All Forum Posts by: Hunter Reed

Spark, you should defiantly aim for a 1.5% - 2% rent of the purchase price for an investment. This a great tool to determine your return on the investment. Also, be aware of the location and market that you are investing in. Make sure that the property has the ability to appreciate over the years. You make money when you buy so buy at a good price that guarantees built in equity. Focus on multifamily deals that will allow you to rent more units. I love the idea of volume. There is a reason big syndication focuses on volume...  

 Brian, thank you for the wise insight. Ill take this valuable information that you provided me with and apply it to the way I study. Have a great day!

 Hamp, thank you for the wise insight. Ill take this valuable information that you provided me with and apply it to the way I study. Have a great day!

 Adam, thank you for the wise insight. Ill take this valuable information that you provided me with and apply it to the way I study. Have a great day!

 Bruce, hank you for the wise insight. Ill take this valuable information that you provided me with and apply it to the way I study. Have a great day!

Michael Poloncic, thank you for the wise insight. Ill take this valuable information that you provided me with and apply it to the way I study. Have a great day!

BP community help me out here. Im looking to obtain my Realtors license for the state of Texas in the next 4 months.. Ill be living in Oklahoma, what is the best way to study for the exam? Books, in-person, etc? Let me know your thoughts so that I can narrow down my options to best optimize for the exam. Thank you, have a great day!

Lets say the project gets to the end of the deadline. The contractor has 3 jobs left. 2 bathrooms and the kitchen cabinets/sink installation. The original amount to have these projects done before the deadline was 10k. The shotgun clause or agreement would allow you to deduct a 3%-5% penalty of the total amount which in this case is 10k. It takes the contractor 6 days after the deadline to complete the 3 jobs. 3% times 10k is $300, then you would simply take the $300 times 6 days to get $1,800 deducted from the 10k. You pay him $8,200 instead of 10k. Time is money and money is time.

Sergio, build you credit, qualify for a FHA loan and invest into a multi-family property. FHA requires you to put a 3.5 down payment on the property which is very affordable. Once you are qualified make sure the property that you are looking at would pass a inspection to qualify. Distressed properties will NOT qualify. Live in one unit and rent out the rest. Do not worry if you are not cash flowing. As long as the mortgage is cheap you are still winning.

Michael, if you can purchase the supplies then do it. Ask your contractor to use he/she discount code at supply stores. If this is your first rehab I would highly suggest to walk the property and determine what needs to be done through a cost guide excel sheet. This will give you a ballpark for materials and labor (Scope of Work). You will then be able to communicate more efficiently with your contractor. The more clear and concise your rehab the better. Pay the contractor after each job is complete. Example: Once the floors are done then pay, once the cabinets are done then pay etc. Have a attorney draw up agreement that ensures the entire project must completed at specific time. If the work goes over the agreed date then their will be a late penalty payment. The contract should also state if the work is done before the agreed upon date then there will be incentive included in the payment by you. Hope this helps.