All Forum Posts by: Derek Carroll

@Shane W. Chapin

Awesome! Market is hot in Rochester right now. What part of town was it in and who did you use for a contractor? Feel fee to PM me if you don’t want to post it here.

@Chase A.

Black and decker and dewalt have some good encyclopedia type books that go into many of the major jobs that you’ll have to do. You can pick them up at Home Depot.

I started out doing all of my own work and the best way to lean is by doing. As you make mistakes you’ll learn all the tricks.

@David Robertson

My mls I have to put the general info in first then submit the listing. I then get taken to a screen to upload pictures. Maybe you’re getting emails triggered on the interim step.

We’re using matrix by core logic and My guess is most mls systems across the country do as well.

I agree.  Zinzer also makes what they call a mold killing paint. The instructions say you can just paint over the mold and it will kill and encapsulate it.  I'm not sure I would trust that alone but it could be a great final step after everything suggested above.  

@Brian Boyd

Another thing to consider is that from my time as a commercial mortgage broker doing close to half a billion dollars in deals, most commercial deals are structured as some sort of partnership. There are some groups out there that clearly market themselves as syndicators but you’ll also notice that many of the large real estate investors and developers are bringing in outside capital as well.

Look at the large players in your market and sit down and meet with them. You can let them know you’re looking to invest passively and ask if they have any opportunities for you to participate. Some just use a close network but others might be willing to bring you into a deal or two.

Just another thought besides looking only at the companies who heavily market themselves and their offerings. There are many very reputable operators that you could invest with.

@Stephanie Salas

I love mold properties for flips because it’s a word that scares people like asbestos but it’s relatively easy to solve. Check your area but you might not even need a “mold remediation specialist “ to do the work. Call a place like servepro and your cost triples versus having your handyman fix it.

I’m no mold expert by any means and I always consult with someone on each project but it’s usually as simple as stopping the source of moisture and removing anything with the mold. In the Attic it’s much harder to remove the mold containing wood without getting into large projects so you’ll want to kill and encapsulate it. Ive used foggers before as a recommended solution by an environmental pro but it might not be the best solution in every case.

@Sean D

Sometimes it’s really people just moving from the city to the suburbs, other times it’s people leaving the metro area altogether. That said there are always areas and pockets that are growing, desirable, or being redeveloped even if the larger market is on the decline.

Being in a larger market on the upswing lets you ride the wave for sure but that doesn’t mean that money can’t be made in declining or stagnant markets. Real estate is hyper local and there is a reason for the phrase “ location, location, location”.

When I use the iPhone app to post a reply, any Time I use enter/return to separate a new paragraph I get what looks to be a double spacing.

Here is enter once, which while I’m typing my response doesn’t separate paragraphs.

Here is enter twice which separates paragraphs while typing but then creates a huge gap once posted.

@Jacob Skeen

Real estate agent or home inspector are Some other options to consider if you’re willing to go through the licensing which generally isn’t very difficult.

Not sure about your states contractor licensing laws but you could also do some side work if your good with your hands and willing to put in some work. Paint an exterior for $5k, install an interior French drain and sump pump for $5k ect. Lots of high dollar rehab projects that aren’t particularly hard to do as long as your willing to put in the effort and learn the right way.

Could also be an assistant to a broker or investor. I pay people to put out signs for me, help with mailing campaigns (envelopes, stamps and labels), create mailing lists for me doing research on public records ect.

Be a guy that installs signs for new listings for the real estate companies in the area.

If someone brought me a deal that I buy I’d gladly pay a wholesale or finders fee. In fact on a deal right now we’re paying almost a $50k finders fee.

Seal driveways. Mow lawns. Create real estate agent or investor websites using Wordpress or other CMS templates.

Lots of ways to provide ancillary real estate services that will let you see a different aspect of a deal and still earn some side cash to save up.

@Joseph Hanich

Because this is the house you live in you’ll find it much more difficult if not impossible to get around the income underwriting. If you were doing this on investment property then you would be able to find a local bank or credit union who wouldn’t care or need two years of 1099 tax return info.

What I would do when your situation is find a Hard Money Lender who will lend on your new deal while also taking second position on your current residence. I would expect that with $80k In equity you could find a hard money lender who will fund 100% of costs (assuming a low LTV) using the security on both properties. This effectively gives you the same thing.