All Forum Posts by: Account Closed

Fortunately it is still possible to for a homeowner to do most things around the house with the proper permits of course and $$$. The only thing that I am aware of that I can not do as a homeowner is HVAC refrigeration repairs. Not sure that I would want to either.

They are trying to pass legislation that will make it necessary for investors to become general contractors if they are going to do their own work.

I have several tool boxes depending on what the job is. Having the right tools make the job go quicker and often produces a better job.

As a landlord for many years, I have learned to fix many common and not so common jobs around the house. Plumbing and electrical work are probably the most common areas besides drywall repairs and painting.

I have several channel locks, several sizes of pipe wrenches, a propane torch, several pipe cutters and many different 1/2" and 3/4" copper fittings. I often pick up a new tool with each job.

I've done this job before. I would rent the saw and jack hammer. The saw allows you to break the concrete out cleanly. This is useful when you go to fix the floor later. The jack hammer makes quick work of it later as long as you house is older and the concrete is not reinforced. If the concrete is reinforced its going to be quite a job.

Dan, I'm new to BP as well. I have been poking around here for sometime though finding a lot of worthwhile information.

Now, I would like to network and get to know the community. Look forward to your input.

When looking at SFRs so many will never cash flow. If a property is not in a realistic ballpark it is usually not worth analyzing. Knowing the seller's circumstances is very important as well.

I also like to keep in mind my goal for investing in the property. How long do I intend to hold onto this deal? How will I finance it (equity, debt or a mixture of both)?

When I'm analyzing a deal I want to know projected income and expenses. In my area it is easy to verify property taxes and I have a good insurance agent that that I talk and as a result have a good working knowledge of what they cost will be in my area. When I inspect the property I can usually get a feel for what deferred maintenance exists as well as what it would approximately cost to make the place rentable.

This gives me much of the costs. I then look at area vacancies, economic conditions, employment opportunities, area demographics and verify that the property has not been red tagged or have any other underlying problems that might make it difficult to resell or rent.

When I have my financial information then I can consider debt service and costs related to equity partners in the overall income produced. If i am holding onto this property for a definite period of time, I also will want to calculate the IRR to see how it stacks up with other potential investments that I have run into.

1. My wife and I work together for ourselves. I'm a CPA and a full time investor.

2.We have been investors for more than 15 years

3.Currently we have 6 sfr and are looking at some 20+ commercial residential properties. Which we expect to close on one soon.

4.REI clubs are useful, websites like this are very useful and books. Education is an important part of investing.

5.I would have several commercial properties by now and probably no sfrs.

A buyers list is important. It is also important knowing what your specific buyers are looking for. Knowing precisely what they are interested in and how much they can afford to pay or want to pay for property is important as well.

If you know what your buyers are interested in then you have a significant legup when your out looking for properties. When you find properties that are good matches to your known buyers you may be able to close quickly on a deal.

It is still important to stay in touch because a buyers criteria can change.

There is a lot of information here. I was having trouble at first finding the information screens. The forums was my first place to look and I'm glad to see that you have one that specific addresses questions that newbies to your site might have as well as others that have been around awhile.

An interesting way to encourage participation and interaction. I look forward to sharing and being a part of the community. It's great to have resources like this where investors can share what they know and give back something to the community.