All Forum Posts by: Andrea L Eskew

@Adiel Gorel

Our economy hasn't recovered since the last crash. There are more jobs, but how many people are doing well? Most of those jobs are low wage service workers. It isn't like when my parents were young and an okay factory job bought you a modest home and car. My daughter's generation is the baby bust generation because many millenials can't afford to have kids until well into their 30's (or 40's) and they are only having one. Our economy looks alright. But it isn't. It's not on a cruise ship, it's on a life boat with waves crashing all around it. I don't know what needs to be done to fix it, but it looks really bad from where I am at. Here's to hoping I'm wrong and things rebound phenomenally.

@Robin Casper

Contact the board of realtors in your state. They will know for sure

@Benjamin Bigger

You (the owner) are the landlord.

You may managed the property yourself, in which case you would also be the property manager.

You might hire out the duties to a property manager which may include all or some of the following:

Tenant placement

Rent collection

Repair requests

Evictions

@Ray S.

See if you can 1031 into a better or more income producing property. Perhaps outside of a flood zone, if you can swing it.

I'm a new investor working on my first flip. I've got a contractor who asked if he discounts the labor up front, if I'd give him a good bonus if the house sells for a lot more, so I would give him more work on additional flips. Originally we were going to fix up the house and sell as it is, size wise. But he said we could add a bunch of space, which would significantly increase the value and make us a lot more money. Having run the numbers, I would say he is correct. What sounds like a reasonable amount? A set dollar amount? A percentage of profits?

@Clayton Howard

Sounds like the contractor should be at like 65-75% since a lot of the work is being done by you.

@Roy Conney

Come up with a business plan. Show people how you will be successful and they will want to capitalize on your success. If you have done something else in the industry, put that in there too. You are trying to sell yourself as much as whatever investment you've got going on.

@Wes Blackwell

That was a well thought out article. As a newbie investor in Phoenix, I appreciate the area specific advice. I've always heard the 1% rule and couldn't find anywhere close by that could match that. .7 to .85 is about the best I've found on the open market.

@Andrew Smith

I'm hoping for near where I work in Phoenix. But I've seen a lot of junk that people are asking big bucks for.