All Forum Posts by: Bill Mitchell

@Marcus Johnson & @Jon Klaus The issue is starting your own handy man business requires you to have that skill set to begin with. That is not one of his.

@James Mudd Grats, who did you end up choosing as your broker?

@Steven Hamilton II That's a very interesting idea. The only issue is I dont think he is that much into sports and he hasnt played for awhile, he would probably have to go over the rules of baseball again lol.

Sounds interesting though, if he were interested in this route, where would one go to find more information and or openings?

In order for rental property to be counted towards regular income you must have the property rented out for 2 years.

My question is does the 2 year rule apply to each property separately? Or once you have had a rental property for 2 years, at that point any additional property you purchase and rent from there on out will automatically be counted towards your income without having to wait 2 years.

Thanks

Hey @Pam R. thanks for replying. It wouldn't be a "primary" job I suppose, he works full time doing analytical work on the computer, and part time as an agent during the day

This is more so for him to start building the bank account so he can start purchasing some properties for himself. That's why I said this could be something that might require training or certification, as he is looking to stick with it for several years.

@Jon Holdman Agreed, but I would describe wholesaling more so as a business rather than a job and I think that is an important distinction to make. You have to treat it like one in order to be successful, because guess what it is a legitimate BUSINESS. You have to find ways to mitigate costs, expand your marketing budget, reach new prospects, negotiate better deals, network etc.

Hey everyone,

Trying to generate some ideas for a friend of mine, basically he is wanting to find a job that has night shifts that he can use to save additional money for real estate.

Perhaps something that requires some certification / training and or a trade would be an option. He is in the DFW area if anyone is aware of some opportunities. Smart guy, younger, and has his undergraduates with honors used to have a day job as an analyst doing computer heavy work and some programming. Just trying to generate some alternatives to stocking shelves at Walmart for $8.50 an hour.

Thanks for helping me brain storm everyone!

@Jon Holdman You stated refis are costly. What does it typically cost to refi a property? After loan origination costs and such I figured it would be $2,500 or so, which doesn't sound too bad, but I may be way off base here.

Thanks

Previous subject was on kitchens, now bathrooms. Common quote I hear for a retail flip bathroom rehab here in DFW seems to be about $2,500 to $3,000. Does anyone have a rough idea how the price breaks up amongst the items to arrive at this figure?

Some components that come to mind include:

Shower-
Tub-
Vanity-
Backsplash-
Cabinets-
And anything else I forgot

Thanks again everyone for your input

@Jon Klaus $900 for a retail fridge? That seems really pricey, is that what it takes to get a nice stainless steel fridge now a days?

Also would you happen to know a general cost to refinish existing cabinets? I think the figure I was told was about $250 per cabinet if that sounds reasonable.

Thank you