All Forum Posts by: Chris LumLee

@Melanie Stephens

The biggest real estate mistake I made was lending $25,000 to a fix-and-flipper in Detroit. Not only did he default on the loan repayment but he closed his business and I wouldn't be surprised if he's on his way to Cabo with my money.

As they old saying goes: "They hate us cause they ain't us."

I have a property in Detroit that I'm leaning towards walking away from but since my buyers backed out for tenant-related reasons I'm stuck. Can one just forfeit a property? No mortgage and in decent condition.

Can anyone recommend an agent in Detroit, MI? Thanks!

@Brian Williams I haven't had any issues. What's going on?

@Kyle J. Thank you!

Hi,

Let me try that again...if I buy a wholesale contract, can I keep it as part of my buy and hold portfolio? If so, how does that work? I buy the contract, and do I just keep the contract and go through with the property purchase? Thanks!

@Matt Ayoub It's a VERY sound strategy. The only comment I have is that you should add more properties for added income sources in case some real outlier stuff happens (such as a major illness).

@Brett Palmer My vote goes to paying down your primary house.

@Mindy Jensen What I would try to put in is the cost to rebuild the entire structure. Unrealistic, I know. But that would help me sleep at night.