All Forum Posts by: Sky Mikesell

Andrea there are a few ways of looking at this... some will tell you the other is a glorified lead source that you are paying 50% profits to.. i view it more as if you dont have other deals going on that make you more then the 50% you are going to make working leads provided then you are in a great spot. if you have a job working for someone else you already trade your time for money... so why not do it when it is something more lucrative.       there of course are a number of questions you should be asking... as boots on the ground are you just checking out houses for them, trying to buy them, are they going to wholesale them after you lock down the deal or are they going to renovate and retail them.. etc etc etc.      find out the whole plan... get a full understanding of how it will work and what Your role is and what their role is...   and make decisions from there if it is something that aligns with your goals of learning the business and making money. 

Great news Ashley you dont need a license if you are the principal in a transaction.  Lots of great info on here. I am in charlotte as well feel free to reach out anytime. 

Welcome @Robert Car

yes a lot is here.   feel free to connect i have been in the buy & hold business since i was 19 (im 38 now)  so can share a number of places to start with you.   feel free to Private message me on here. 

Lots of options in florida for vacation rentals. i have one there myself, not bc i plan to retire there but bc i like taking my kids there as often as we get the chance.  we keep our vacation rental pretty occupied using Air BnB.  It cash flows, its nice, and its going up in value :) 

Gosh i hate to sound like the odd man out but eviction is the last resort.   Yes we have high expectations for our tenants, Yes we make them pay late fees, Yes we kick out plenty of them...  but the cost of eviction, lost rent,  turn-over cost, potential malicious damage--- Not worth it. 

Don't misunderstand we don't let our tenants chill out in the property without paying but we most certainly pick out battles. 

In the beginning of any new tenant relationship we are pretty tough... because we have no history with them and don't know their habits... but if they have been with us one year or more we work with them if need be.  

 Lots of feedback for you to work with on here. You will figure out your own way. 

@Derek A.

-Should I verify the duplex tenants are paying their rent and how should I do this?

* Ask for a copy of the signed rental agreement.  You could also request a copy of the tenant ledger so you can review their payment history. 

-What will need to be done if purchasing the duplex with tenants who have a lease with the current owner? 

  Varies by state.  Regardless tenant rights remain. Would not hurt for simplicity purposes to get the lease agreement in  your name. 

-What type of insurance do I need? Can I get one policy to cover all of my business dealings or do I need separate policies for each property? 

 If you are getting conventional financing your lender will require insurance against the collateral they are loaning on.  Insurance "for all  your business dealings" would be an umbrella policy and those never hurt to have. 

-Can I rent out a property that I purchase on contract for deed?

Yes. Unless they put it into the agreement that only you are to occupy the property.  So be clear with them of your intentions and make sure that is not in the agreement. 

-How should I collect my rents?

With a baseball bat!    :)   j/k   clarify your question.   there are a lot of online services that will let your tenants pay online or at a convenience store and that online service will directect deposit into your account.   You can use a property manager. You can have them mail you a check.  Options are endless.... as long as it is in USD and the check clears not sure how you get it is as important :) 

I have not been aware of a program like you describe since 2007.  Most lenders (big or small) want their borrowers to have some of their own money in the deal.  

:)  @Saul Guerrero  you put it very simply.   As you figured out there are some details missing buy you go the main point.   when i first started in wholesaling i always told my sellers i have a "network of cash investors" "part of an investor group"   anyway i always inferred it was other people i knew that had the cash.... because at the time it was true :)    Good luck. 

@Jeff Macdonald  .... two houses on one lot that are not physically connected are a challenge for conventional financing which i also found out the hard way.    Reach out to Peak Financing and talk to them. they are a great group and will likely be able to help you. it would be a portfolio loan but they will work through it with you if it can be worked through. :)

Not sure any one wants to jump in on the political conversation co-mingled with real estate talk :)  haha..   I will respond by saying the properties in the suburbs probably didn't cash flow anyway so we wont have to worry about this. :)