All Forum Posts by: Phoebe Hodges-Carter

I'm a new property manager and have a house listed on the market to rent.  I suggested to the homeowner that we charge one months security deposit for section 8 renters and one and a half months deposit for non-section 8 renters.  Is this legal in Illinois?  Can I do that?

Hi Everyone,

Thanks for the questions and suggestions. I'm very new to real estate and aside from being thirsty to learn and DO, I'm not sure what I have to offer this industry. According to persons I've talked to at REIA meetings apparently I've chosen some tough areas to focus on in real estate investing (buying and selling non-performing notes, bird dogging/wholesaling and out of state foreclosure prop owners with the intention to move into a couple flips and buy and holds by the end of this year).

I can't focus on all of them at once and have decided to work the bird dogging/wholesaling and note buying at the same time for the next 2 - 3 months to determine which marketing strategies work best for finding leads and establishing relationships with banks for the states I'm interested in.

I've known this person for about 10 years and he is very successful at wholesaling/foreclosure/short-sale/flipping. He is of great character and integrity. He's been trying to get me to come over to real estate for 8 years and without doing much research I had decided real estate wasn't for me. He asked me to attend a REIA meeting for him in a city I was visiting because he wanted eyes and ears to the ground to see what was happening there because he was interested in breaking into that particular city. I attended and the conversations about real estate just clicked and made sense financially. At the same time, my job situation changed and I decided I no longer wanted to be a worker bee for someone elses bottom line, I'd rather put my talents to work for myself. I've helped others build businesses from the ground and felt it was time to do it for myself.

There is so much to learn and I feel like I have to make up for lost time. But I have calmed down and and know I need sound processes and plan of action in place. He would teach me every aspect of bird dogging, marketing, wholesale negotiations, foreclosure steps and flipping. The note buying info I'm getting from Scott Carson and the great students in that network.

I want to be cautious but not to the point where is paralyzes my ability to make decisions quickly. I'm at a point where I don't feel like I know enough to pull the trigger on my own but money is running out and I need guidance.

The general business fund would be for education and travel to and for properties in other cities/states.

Hello Everyone,

I have an opportunity to learn from a mentor and he's made the following offer to me. He suggested we form a partnership where 25% of profits are put into a general business fund and the other 75% is split evenly between the two of us.

We haven't outlined separation of duties yet and I'm curious what the duties should be aside from him teaching me what he knows. We both live in different states and therefore I will basically be tutored via Skype, phone calls an email.

What is usual and customary in these instances? What type of duties can I reasonable divvy out if we are in different locations?

Thanks for your feed back.

Phoebe