All Forum Posts by: Brandon Ellis

My understanding is, is that as soon as you close on the property you should have the tenant sign an updated agreement with you so there is no confusion about anything.  Also you need the updated agreement in case there is an eviction otherwise the old agreement when presented in court will not hold up.

My answers to this are:

1. Wholesaling / Buy and Hold

2. USAF

3. About 4 months

I just bought my first property with cash but found a second property for about $15,000. The city is going to auction it off because of a tax lien I've already done my title search on a property in that looks good. I could also pay for that out with cash as well.

I drove by the property a couple times and it looks all right from the outside it's brick but I do not know if termites are anything has gotten on the inside due to it sitting for so long. The land value of the property is $10,000.

I just feel like I'm beginning to go a little too far too fast. I will take gladly taken by the advice on this.

@Randy E.

Thanks for the tip.  Maybe I should just specify just the outlets.  That is the main thing to have updated.

Thank you for all the responses. My goal is to get this place is fixed up as much as possible before I get a tenant in there so hopefully have less to worry about in Long run.  This house is paid for so I don't have a mortgage I have to worry about on it yet.

Like some of you have said I need to get multiple quotes on this place.

Thanks again.

This is to update the wiring to the whole house (it is finished).  The house was built around 1950s and it is a 2 story with the upstairs finished (4 Bedrooms, kitchen, laundry area, office area, living room,  2 bathrooms) .  All the outlets are 2 prong except for a couple that are 3 prong but not grounded.    

The type of wiring is the old 2 wire Romex.

I just closed on my first property and also got my first quote for updating the electric.  For a 4 Bedroom house in North Carolina what would you say the normal cost of replacing the Electric in the house be?  This first quote was about $20K, on one side I understand the high price, on the other side it seems a bit too high.

I'm going to call some other electricians and see what kinds of quotes they will give as well.

Thanks for any advice.

Has anyone ever gotten a loan from USAA for investment property and doing a quick claim deed over to their LLC? Have you ever run into any issues with it?

Also I'm looking at a property that will cost between $50K - $70K and beginning to find that lenders don't like to lend when the price gets too close to $50K.  Any Assistance is appreciated. 

@Chris Eidson

Thanks for the info!!

@Shiloh Lundahl ,  I completely agree.  I love their videos and believe their videos have a lot of value.  

I did some research in their turn key company I personally believe they're lacking in the QA dept.  I believe what is happening is they're purchasing properties, handing them off to contractors but failing to keep up and make sure contractors are doing what they're supposed to be doing.  Contractor then says it's done when they've really taken money and walked, saying it is completed.

That is my theory as to what is happening.

I personally believe that it's better to do most of the stuff yourself instead of hiring Morris Invest to do anything so you get the experience of dealing with contractors and finding good deals.