All Forum Posts by: James Edward Laws Jr.

My apologies for the delay AJ H., I didn't know how to get my head around my search for an article entitled "6 Metrics You Must Know to Identify Great Investments," and I actually found it after posting...however, I do wonder... 

What is the difference between the Pro Forma Cap Rate and the Purchase Cap Rate listed under the "Refinance" section when I look into BRRRR investments? And I would guess that NOI is Net Operating Income(?) and if so, Net of what, i.e., what goes into it?

The article helps, but if I get more specific questions, could I look you up? Thanks for the help. 

It's totally possible that I may have missed it, but I'm wondering if anyone, through a blog or whatever, have ever broken down what the numbers mean in both the Fix-n-Flip and BRRRR strategies that are offered in the PRO TOOLS. I've done hundreds of analyses, and I have to admit, I need to know a lot more to align my analyses with my business plan. Any help to point me in the right direction would be greatly appreciated. Thanks!

Thank you Ryan Howell for improving my real estate grey matter!

(1) I've heard that it's possible to refinance a property under the BRRRR strategy in 6 months. Is that true, and how would one go about it?

(2) I've done several analyses through BiggerPockets and I run across the term "annual assessments" regularly. What is the difference with their application when making a decision as to whether I want to fix and flip a property or use the BRRRR strategy?

(3) What time frame do we go by on prepaid property taxes? i.e., if I purchase a home for a flip, and I expect to finish it in 6 months, do I pay 6 months of prepaid property taxes, or a full year?

I've been a big user of talk-to-text writing for at LEAST the last 10 years or so. It remains an imperfect science, but when you get it to finally work for you, it is SWEET. Now, I'll admit something of an addiction to it, to the point of having an approach avoidance to consistently jotting with the pen, even into such a cool creation as my 90 DAYS OF INTENTION JOURNAL. I thought yesterday, "What if I talked my intentions into my 90 DAYS OF INTENTION JOURNAL?" Maybe as a child of present technology, I would be more consistent. Before I go forward, is there a format out there that allows this, or should I forge ahead with my own thing? Time and consistency are my motivations; the more you plan, the more likely you are to accomplish your goals. What do you think? 

I'm something of a rookie, but I can say the inspection is eye-opening. Take in the tremendous feedback, measure the caution according to your own feelings. I trusted others on my first flip and was blessed that I didn't have the list you have (but I found a way to make it a challenge anyway). DUE DILIGENCE is key and you sound like enough of a veteran to be doing that. Evaluate your time and the effort you want to put into it go from there brother.  

I live in Norman OK, but interested in setting up long distance possibilities in Tulsa, preferably buy-and-hold. Need outlook for property management, contractors and all real estate meetups. Thanks!

Not now...

I would like to joke about it, but I would say, "I would do it if I weren't new to this passion and if I really wanted the entertainment." I find myself weeding out any property that knowingly has a "catch" to it because I'd prefer to not have the drama. If the surrounding perception is that the house is haunted I wouldn't touch it now. Maybe when I'm further along and had scaled to the point of wanting the entertainment value, or even if I had such an inventory that it really didn't matter, I'd consider doing it for someone who really, really, really wanted a favor, or whom I really wanted to help out because I loved them. Speaking of love, I'm into this "satisfied-customer-down-the-line" thing. I plan to pass it on to another person; I wouldn't want someone coming back to me saying, "You sold me a house that you knew was haunted," which of course could be avoided by bringing up the necessary disclosure at the outset. Right now, I wouldn't do it. Later, who knows? 

Well, the showing is over, I can check off five of the roughly six items mentioned here, but it has one of those flat roofs and I didn't get a ladder and of course the guy showing me the house showed me the incline of the roof and part of it is vaulted so there is runoff but it's kind of a pea gravel kind of thing on top of tar. The house is worth good money, but that roof concerns me. I have to get some feedback from anyone who's worked with that kind of roof, and I really really thank you for your response.