All Forum Posts by: Laurie Johnson

Ok as a person who took care of both parents before they died let me say this is great that you want to take care of your mother. Now here is the reality do NOT ever do something that will kill your financial future for anyone else. Your mother may want to live in this particular area then you may not be the landlord for her. Does she have any money to "purchase" her own home? As someone who made the mistake of investing in future gains you can lose EVERYTHING if something goes wrong. Roof, plumbing, any other major events we do not plan on. I would think possibly about a duplex. You and your mom could have your own sides and or rent out one side. Be very careful because your financial future is at stake here. You would not let your mother do this if the roles were reversed. Good Luck

Read the book here and go to your local REIA meetings. Wholesaling is "easy" and it takes work. Also some great videos on YOUTUBE to get the steps and motivation. Good Luck you can do it.

Chris what do you mean? Depends on what your end game is? As a wholesaler I never purchase a property I assign the contract. As buy and flip you sell after you fix. As a buy and hold you hold. So not sure which is your end game.

No if anything work with a local investor/mentor and use that money for marketing.

Are there any investors that have walked away from investing for a while? If so when you returned or relocated how did you get yourself back into the swing of things? Did you start over and if so how did you relearn the business? Thanks in advance.

Find someone in your local REIA with a purchase contract. Do not write your own unless you are a lawyer.

Not sure what your end goal is? Are you holding on to this property? The numbers look ok. However it seems more like a retail deal to me then a wholesale deal if that is what you are going for? Is there any seller financing with this? Is it rented? The repairs who got the estimates? Did you do an inspection?

Ok I would definitely go check out "smoke" issue. While there talk to the upstairs tenant and find out how everything is going? Not in regards to issue with downstairs tenant just living conditions in general. If something happens and the tenant gets hurt you could be held liable. PS do you require your tenants to have renters insurance you may want to enforce that as another reason to "check" on things. Good Luck.

Did you do an inspection? Was there any warranty given on the house? Do you have financing? Did you take videos/pictures of the bad plumbing and then the repairs?

IMPO this is not a deal at all. No matter if they accepted your first offer. With your higher offer after repairs, holding costs, closing costs and realtor commissions you are WAY over retail price. I would find another property. Just my opinion.