All Forum Posts by: Greg Morris

As far as l know how to books are gender neutral. I doubt there is any other way to do business in real estate. 

House flipping varies from state to state. Local economies have a big effect. The area l live in Spanish Fort, Mobile Ala is one of the fastest growing economies in the country currently and houses are moving. Whereas l do most of the work myself flipping. l save a lot of money. My profit margins are higher much higher if I'm willing to do the work myself and hiring one my son's to get the $12000 tax credit. Check out IRS tax credit for hiring a son or daughter. Having a good realitor is helpful for sure, whereas your using the same realitor over and over negotiate on the commission. I'm thinking around 3.75 percent. It maybe hard to get that rate with well known real estate co. but if you find a small real estate company you can negotiate a better commission. With the negotiation l offer a $1000 bonus to the agent through the broker,  if the house sales within 30 days and closes. After the thirty days it drops to $500. I also work with the same company and agent when buying and selling. 

The next crash will be an everything crash. God forbid but it's most likely coming. I think the best plan which some have mentioned is rentals. Everybody needs a place to live. I'm thinking you want middle class renters so when economy goes down the upper class will down size to the middle class rents and so on. Cash flow will give you the opportunity to pickup those good deals.

Yes it is normal, most of the time they give you 30 days to do the repair. If you already closed, the insurance came out to inspect property and most likely sent you a notice to repair the defect within so many days. You may end up with you payment being sent back to you and a bill for whatever days they gave you to repair the house. If you don't repair the defects your insurance is canceled. Not good you could end up paying a much higher rate. I suggest you do the repairs. If you don't do the repairs the lender will get coverage to cover the loan...this could be very high. You can not close without insurance.

Stay away from this deal...owning the house for ten years tells you something is up. Trust me if he could have made money he would have already flipped the house. House flippers don't hold houses. 

It sad to have to turn someone away because of a bad credit score. But l have learned as well not to rent to anyone without a reasonable score. Life changing events can change a person quickly. I wouldnt do it. Income must be 3 times the rent, good references,  60 day notice before moving even with the lease expiring, 3 percent increase yearly. 

Tim, my thinking is you become a full time investor on your first flip. Your first flip is to generate more cash for the next flip. Not to live on it. If your working as an employee it can be difficult to flip a house and work as well. In my case l have income coming in that allows me focus on the project. My last flip l contracted with my son to supply the material for a certain return of the House sale, so l didn't spend any money to remodel the place . We both worked on the house together. If your thinking about flipping a house and you have ability to purchase the house, try to locate a contractor who is willing to invest their time and material for a % of the property sale. This way you can get started in flipping. Make sure you have a contract.  

Anything from the meter to the house is the home owners responsibility 

l just recently moved from Pensacola to Spanish Fort Ala. Pensacola is not doing so well. Crime is high, lots of street people. Property  prices are up there. Wages are low. I would not consider investing in Pensacola. l have heard from other contractors they are being harassed by building inspectors who sitting around job sites or riding around looking for some building being worked on, taking picture and writing up fine. Rumor has it they get paid extra for writing up fines. Lastly the city is full of incompetent people. 

I would recommend  Spanish Fort & Mobile Ala the economy is booming here. There is a need for independent senior housing here. As to new homes Spanish Fort & Depehene (sister towns) both have huge  growth in housing demand. Hundreds of new houses are be built here and we are expecting many more. Roads are be up graded for move traffic etc. They are projecting nation high growth in all three cities. I think we are the fastest growing cities in the nation. Billions in contracts are pouring into Mobile. Clean place and getting a license to work is easier. 

I think you will do well if your work the numbers and have a clear idea what you need to do to get the house ready. My first flip generated 50k, but l am a contractor. Buy low, look for foreclosed homes, bank owned homes. Buy the uglies house in the best neighborhood and it beautiful.