All Forum Posts by: Doss Mann

Just last night I switched from iPad to laptop and could not login. Error message said I could not be logged in on more than one computer at one time. As long a your partner isn't logged in at the same time how would they know? UNLESS The programming of the login is sophisticated enough to locate your IP address location and sees a new login 100 miles away 5 mins later from a different device and IP. Don't believe the hype, you need Your Own Money to be successful in real estate. And there are costs that are just part of doing business. PO boxes, website hosting, postage, MLS subscription, REI club dues or membership, gas etc. Most of this can written off if your set up correctly. At least to Legally and Honestly be successful you need some of your own money.

Is it still flipping if you put a tenant in for 10 months with cash flow, and then post on zillow as a cash only sale cash flow property just to see what the reponse is , and then get it under contract in less than 24 hrs , close 3 weeks later and triple your cash invested? Which was a 5 digit investment.

The key to my success thus far is because of 1 self employed small time guy I found on craigslist 3 yrs ago for a small project at my residence. It takes a little time, alot of phone calls, Internet and luck.

For starters dont post that you need a contractor. You pick them dont let them pick you or you will get every jack of all trade, excon, scammer, middleman and mr-fix-it within 100 miles calling looking looking for work. They want to come on their schedule, they do it part time for extra cash, only work certain days, got layed off and making ends meet, need to borrow tools, etc. i learned the long way. You want full time skilled career guys.

You can prescreen them by reading reviews, Angie's list, ripoff report, google etc. Narrow it down from there.

Ask to see pictures of previous work, make sure it is theirs by looking for them, their vehicle, dogs, etc in the pictures.

Ask and call for several references, or go by their current project.

Anyone that ask for money for mateials up front is suspect. Tell them to give you a list and you order it. This has 2 major benefits.

1. Having material delivered saves hrs that they would otherwise be driving, loading , driving , unloading. Instead they can get right to work.

2. You can track costs better and ensure your not overbuying material so they can go do other jobs with or getting marked up. This makes it easier to estimate future jobs.

I don't hire general contractors for sfr rehabs to do what I already can and know how to do. I don't want to pay to be 2nd or 3rd fiddle for the GC who is focused on getting more jobs than competing the ones he has.

I also dont pay for estimates or trip charges. (Except for my regulars who come out to estimate a property i don't have a contract on.)

I have recieved lots of etimates for the same projects from all sorts of tradesmen and services from craigslist , mostly duds but a few keepers. I got 7 estimates for a roof once and ending up using my tile mans cousin who wasn't one of the 7.

Knowing what it costs, how its done right, and or experience in the trade is key to not getting ripped off. I have literally laughed into the phone when I got a quote after an estimate once.

If there is one thing to remember its the big companies with several fancy trucks, logos, websites and billboards cost exponentially more.Somebody has to pay all those wages, advertising, workers comp, bonding, BBB fees and insurance. That somebody is you. If it makes you feel good then hire them.

Home Depot is a broker for expensive and bad service companies. Those fine print agreements release them from all bad servic and wrongdoing.

The small home office word of mouth reference guys that specialize in one area tend be highly skilled and have more incentive to do good work. These are the guys you can build a relationship with for future business and dicounts.

2 of my extended family members earn well into 6 figures and they don't advertise. One is a GC and the other 2nd generation carpenter/ deck builder. Their websites haven't been updated for years.

There are good ones to be found but you have to sort through alot of crap.

Whatever you are comfortable with and if you have time to get several estimates then craigslist can be a diamond mine.

The MySpace reference was to date it. I don't think it even exists anymore.

Would you rent to this guy???

He has a solid full time salary employment of 5 years, makes 3 times the rent, has good credit, no criminal history or even a parking ticket.

His hobbies include partying 6 nights a week, inviting the band over to jam until 5 am, shooting pistols in the front yard, throwing swords through walls, skateboarding on the hardwood floor, parking in the front yard, breaking windows, fans and doors from wrestling matches, smoking cigarettes, breaking bottles and screaming at neighbors..

But he pays on time!

His credit and everything looked good... How can you know? What are the signs?

This guy was me 10 years ago! This picture was my profile on MySpace.

One look at MySpace and the landlord would of seen who I really was!

I search for applicants on Facebook. I found one applicant who turned in the prescreen application and found that she already lied on the application. She left her profile public and liked to post every hour what was going on in her life and it revealed enough to disqualify her based on the criteria that was given to her.

If they leave it private use the info from the application to search out their friends and coworkers who may have public profiles and include pictures and messages.

Yes, that's a loaded 45 auto, broad sword and I am painted with black shoe polish and its about 3am on a Tuesday in 2003.

Me and a buddy rented the 2nd floor of a 2 story duplex near Rice Univeristy.

What does your competition/market have?

It all comes down to this and who the tenants are for this market.

Landscaping and flower beds = WORK ..

I just finished 3 hours of this in my backyard. Tenants don't want to pay more to do work and receive notices when they don't and then you get to pay even more to rehab the landscaping when they move out.

Provide lawn maintenance and find a crew at a discount and then charge $20 over. Make this part of the lease and not optional.

Do you allow pets? Charge a Pet Fee instead of a deposit and monthly Pet Rent. This costs you nothing out of pocket.

How much do you think you could actually charge more for stainless appliances? $25 $50 a month?

If it costs $2500 for a stainless fridge, stove and microwave how long will it take to see that profit?

Tenants can go to Rent A Center and get appliances with zero down and get to keep them.

I currently don't provide a Fridge, Microwave, or laundry units for several reasons.

1. the market does not demand it. If I was renting furnished executive homes or downtown lofts maybe.

2. I have seen too many gasoline and oil rags ruin washers, overloaded washers wear out belts and motors , and anything and everything finds its way into the dryer when it becomes wet. I am into real estate not the appliance rental business.

3. 1 weekend out of town by the tenants and the power goes out and a freezer full of deer meat and fish leaks everywhere. That smell doesn't come out of the fridge, or kitchen for a long time.

4. Microwaves don't have a Shoes and Socks or Metal button

5. Appliances create more opportunity for things to go wrong that you have to fix.

I don't see this neighborhood renting for $1300 easy. Not from the data but from experience with the area.

Here is some basic data though to get started.

http://www.har.com/neighborhoods/PARKRIDGE-subdivision-11138160000001.html

Unless you can find an experienced investor or lawyer unrelated to the transaction to walk you through any type of creative financing in person you should terminate the contract.

No amount of forum posts or Q&A is going to prepare you for alternative financing or acquisition transaction. It's not worth your time for $500 and more importantly the financial and legal risks of the seller or buyer when something goes wrong. Dont expect a title company, loan officer, processor, to be double checking every thing for you. In the 5 refi's and 3 purchases I did lat year every single transaction had multiple errors in document wording and terms that I found, and had to have corrected. Some of which involved a coupe thousand of my cash. This want just one company or person , it was across the board.

There are more dumb investors than smart ones and if one jumps in you now have a seller and buyer tryiing pull something off with you in the middle, with no experience.

ESPECIALLY if this is your first attempt at wholesaling. I won't say "deal" because it was never a deal.

Don't take it personal, save YOUR TIME& EFFORT for a real deal.

If they don't want to work with me anymore how do I terminate contract early?

Are you listed as the buyer ?

Did you pay an option fee and add a date for terminated the option based on anything? If so then you can terminate if the date has not passed and only lose your option fee.

if im looking at the right property the owners purchased in 99'. If they owe $90k after 14 yrs they probably pulled cash out when values were at peak or paid way to much to begin with.

If they list with and agent they will get the same response.

Don't worry,move to the next one, and the next. Check back in 3 months and they will still be trying to sell it.

What was theire motivation to sell anyways?