All Forum Posts by: Matt Corrado

Ok awesome. Thanks Ken!  Born and raised in Schaumburg, connecting with you now. Small world!

@John Teachout

Thank you John!

Scenario:

I closed on a duplex Mid-December and the Seller has stayed in a unit until March 1st. This was planned as his new place wasn’t going to be ready until Spring and it helped me not have a vacancy right away.

He paid prorated December, Jan and Feb rent, and a one months security deposit. I also made him sign a lease and he recently signed a notice to vacate.

Therefore, my question is since I wasn’t able to do a Move-In Checklist, do I have any leverage to deduct from his security deposit if I find major damages? What are my options and has anyone else encountered his scenario?

Thank you in advance!

Hey Pete-

A great way you've probably heard of is driving for dollars, as you will see first hand the condition of the properties.  Now that you've identified your "criteria" of small multi-fam buy and holds, identify specific areas and locations you want to invest in.  Then, look for distressed properties - ex. poor landscaping/tall grass, doors off hinges, broken screens and windows, etc.  Simple things that need a little TLC that you can tell have been neglected.  Majority of the time that means owner doesn't care or is out of state.

Write those addresses down, then come back and plug them into listsource.com and send those owners a letter!  Most aren't willing to put in the extra work, but the fact you're on here means you're already setting yourself a part from the competition.  Go get it, Pete!

Hey Robert-

All you need is a great lawyer and they will know how to handle the title and paperwork (or if an agency is needed, not sure WI laws).  I found my first deal driving for dollars for a mentor and am now a huge fan of direct mail campaigns due to James's points above.  No commission fees either!  Lock it down and best of luck!

@John Neff

Hey John - one outside the box is “Can’t Hurt Me” by David Goggins. I believe before I got into RE for good, I needed a mindset reset. I’ve always had big aspirations, but just wasn’t true to myself, knowing it’s a lot of hard work to get there. You being on this forum makes it obvious you’re looking to be better than your yesterday - Kudos for that.

But if you’re not willing to make CONSISTENT, TOUGH choices EVERYDAY (I.e Health, sleep, nutrition, exercise, etc) then all the RE books in the world don’t matter. Maybe you’re way ahead in that than me, but I believe we need to work on ourselves first before anything else.

Best of luck!

MC

@Kenny Dahill This is great Kenny! Thank you for the link as I got some digging to do now! Very descriptive and great feedback as well!

@Mike S. Thank you, Mike! Appreciate the feedback!

@Maya Roberts such a detailed description, love how selfless you were here with your time Maya! Will definitely research :)

@Kaiser J. Thank you so much for taking the time out, very generous! Will definitely look into