All Forum Posts by: Berny Petersen

As stated, the best advise is talking to a realtor/broker with experience in investment property in that specific area. If you don't already know one, call the closest brokerage and ask them who that person would be. You might also find out who the players are in this area from your local REIA and shoot them an email or call. Are there any here on BP in you local forum?

One of my biggest takeaways from reading this book was the distinction between "self employed" and "business owner". If your operation requires you to be hands-on at all times you don't own a business, you own a job. If you have employees and systems in place that allow the operation to hum along day to day without your constant input, you own a business. 

Hence the phrase (as stated above) "work on your business, not in your business".

Some people prefer to stay solo and hands-on, but once you decide you want to grow and scale, you realize it's impossible to do without help. There are only so many hours in the day and you will need additional people to create additional hours. The documented systems allow almost anyone to be able to step in and get to work without having to reinvent the wheel every time you add a person or position.

A real-world example in our business that I see used a lot:

Create a step by step manual on how to enter information into your CRM as it comes in, and what to do with it once the input is complete. Hire a low cost by the hour Virtual Assistant anywhere in the world and give them your how-to manual. They will be up and running performing your admin, freeing you up to do the things that make you money. Works for marketing, mailing lists, bookkeeping, etc. etc. 

As entrepreneurs we have the gift and the curse of wanting to do everything ourselves. Once we realize how much more money we make by paying someone else to do repetitive tasks it is incredibly freeing. (it took me a long time to admit it...!) Get away from working IN (tactical), and start working ON (strategic).

Can't the funds be held in a separate escrow account until an investor approved purchase is made, to prevent co-mingling of funds?

With your NE winter weather, carpet probably not a good idea. It will get dirty quick and stay that way. Don't glue or stick anything directly to the wood floors. Tile would be the most durable for sure, but more work than a refinish. We never cover real hardwood floors that still have life in them. Nothing looks better ... (IMHO of course)!

As @Max T. stated, I would try this route first. Success is going to depend on the material of the existing tread and the ability to sand clean. If a stain won't look good the treads can be painted, and you can also use a runner in the center of the treads to dress it up. If you decide to add new wood , in my experience it's best to remove and replace instead of nailing a new tread on top of the old one.  They usually have a "bull nose" front edge, which won't look right doubled up. Adding a tread to compensate for the altered geometry doesn't sound  "aesthetically pleasing". The less floor transitions the better! 

@Delmar Bennett We don't want to hijack the OP's thread talking about refinancing, but the short answer is... it depends. Every lender has their own set of criteria, so as long as the situation fits, they will lend. Some lenders require investment property, some primary residence only, some both, etc. etc. Different situations will dictate a certain kind of lender. My suggestion: if you have a specific property you need help with, start a new thread here on BP and let all the experienced investors here give you a hand!

@Delmar Bennett To expand a little on the explanation by @Anton Watt, refinancing a rental property purchase is quite common. If the property was renovated after purchase, or even experienced some appreciation, it will appraise for more than the original purchase price. This makes it possible to refinance and pull all your original money out (down payments, rehab cash, etc.) , which in turn frees up that cash so you can do it all over again. Some lenders will have a seasoning period after the property has been rented, but not all.

See the BRRRR strategy made famous by Brandon Turner right here on BP!

I agree with a couple of points above: you would be much better served with your own buyers' agent. You'll get much better service than dual agency and it won't cost you anything... (usually). Do you have a signed agreement with the listing agent? 

Also, it has been my experience that the more of the seller's work you do for him the better your chances are of closing. Get your own quotes and have them sent to the seller. Show him a copy of the inspection for verification and get the agent motivated to find out what it's going to take to move this thing along. 

A good buyers' agent would have this done already, as the motivation is different.

Good luck!

@Ken Reed Hey Ken - I'm interested too. If there is more info please send it over. Thanks!

I'll agree with some of the above - refinishing/reglazing is the way to go. Every other house I buy has a pink or aquamarine bathroom from the 50s and 60s. It's a chemical process applied by a pro and is quite durable, and way cheaper than demo and install. Find a local tile refinishing company, pick your color, refinish tub and tile. Replace the toilet and sink and fixtures and you are good to go.

I would add that for my market, this would only be a good idea for a low - medium grade finished flip, or a rental. These days the buyer expects higher level finishes in the bathroom and kitchen.

Good luck!