All Forum Posts by: Matt Ridenour

Thanks Jay.  I am waiting to hear from an attorney recommended by a fellow investor.  I'm fairly sure he is in default.  My best estimate is that I could wholesale the property for 130k right now. I'd have to put roughly 20k in to make it market ready.  I think I could sell it for 200k, but there's no guarantee based on how our market is softening.  

I'm hoping to field some advice on a land contract situation.  I have a tenant who purchased my property on a seller financed 5 year balloon.  He has 2 years to go, but I just discovered that he hasn't been paying his taxes.  It seems pretty sure that he isn't going to be able to pay them before the county steps in.  

He still owes me around 150k on the property.  With the market in my area (Ann Arbor Michigan) softening up, I'm afraid that I won't see that cash.  (Thinking I'll have to take it back and the market will be at the bottom.)  I would like to be in a cash heavy situation in time for the next market crash.  

Any advice on how to move forward?

Hi all.  I'm brand new to Bigger Pockets.  I've been out of RE for over 10 years but am looking to to get back in.  I'm 5 years from retiring as a music teacher and I'd like to start switching over.  I've been scanning for helpful advice on goal setting, but can anyone point me in the right direction?  I'm looking for a blueprint to create actionable goals over a 5 year period. 

Thanks for any help!