All Forum Posts by: Charles Whitaker

Mike,

The paver idea sounds great, the only thing i would be concerned with is settling of the bad concrete job. It would take a long time before any movement is noticed and the gravel underlayment should help if this problem arises.

Good luck

I would have to wholeheartedly disagree with this statement. Yes, like many have said everything is partly speculative but flipping(rehabbing) is not pure speculative, nor 70% or whatever was stated.

Speculation:(Encarta dictionary)
1. opinion based on incomplete information: a conclusion, theory, or opinion based on incomplete facts or information

2. reasoning based on incomplete information: reasoning based on incomplete facts or information
mere speculation

3. risky transaction: a financial transaction that involves risk, but is potentially profitable
a failed speculation on a dot-com

4. making of risky transactions: the practice of engaging in financial transactions that are risky, but potentially profitable

The later two is the better of the four definitions, in this instance rentals and flips have the same amount of speculative nature. Each investor is to know their field and apply specific knowledge. Also, flipping is investing. If I can routinely take enough money for closing costs ~2K and turn this into upwards of 15K then I have successfully invested.

Rman, it all depends on what you want to do and how to do it. Flipping is hard and so is rentals, one involves working with contractors and headaches and the other involves tenants and more headaches.

A more professional sign would, however, lure in the desperate sellers AND the ones who aren't really desperate but they will remember you down the road. IMO, most bandit signs represent scams or ameteurs so it's hard for me to stick with it.

IMHO, i would work through all of it. That's what I'm geared to do and all I know how to do. Only you know what limitations your hurt knee is causing so work when it doesn't hurt so bad and lay off when you can feel it. I'm not a doctor so don't go out there and seriously injure yourself.

BTW, If a weekend vacation(3 days) is worrying you about being set back then I might suggest that you are a little too tight on this rehab. Life only happens once, embrace it and your business at the same time.

the executor of the decedent is responsible for the estate. If money is needed to pay liens or creditors then the house will probably be sold. The mortgage company or lending program that carries the rev. mortgage should be contacted to find out information for assuming the loan(if possible) or the ability to sell. Either way, contact an estate attorney.

Obtaining a loan, starting a business, getting rich! All of these things take time, some less than others. I am quite worried that you only have a small amount of savings(amount not known), have little experience in REI, and want to start a business(which I hope that you have done before). Also, hopefully your savings amount exceeds the income you would make over the course of six months(this is an absolute minimum with our scenario).

IMO, start with wholesaling and referrals to build a capital base. If you try to start with rentals then you will probably fail in a very short time. You need instant capital to further your investments which will begin you on the track of building a portfolio. If a cash flowing rental(check MikeOH posts for definition) is hard to find because of the higher end market then usually a good rehab will also be hard to find.

Best of luck to you

heather,

congrats on the first. Open your book, turn to page 5 and begin to learn. :mrgreen:

If the house is smaller than 1500 sq ft than I would think that 30K is real close to the actual costs. I recently remodeled a 1300 sq ft ( all new kitchen, added a bath, remodeled other bath, new flooring, electrical, hvac, new roof, and extras) all for roughly 25K. I did do about 70% of the work myself, though. Either way, with a spread like that then you should be in the clear.

Remember, every penny spent is one that is not earned.

If the propert permits are pulled and the work is done by qualified/licensed people then yes, you are in the clear.

I recently had an issue with a water heater that i installed at a rehab more than a year ago. The owner called and wanted a replacement as well as fix the outside siding where the pop-off drained off to. I remarked that the inspector who officiated over this issue allowed me to run a pop-off (TPV) drain line through the attic since the crawl space is considered non-accessible. The incident went without further action.

Things can come back on you if done improperly, work by the book.

In Amarillo all of the mentioned items are required to have a permit pulled. Don't forget major structural changes, ie, removing load bearing walls. Removing a non-load bearing wall is ok.

good luck

A few insights would help wth the severity of the problem. Is this house pier and beam or slab? Are the cracks inside the house as well as the outside? Are the cracks at the corners of the building or in doorways and around windows? Most cracks are not a major problem but if the house is full of them then it could be problematic.