All Forum Posts by: Anna Buffkin

Disclaimer: I'm not a wholesaler nor have I ever wholesaled.  

It appears to me that the most successful wholesalers began in another part of real estate and found their niche in wholesaling.  I've seen a couple of successful flippers for example who realized they are better at finding the deal than rehabbing and pivot into wholesaling.

I also met a buy and hold investor during the downturn buy several properties at the courthouse and then list some for wholesale and keep the others to rent.     

Would you recommend Brandon Turner's The Book on Rental Property Investing for experienced investors? 

I received it for Christmas this year.  I currently own 9 properties/ 10 units which have been acquired both on and off market though a variety of financing methods.  I am trying to decide whether to read it or exchange it.  If your recommendation is exchange, what book would you get instead?  

@Lesley Resnick, I used credit cards on my last BRRR. I open up a no interest for 12 or 18 month card and then pay off when I refi.

@Nicholas Reyes  How about wholesaling it another investor for $15k and using the roughly $4k gain (assume $1k in closing and holding spent) to start saving on a down payment for your next project or paying down debt if that is what is holding your credit down?

Why not just put it on credit cards or a personal loan?  9-12% no loan fees is not that bad.  

When the property is rehabbed, call around to local banks and credit unions.  I have done several small loans including a $48k loan on a $60k purchase last month with local credit unions.  I have one credit union that lends up to $120k in house.  They did a loan on a $30k condo for me 2 years ago.   

If you have it in the budget, you can do it out of the goodness of your heart, but I would not give gifts expecting a business benefit.

@Dassi Lazar No holiday gift.  I tend to do the opposite.  I send a letter out in mid to late November reminding the tenant that the best gift they can give their family this Christmas is a roof over their head and remind them to pay on time.  I do file evictions in December as if they can't pay in December, they usually have a harder time paying in January when all the cash has been spent on gifts for family.

I do send small gift cards to tenants who have been very courteous and helpful during large maintenance issues that are no fault of theirs like a tree partially fell on a property last June.  I gave the tenant a $20 gift card to Walmart as a thank you for assisting me to the point I didn't have to go to the property except to meet the insurance agent.

South Carolina tenant law requires a 5 day grace before eviction process can begin.

Good advice.  I've learned the hard way how good this advice actually is.

 It's always been a pleasant experience until now.  As stated,  I had a great experience with a retiring landlord.  My purchase prior to this one was a distressed property from an older widow who was relieved to sell as she could not afford to fix and sell or rent. 

I generally like to learn why they sold at closing.  They generally just tell me with no prompting.   I've heard things like tax debt, remarriage, and sadly a senior couple who could no longer live alone.