All Forum Posts by: Barney Davis

@Eric Oneill I was in a similar situation about seven years ago. I was three years into starting my own plumbing business, and had one rental house. I used my inheritance to purchase a shop to grow my business. My plumbing business has been one hell of a cash cow that has made it possible to buy real estate. I now own six properties and am sitting on a decent amount of cash to buy the next property that pops up. I have bought all my houses from customers that had houses that needed work, but were trying to sell their house as is. I have found that to be the best way to find deals. Highly unlikely you will find an investment property on the market. You need to catch them before they go to market. Make it an easy transaction for the seller. Good luck

@Mindy Jensen pull my truck up in the front yard on the first, honk the horn, and holler “RENTMAN” 🤣

Just kidding, I do know an old man that did used to do it that way, though. I like to get six months of posted dated checks at a time

@Tammy Harper I own a plumbing business and this is cheap peace of mind. There could be serious problems that cannot be seen without a camera. We bust holes in slabs everyday repairing broken sewer lines for thousands of dollars. $250 for a camera inspection is cheap, too. We do them for $400 which includes a hydrostatic pressure test. Do not listen to the people that call it a “waste of money”….

@Daniel Mears those are great returns! How do you find these deals?

My father in law owns a lake house in Louisiana that they do not use anymore. Obviously it’s a good time to sell and he’s thinking he can get $650k. He built it 15 years ago and honestly doesn’t remember what it cost him back then. His primary residence is in MS. He plans to sell the lake house and use that money to build another house on some land he owns. He would then probably sell his primary residence that he lives in now. He’s trying to figure out if he’ll owe the government a big chunk and wants to pay as little as possible in taxes. Any tax people out there with good advice?

@Elena S. You may seriously want to consider getting the sewer system video inspected and have a hydrostatic test done. I’m in the plumbing business and when there are foundation problems there’s a good chance the sewer could be broken. Which in turn will cause the foundation to heave. Good luck

@Ben Spader tell them to go kick rocks. They sound like they will be a pain in the ***

@Will Sifert that’s what I figured. Good news is it’s an easy property to get rented

@Natalie Schanne great advice! Thank you so much 😊

@Terrell Garren thanks!!!