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All Forum Posts by: Amy Oltendorf

Amy Oltendorf has started 6 posts and replied 47 times.

Post: Closed on first property today!

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

That sounds exciting, congratulations @Michael Patterson !

Post: Just closed my First Wholesale deal. My story

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

Matt,
Thanks so much for sharing your story, it was truly inspiring!

Post: Hello New Memeber

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

Not sure if this will be helpful or not, or if you did so already. But have you tried to refinance yet? I was in the same boat (well, I currently live in my 2 family). I had bought and lived in my two family for over 6 years. I bought at the wrong time, when the market turned. I was trying to refinance recently, however, I too was underwater. The first company I talked to it was a no-go, but a few months later I tried again, and I am currently saving over $400 a month. It is called the home affordable refinance program (harp). Your loan has to be owned by Fannie or Freddie. It was great you did not have to provide paper documents (W2's, pay stubs, bank statements, etc.). They asked me all my info on the phone and must have verified it on their end. I am sure your credit has to be good, and your current payments must be on time and up to date.

Post: How many phone calls to get a tenant?

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

Bryce Y. I have experienced something similar. I just recently filled a vacant apartment (my first experience) and there were many phone calls to say the least. My marketing technique will change in the future because I think I did not get it out there enough after the complete remodel I did (the first of that as well, which is another reason it took so long). I would have to look into an e-mail system as that sounds interesting, however I had a hard enough time gathering good information from them right away from just the phone call. I feel about 15% disqualified themselves because it was not what they were looking for, and about 75% of the people had some sort of disqualifier either they divulged to me (ie;income requirements, too many people) or their quick CCAP search came up with some evictions or outstanding money judgments that they just so happened to be "clearing up now," although 4 years old. It was interesting with the phone calls I took, as I noticed not too many people leave messages (I work 3rd shift so it was hard to be at the phone all day long) the ones that do, I would call back and most the time I would have to leave a message and if they called back or not it was hit or miss. The ones that did want to see it, would set up an appointment for the next day and did not even show. Thank god it is a duplex and I am here anyways, however, it was still an inconvenience. I thought about the "open house" technique, as I think this is what I will be trying next time as well.

Patience is key, although it sure is frustrating!

Post: Mike, Tampa, Fl

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

Mike T. Welcome to BP, there are a lot of helpful people on here, so you will be sure to succeed. Sounds like you are off to a great start!

Post: New member intro

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

Dave Carpenter -
You should give it a try, I hope to see you there. I am completely new to REI all together, but I thought it was informative for all the different topics discussed. I too am a skeptic, but you never know...I think Eric Lundberg and his crew are doing a good job thus far!

Post: New member intro

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

Eric Lundberg,
Everyone has been very helpful already the little time I have been on this site. I look forward to the next meeting! The last one I know you said you were "winging" it, but it was still very informative, and being my first one, I really enjoyed it and learned a lot.

Post: Tenant screening uncovered DUI's, jail time etc

Amy OltendorfPosted
  • Investor
  • Milwaukee, WI
  • Posts 49
  • Votes 7

Did you charge a fee with the application he filled out immediately? I assume he is all by himself? I had a similar issue with a tenant I had, that had to do time, however, he was released for work. Thank god he had a girlfriend at the time who was temporarily dropping off his rent check, but in the problem you relay, it sounds like you should just keep looking. I mean if he is doing jail time for 30/60 days at a time, how does he pay rent and/or work if he is in jail? People like that seem to continue to have issues. Be patient, you will find someone that fits your criteria that you won't have to stress as much about.

Jenkins,

That sounds interesting, I will look into that. I took some land-lording basics years ago that my city offered, which was a bit helpful, but you are exactly right, I need to look into an attorney. I don't know anyone in the business, other than slowly meeting people at my local REIA, that I will try to ask for referral in the meetings to come.

Thanks to all! Patrick, good point! Ha!

Makes complete sense, just thought I would check, just in case.