates and leads others to the same success. I have listened to every episode of the bigger pockets podcast and have heard @Brandon Turner say about a thousand times, tell everyone you meet what you do. One of the reasons behind this is you never know  who is listening and is just waiting to invest with you if only they knew you were a real estate investor. One of my friends is an entrepreneur who has embarked on various different business ventures. While he was not a high net worth individual by any means he had the right mindset to be successful in the real estate world. So I did what any good friend would do I regaled him with the highs and lows of real estate we debated the merits of real estate versus owning other businesses such as restaurants or auto shops etc. This was solely to educate him and hopefully draw him into the investing world, little did I know a close friend of his had always been interested in real estate and he had unbeknownst to me been relaying the info I told him to his friend. Fast forward a couple years and he introduced the two of us and as they say the rest is history. I won't go into the exact details of our partnership, I will however say it was over a 7 figure investment that only came about because I had been talking about my investing to everyone that I met. Telling them the highs and lows and what my current and future business plans looked like. I hope this helps some of the newer investors, the ones who are still attending meetups taking people out to dinner and buying coffee in the end the hard work will pay off.