All Forum Posts by: Clinton Holmes

John Citro I love the idea. Did you just finish reading Napoleon Hill's Think and Grow Rich? Anyways, count me in. Send me a colleague request and PM with more details. Thanks! Clinton

Robert H. I haven't made the jump yet from my W2 job. I do have my own company though, and from that, I know most of the banks I talked to wanted to see 2 years of steady income before they would even consider lending the business money. Hopefully that at least gives you a benchmark. Good luck!! Clinton

Hello Fellow BPers in the Massachusetts area!

As most of you already know, MA landlord-tenant law tends to lean one way. I'm wondering, what is the best way to set up a long term, buy and hold, real estate company in Massachusetts? 

I've heard of people using multiple LLCs (one for the property management, one for the holding company). 

I've also heard of people using trusts and even S-corps. For those with experience investing in Massachusetts, I'm curious, what do you use and what do you see as the advantage of that entity structure? 

Thanks in advance for the response!

Clinton 

@Joe Pham

Welcome to BP Joe. I would suggest you check out the local REIAs (search real estate Boston @ Meetup), and find someone who has done a few deals. Talk to them, and figure out how you may be able to help them. If you provide value for them, they will surely want you around and will want to help you succeed. Good luck! 

Clinton 

@Randy Landman

I believe it is closer to the later. I didn't have it installed, but I think it was one of those new shower in a day installs. The ones where they just put a plastic tub over the old and then adhere the plastic to all the walls of the shower.

I'm just not sure what type of glue / epoxy I need to adhere to the plastic of the shower and the sheet rock of the wall. 

Thanks for the help!

Clinton

Just bumping this up. Any contractors experts in bathrooms that might be able to help?

Thanks!

Clinton

Hi @Elizabeth Davis

If it were me, I would put it on the possibly need more info list. I think something like that will deter most homebuyers, which could be an opportunity for an investor. I'd try to get in the property and see if there is any water damage, or cracking in the ceiling where the tree landed. I would also try to look at it from every angle on the exterior to understand the potential damage. It could be a great bargaining chip in the rehab cost isn't too much. 

I'm not a veteran flipper though, so I'm excited to hear what some of the other BP members say. 

Good luck!

Clinton

Hello BP Do It Yourselfers! 

The shower wall in one of my rental units has started to separate from the wall. See photos below (note they should be rotated 90 clockwise). How would you recommend I fix this? 

I was thinking about filling with composite sheet rock, waiting for it to dry, and re-sealing with latex caulk 

OR

Filling the crap out of it with Gorilla glue, waiting for it to dry, and then re-sealing with latex caulk. 

Do either of those sound like a good idea? 

Thanks in advance for the help!

Clinton

Originally posted by @Joe Villeneuve:

Originally posted by @Clinton Holmes:

Hi @Marquise Crampton

This is a topic that shows up on the forums quite a bit. If you just search credit cards, you will find a number of opinions on the matter.

As a rule of thumb, I would say it is a bad idea. Especially for amateurs. Why wouldn't you just do hard money instead? Yes, you might be able to get zero interest for X number of months with the credit card, but what happens when your rehab takes longer? As soon as that introductory period is over, the interest rate on that credit card sky rockets to anywhere from 15-25%. Then you have ruined your credit score and you will have collections agencies harassing you. 

At least with hard money, you can try to work with the lender. Show them why the job is taking longer, and they will probably work with you. Remember, they want your deal to be a success, so you come back and lend from them for another deal. The credit card company wants you to fail so you become their indenture servant.

For the average investor, this is definitely something I'd avoid. 

Just my two cents, good luck!

Clinton

 You're right about this not being something to try without understanding the risk...and having controls in place.  Hard money is just a different option with its own issues and problems.  We use both methods depending on the timeline of the project, and how much cash is needed.

What I have found though, is if you understand how to "exit" the credit card method, and have that "exit" in place, the C.C. method is better by far.

Hey Joe! 

I agree with you regarding C.C. method being better, IF you know what you are doing and have that exit in place. It becomes a numbers game, 12-18 month loan at 0% plus a few pts in transfers is far better than 12-18 month hard money loan at 13-15% with 2-5 pts up front. 

I just get hesitant about a total amateur stumbling across a post like this. If you are a total amateur, understand that both C.C. and hard money can have serious, life changing consequences if not done properly. 

Hi @Marquise Crampton

This is a topic that shows up on the forums quite a bit. If you just search credit cards, you will find a number of opinions on the matter.

As a rule of thumb, I would say it is a bad idea. Especially for amateurs. Why wouldn't you just do hard money instead? Yes, you might be able to get zero interest for X number of months with the credit card, but what happens when your rehab takes longer? As soon as that introductory period is over, the interest rate on that credit card sky rockets to anywhere from 15-25%. Then you have ruined your credit score and you will have collections agencies harassing you. 

At least with hard money, you can try to work with the lender. Show them why the job is taking longer, and they will probably work with you. Remember, they want your deal to be a success, so you come back and lend from them for another deal. The credit card company wants you to fail so you become their indenture servant.

For the average investor, this is definitely something I'd avoid. 

Just my two cents, good luck!

Clinton