All Forum Posts by: Heath Jones

@Derrick White I feel ya... I’m having to replace a stove, a washer, a hot water heater and a HVAC all within the same month... it’s across several MF properties but still a huge bill to start off a month after everyone might not have been working and may or may not pay rent 🤦‍♂️

@Jordan Lucas

@Joe Fairless set a goal to control 1 billion (that’s right, with a ‘b’) in real estate before turning forty. He’s at 950 million and still has a couple of years left to go. He did pretty quickly too (less than 10 years). The way you are going to do it the quickest is by investing in multifamily real estate, partnering with the right people and learning how to syndicate and use other people’s money. The bottom line is, yes it’s possible and not too ambitious of a goal. Go for it!!!

@Michael Wagner @Ken Jernigan @Josh Ridpath @Kevin K. Thank you all so much for the feedback. Kevin, based on your post, I was spot on with my evaluation based on general rules of thumbs. The seller of course wants way too much and has no reason to sell, so as of now it is not seeming like a good deal. He wants what it would be worth after it is stabilized. I’ll post an update if anything changes. Thank you all again, it is very much appreciated!!

@Erin Dorsey Robinson Secure a 6 figure income, live in the cheapest apartment you can find, eat beans and tuna, spend no money on anything other than essentials, then funnel all your excess cash flow into buy and hold real estate. Once you have enough equity to equal 1mil plus what you would pay in capital gains tax, fire sale it all. Boom. 1million dollars

😁

@Austin Sine The property is not cash flowing from Day 1. Flipping has never appealed to me and implementing a business plan for a property in which there is negative or no cash flow for an extended period of time during rehab is basically the same thing and not something I’m interested at this stage of the game for me. Even if there would be a big pay day with a refi and good cash flow after the rehab is finished, not looking to take on all that risk right now.

@Colin Feild I do not have any experience with Building Permits in Enterprise and I'm not sure I fully understand your situation. What is your concern about the Building Permits being out of date? Would you not be able to get new ones once you close on the property or add an addendum to the contract that the seller must acquire and provide up to date building permits in order for you to move forward with closing?

I'm also not clear about what your end goal is in regards to this property. Are you wanting to build onto it, add an additional bedroom, or turn a garage into a living space? Looking at the photos, it is going to need a lot of work but is there more than just cosmetic rehab that would necessitate a Building Permit? What case are you making and to who, the city's Building Inspector? What about the situation is causing the city's Building Inspector to be involved? 

Yes. There is a local Enterprise meetup and a Facebook page, "Wiregrass Real Estate Investors - Enterprise & Surrounding area". It is typically the first or second Tuesday of each month, although we haven't had one since the stay at home order was issued. The admins generally post when and where the next meet up will be, but it usually at Shane's Rib Shack. Let me know if you have any other questions or need anything. Nice to virtually meet you!! 

@Nathan G. Just because the roller coaster passes by doesn’t mean you have to get on. So many points she made were incredibly inaccurate.

@Ignacio Rosenberg If you were you planning on raising the rents day one, that wouldn’t work because you’d have to honor all the previous leases. The business plan should have been developed to do it with natural lease turnover. If there are any month to months, you could do it right away for those tenants. For tenants whose leases are up in the next month or so, you could maybe sign a 6 month lease and let them know the rents increase will occur after that time. Keep us posted on what you end up doing and how it works out!

@Kevin Paglia It may sound silly, but you will know it when you see it. But when you do see the deal that works... move fast! Let us know how it goes!!

@Daniel Pessin Rentec Direct. It’s awesome and cost effective. Cozy is free, but you get a lot more features with Rentec and it scales with your growth easily.