All Forum Posts by: Edward Prochilo

@Erich Oertel

I don’t have actual experience yet, but I’ve always been taught 1st, last, and security deposit. I’ve also always been taught the security deposit needs to be a different amount than rent so it is not confused (or legally considered) as a month’s payment of rent, much like Ned J. mentioned. Reading through the other replies I’m surprised to see so many that charge the same amount for the security deposit.

This may be a stupid question, but I am curious to know. I have never seen nor heard where anybody talks about this. As a landlord, how do you own your personal/primary residence? Do you personally own it and pay the mortgage or does your business own it and you rent it from your business?

Does anyone in South Carolina have experience buying property from a neighborhood Home Owners Association? Is wholesaling/assignment of contract able to be done with this type of seller or is it viewed more like an REO where it cannot be assigned? If assignment is not allowed, what about a double closing?

@Bob Norton

I am always looking for ways of making extra income. I have usually worked multiple jobs, at one time having four jobs and barely any sleep. I am too old to do that now. I also cannot get another job because my current job is a weekly swing shift position that is an irregular schedule. I also make too much at my current job for a second job to make any sense. I just work overtime when I can, which I do plenty of.

As far as wholesaling, as I’ve said it doesn’t seem to be for me. I have tried it several times but haven’t been able to get it to work out. I still look for opportunities but my confidence level now is much lower than when I first began trying.

So far I’ve seen: leave the 401k alone, cut expenses (done), make more money (done), work on paying debt (trying).

Keep in mind the only reason I have any cash flow is because I’m not paying on any of my unsecured debt. If I were to do that my cash flow would be -1500 or more.

So do I go ahead with bankruptcy or keep going as I have been?

The last attorney I spoke with wanted $2400 to file chapter 13 (couldn’t do at the time, 6 months of saving from now on), then I’m still on the hook for the debt but basically in the form of a consolidation loan that would be required to be paid off in 5 years. (Also couldn’t afford then or probably even now).

@Charles Carillo

I have already cut my expenses almost as much as possible. I am making the best money I have ever made working. The problem is this is old debt from being basically out of work for almost 3 years several years ago and before that when I didn’t make very good money. I’m doing my best to pay it down but I seem to be spinning my wheels, especially after the setbacks over the last 2 years that put me way behind. It will take a long time to get that repaired without some kind of jumpstart. That also means my situation will not change for a very, very long time without some type of out of the box thinking.

I need advice on how to proceed financially. Until two years ago I paid all my bills on time and had a credit score of around 730. Then I had several financial setbacks and couldn’t afford my bills anymore. I stopped paying on all my unsecured debt one year ago but continue to pay on my secured debt and monthly bills, and now have a credit score of around 500. I just now have a current cash flow of maybe $400/month. I am looking at making a hardship withdrawal from my 401k in January under the new laws going into effect at the beginning of the year. This should give me about $25,000 after taxes and penalties to utilize. What would be the best use for it? Do I settle on a portion of my delinquent debt, hopefully bringing my credit score back up? Do I pay off some of my up to date debt which could net me another $500/month cash flow? Do I purchase property for a lower cash flow but also gain a cash producing asset?

I have been trying to break into REI for several years. I took several classes on wholesaling but have not been able to make a successful deal. That strategy does not seem to be for me.