All Forum Posts by: Stan Butler

Welcome @Mark Smith I am just down the road from you.  You can certainly add me to your buyers list.  Our very first flip was in Woodstock and we have several rental properties there.

@Azeez K. 

It would great to connect with other ATL investors.  Put me on the list!

That sounds like a great plan @Parker Stiles !!

Set short-term goals for yourself so that you can measure your progress toward your ultimate long-term goal and you will be very successful.  It already sounds like you have the motivation required!

 Is this really true that they give first dibs to people using their hard money lenders??  If so, how did you learn that??  I wonder if that is the case in all of their markets??

I cannot even imagine being a landlord in a state like California.  I really have to tip my hat to those of you that are successfully doing this.

Not a chance would I put down 50% on a project with a new contractor.  The biggest risk for contractor is most likely the cost of materials.  You could always offer to pay for the materials yourself so that way its only labor you are paying to the contractor.  I would try to scope out 1 week deliverables and payment at the end of each week.  This way neither party can get too far behind.

I hate to say this, but if you don't have the stomach to evict someone for non-payment then you shouldn't be a landlord.  Do not let your emotion get in the way of the fact that you are running a business and not a charity.  Your tenants will try and get away with as much as possible, just like your kids.

I agree with @Mark Ferguson here.

On a high-end property, I would expect to see the following in the master bathroom:

• Soaking Tub
• Shower w/ Frameless Surround
• Water Closet
• Double or Split Vanities

That is what would be expected in my areas, but Im sure its local to your market.

If you are paying them directly outside of closing (whether LLC or Individual) then you should collect a W-9 and then 1099 them at the end of the year. If you are paying them at closing, they should be listed on the HUD-1 and then I believe the attorney collects the SSN/EIN and reports the income. You arent going to be liable for their taxes either way as they are not your employee.

Anything done via profit splits and such can be as complicated as you want it to be.

Net Worth is just a large organization that makes tons of offers and then wholesales them to other investors. There are a few other companies with the same business model. Dont be afraid to meet with them or any other wholesaler. It all comes down to whether or not the numbers of a deal work for you. You should vet their deals just as you would any other wholesaler. You need to confirm the ARV and have your own contractor review the rehab.