All Forum Posts by: Melody Dawson

My suggestion is to look up Mark Kohler and LLC on YouTube and get educated. He is a lawyer and answers lots of legal questions without expecting you to buy a bunch of LLC's in multiple states like some do.

Best of luck

I don't know that business name but it could be related. I have 2 business each with their own name. Lance Norton is owner and Mike Barns is in charge of maintenance side of things. 1-765-273-7441 or https://www.facebook.com/blueskypropertymgt/ 
Happy hunting.

My Muncie property management company is Blue Sky Muncie. I have two properties with them. I buy fixer uppers, make improvements, than rent them out, one house at a time. Lance is the owner and Mike has worked with me getting the houses into shape. I do most of this long distance but have been to Muncie, Indiana at one of my houses and to the office. They also recently acquired another property management company they are in the process of folding into Blue Sky so they must be doing something right. :) 

These people will work with you as an investor. 

Blue Sky Muncie (765) 273-7441

https://www.facebook.com/blueskypropertymgt/

https://www.blueskymuncie.com/

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $44,500
Cash invested: $20,000

Purchased from a wholesaler with rental family. Family moved out recently and am getting it ready for the next renters.

How did you find this deal and how did you negotiate it?

This was a wholesale deal I bought from a trusted source.

How did you finance this deal?

I paid cash. I have been fixing it up using funds borrowed from my solo 401K.

How did you add value to the deal?

By fixing the roof and foundation issues, replacing the hot water heater, the front door and front door frame, new flooring, new paint, new blinds, new kitchen cabinets and appliances, new gutters and downspouts. I will do more work on the outside as we finish up the inside.

What was the outcome?

In the works still but it soon should be a healthy place for someone to live in. I'd like to see this happen to more homes.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I do have a reliable property management company in place. Contact me if you want to know more.

I'm sure you have found a solution to your property management issue by now. If you or anyone else has a current need for a property manager in Muncie Indiana I can recommend one. 

I would use a method that you could get to know the person you were interested in doing the JV with regardless of what your initial method of contact was. I like Facebook and Instagram. I like going to real estate events to get to know people so you can get a feel of how they really are. Check them out in multiple sources, have the right paperwork plus both of you need to have your separate LLC's before the JV is done. Looks like I need a disclaimer here. I am not a CPA, lawyer or any hold other legalese type of license.
I have done one wholesale buy but we each had our own LLC's and a JV agreement.
Melody I'm on IG
@MeloLifeB

I have a rental in Granite Falls Washington. I live in Concord North Carolina. The only cash out refinance I have been offered just prior to the fed's bump of .75 was 12 %.
There are a couple of other issues that may make a difference:
1) The single family home is a double wide mobile home.
2) The mobile home sits on 5.85 acres of land zoned R-5 acres

I use Venmo for rent collection for 1 of my rentals. The others I use property managers that have their own software portals. 

Wholesale Investment Property

Price / ARV:

$97k / $192.4k

Rehab $30k - $50k

4 bedrooms, 2.5 bathrooms

Sits on a corner lot in a nice neighborhood that continues to grow at a fast rate.
Rental income range $1400-$1600 also Great opportunity to AirBNB.
Comps sold in the area average 190k and are available with CMA report.

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Instead of Drain-O which can cause problems farther down the drain line, the old remedy of baking soda and vinegar still works well. Also, if Drain-O is used and the plumber still needs to be called you must disclose that you used a highly toxic chemical. Also, baking soda and vinegar is safer for your pipes.