All Forum Posts by: Brandon Hicks

@Nandy B.

$17500 in Kendallville IN

$1000 down land contract at 5% for 48 months I think

Was rented at $595/month. I painted the exterior and made a few minor repairs while I held it. Sold it for $34k or $36k 12 months later to pay long term capital gains vs short.

I’d definitely do that deal again.

@Tom Matousek

First off...switching realtors (brokers) at this point is going to create some tension as you are technically the buyer of the agent you already wrote the offer through. He or she is entitled to the commission so you’d likely have to pay for your own buyers agent if you go that route.

@Gerardo Escutia

A new tenant would be cheaper 🤷‍♂️

@Lee Bell

It’s Chicago. Legality doesn’t matter.

@Corbin Jones

It’s a form of seller financing sometimes referred to as contract for deed. It’s the real estate equivalent to “buy here, pay here” in that you make your monthly payments to the seller. It’s not legal in every state so be sure to verify your state’s stance on it before attempting it. It’s a great way to buy since you potentially don’t have to meet the same criteria as you would for a bank loan.

@Jonathon Weber

Which kind of millionaire are you?

@Jonathon Weber

So if I own $10m worth of free and clear real estate but only have a $100k in cash I’m not a millionaire?

The school my kids go to would encourage them to tell any kids spewing that much nonsense to “walk away”

@Alvin Uy

Whatever you do, be sure that you’re preparing for the recession. Most lines got slashed by a good margin or frozen in last one. That $900k line could very easy drop to $400k or less when things hit the fan next time.

@Carmen Pellegrino

You’ll need a smaller bank that lends for their own portfolio vs a larger lender that just sells into the secondary market. For Fort Wayne, check out First Federal, Garrett State Bank, FM Bank for starters.

@Irina Belkofer

I own and self manage 54 units and have ZERO people on payroll. I find people to do all the work I want done at rates from $10 to $25/hr. I utilize cheap high school labor for low skill stuff and pay $20-25 for higher skill maintenance/handyman type repair and improvements. I do a little of the work in between tenants but rarely do anything myself once units are occupied.

The benefits of being within a 30 min drive my properties is that I can hire locally with much more ease.