All Forum Posts by: Jay Phillips

@Rachel Gill 

I usually place the orders online.  They are out of one or two particular cabinets, online about 50% of the time.  Sometimes, I'm able to substitute a different version of the same size cabinet.  Annoyingly, they sometimes have stock for those same items showing sold-out online, if you go to the store.  Which we've had to do a few times to prevent delays in the project.

We use IKEA cabinets in all our projects (flip and new construction).   They are a bit more painful to assemble and install.    The first project tried my GC's patience a bit, but he figured out the tricks.   Now, he's a pro at it.   Younger, first-time buyers appreciate the look and it's one of the biggest differentiators in our product.

Kudos @Joseph Theriault 

I've got to try Yoga :)

I decided to take a tax hit, myself. But instead of taking the money out of my IRA or 401(k), I converted some of my pre-tax funds to Roth funds for use in my higher return RE investments ==> no taxes ever again on returns from those funds.

@Richard C. 

Thanks Richard.  I knew about ELD.  As I remember, there was a building moratorium -- something about water shortage or sewer capacity..   The subject house isn't in ELD as I understand, but I'm probably going to pass on making the loan for other reasons having to do with the borrower's financial situation.  And thanks for the drive-by offer -- very nice of you!

NH LLC = $100 to form and for annual reports.

I invest (flip/spec build) in Cheshire and western Hillsborough counties. I just sold a small (approx 1500 sq ft) spec house I funded in Peterborough. Took a bit of a haircut ($8K) to get rid of it, so we weren't holding it over the winter. Nice town, but a bit of a slog to sell to OO at a good price.

@Richard C.   How is the market in Hillsborough (town)?  Just got asked to fund a flip there by one of the investors I work with.

I and 3 friends of mine respond to bandit signs and send them on wild goose chases to vacant properties I've researched for just this purpose.  It's a beautiful thing.

@Bryan L. 

RPR may be of use, but not all MLS systems are providing data to it. One of the two I am a member of provides active listing data and the other just public record data.

http://www.narrpr.com/

If you put them up in my neighborhood where my Massachusetts house is, they're in the trash shortly thereafter.   Everyone has to have a hobby :)

Not all negative comments are the same.  First, someone like a spouse has an interest in the outcome, to me, is in a different category.  If one of my plans was going to make my life partner uncomfortable, I would have to give serious consideration to not doing it, whether or not I think I'm right -- after trying to persuade them of the merits of my plan.

Some points others make may be valid points and while you may not abandon your goal, they may be worth factoring in.   If you tell someone that you're spending all your free cash to buy a rental property and someone points out that buying property with no reserve and no ability to respond to unforeseen emergencies is a really bad idea and that you have no business buying property in your current, they may be right and maybe you need to adjust your plan by waiting till you have more cash, partnering with someone, etc.

I think the reverse is also true.  There are too many cheerleaders on BP urging people to "just go for it", "make your dreams come true" without knowing an individuals circumstances, abilities, etc. into account.  They have to weighed carefully just as the naysayers are.