All Forum Posts by: William Crean

Hi Stephen, 

I hope you are keeping well!

In S Bend we are using :

Jonathan A. Watson, Attorney at Law, Anderson, Agostino & Keller, P.C.

131 S. Taylor Street, South Bend, IN 46601, 

I would also highly recommend (Indy and not local to S Bend but very competent - and if no court filings will work just as well). 

McNEVIN KREIDER McINNES, LLP

155 E. Market Street, Suite 300

Indianapolis, Indiana 46204

@John Collins excellent post and summary

Hi John, Nothing about this would be easy but I would apply basic wholesaling steps. You need to know if it is really a deal before investing significant time. Pull comps and run it by some agents who operate in that area and ask their view on the values. Then pull a list of buyers of similar properties in the area (or as broad a region as you need) in the last 12-24 months and start calling - you will need to pay for the list and also separately pay to skip trace the buyers. When you call these buyers your conversation should be asking what kind of hotels/investments they look for ...and then in broad terms outline your deal. You should know if it is a deal by the reaction of those you talk to.  This front end work should be done before you think of getting anything under contract. If all still looks good maybe consider partnering with an investor and avoiding the wholesale issues altogether (ie take a lower finders fee or whatever you can negotiate).

Hi @Lyubov Venable,  I am heading to this. For me it is about seeing some of the speakers live which is worth the price of admission (Tony Robbins, Tim Draper, Grant Cordone etc). I am looking at this as more of an inspirational/motivational weekend with some opportunities to network. Not getting my hopes up about learning anything ...and fully prepared to have lots of people trying to sell me different flavors of snake oil.   

@Paul Sandhu that is a great story! Also makes me see the value in having motion detecting cameras in unoccupied short term rentals.

I've been trying to find information on this as well. (Disclaimer - I am no expert and not a professional, just been scanning forums etc.) The big problem is where someone is looking to buy and there is no current short term income on the property. That is where most banks will use estimated "long term rental" estimates and will not consider any projected short term rental income. (i.e. where everyone plays let's pretend). Since you already have the property purchased you are in a much better situation since you get get started and bring in the short term income. Get all the short term income revenue on your tax returns its gold and no one can question it. I think 2 years of rental income on your tax returns should allow most banks to rely on it for re-financing. This is all theory and I have not actually seen it done. @Chris Mason is very good on these questions (albeit for California) and could steer you in the right direction.

@Nathan Schoenborn I have messaged you - please PM me back.

hi @Nathan Schoenborn, thank you and I will send you a direct message.

Hi @Dawn Anastasi, Thank you! That is a very useful list which is much appreciated. Did you project manage all the renovations yourself or did you ever use a General Contractor to co-ordinate etc? As I am out of state I am looking for a GC project manager as well.

I am looking for contact details for Milwaukee contractors. This is for a fixer upper of an old Victorian 5 bed (electrical, plumbing, painting, siding etc). If you have personal experience using their services all the better. Thanks!