All Forum Posts by: Jared Hohensee

I think that was great advice Austin.  I'm closing on my 5th flip here in Austin on Monday.  I've chosen fix and flips as the basis on starting my real-estate investing because I've been in the commercial general contracting industry for 14 years.  I haven't quit my day job yet, but will probably make the transition soon.  I feel I have developed good senses on the construction process and therefore it gives me a hands up on the competition.  Their are a lot of risk in flips, but it's been profitable for me so far and hopefully will continuing being moving forward.

My 2 cents, start by doing research and soul searching at the same time.  Reflect on what your "why" is and act on it.  Never be afraid to fail as that is where you learn the most.  Even small actions are way better than no action.  Get involved - Relationships take time, but are a key element in success.  You never know who your next business partner will be.

Best of Luck

I've got it on my calendar to go to RENC tonight, then the Trillion dollar mixer Monday. I've heard of Quest IRA, but wasn't sure if they would be able to connect me with private lenders. Thanks all.

Nasar - I unfortunately didn't see the your post about the Investor Underground until 8:30 last night.  Hope the turnout was good.  When's the next one? Also, do you know of any other investor meet up opportunities in the next 7 days?

I live in Austin TX and was wondering does anyone know the best way to find local personal investors? I've been to a few banks and met several people, but am curious is their an even put on like a local meet up, weekly social hour, or other venue that would be a good place to meet up investors? Thanks ahead of time!

We just flipped a home in Austin, TX and ran into a major issue with the cast iron sewer pipe under the house. It wasn't that the pipe broke, but it didn't hold up to the buyers static test. The house was built in 1969. Because the buyer came to the table $25k over asking we made the decision to replace the entire sewer under the house to keep the current buyer. Keep in mind the house was completely finished on the inside so they had to tunnel underneath. I got multiple bids ranging from $300-$600 per foot. We ended up going with the low bid, but that still cost us $27,000 that we weren't expecting to spend. We did still recently close and make the projected profit we were planning to make in the beginning, but I have to admit, I'm not as eager to jump into flips as I was earlier this year. I guess some would call that experience :-)

Yes, builders risk is a monthly insurance.  I also got a refund on my liability insurance for the remaining months, and that was new for me.  Talk to your insurance agent, but when you purchase these policies they are typically for 6 months to 1 year and you have to pay the entire premium up front.  If you flip the home in 3 months and then cancel the policies, they should issue you a refund at a monthly prorated rate for the remaining months.

I've had a hard time getting my refund check for a builders risk and general liabilty policy that was canceled over 5 months ago.  Does anyone know where I can go to research and find solid insurance providers for my flips here in Austin TX? Thanks!

I've still have an old 401K from an old employer and I'm trying to figure out what to do with that account. Should I leave it in there, roll it over to my current employer's 401K, convert it to a Roth IRA, etc? At this time I don't need if for real estate investing and I'm 36 so just looking for some thoughts. Any suggestions?

Thanks everyone.  I believe a good CPA is worth their weight in gold.  If there's one that also invest in real estate then all the better.  I'm trying to build a team and frankly speaking, want nothing to do with keeping up with current tax codes.  I do have the desire to protect my income so I've accepted the fact that in order to develop a strategy with this goal in mind, then I will have to learn the ropes to a certain degree.  Thanks again!

HI there, I'm looking for a CPA in Austin, TX that knows (and potentially invests) in real estate.  Also, I'm looking for one that would be willing to share their knowledge and discuss real estate strategies.  Please let me know if you have anyone you would like to recommend.