All Forum Posts by: Douglas Skipworth

@Ashley Kroft, what a great position to be in!

I've been in a similar spot with family.  

If I were in your and/or your mother-in-laws shoes, I would go to a local bank and use the free and clear house to secure a $150K+ line of credit. I would then use the line of credit for BRRRR's or fix and flips. I would try not to tie up any of the principal in down payments.

Personally, I had a family member do this same thing, but they used an investment portfolio as the collateral instead of real estate.

If you play your cards right, this might be the only short-term money you ever need.

Please let us know what you end up doing.

If I were starting out in Chicago today, I would reach out to @Mark Ainley. He's got the #1 investor podcast in your area, his property management company is first rate, and he's a great guy. Best of luck!

We used to do pet deposits, but now we collect a one-time "pet fee" upfront that is designated for damage repair and cleaning on the back end.  The pet owners understand (and it is one less deposit to account for).

@Engelo Rumora, when are you going to come back and visit us in Memphis?!  It's been too long.

Hey, Michael, I'm a big investor in Memphis.  I'm just curious, where have you been reading that it's becoming saturated with rentals? I'm always looking for more info about the market.

What's the worst real estate decision you ever made?  I shared one of mine on the Investor's Guide to Memphis Real Estate last week.

Are you considering using a wholesaler to buy real estate? In Memphis, we suggest using an agent to bridge the gap and protect your purchase.

If you're looking for property in Memphis, check out CrestCore Realty's deal of the week in 38122.

Here's a 60-second overview of how I turned the 1% rule into the 2% rule over the past decade in Memphis (using show sponsor CrestCore Realty for property management!)!

Be sure you understand what the 1% rule is and what it isn't, especially if you're investing in buy and holds in Memphis.