All Forum Posts by: Jeremy England

Thought I'd post some helpful tips for rentals or flips to save yall some money.  

If you buy a property with chrome or brass fixtures, you can easily change to either brushed nickel or Oil rubbed bronze with the appropriate colored metallic spray paint.  I've done it in my personal home and rentals before.  It turns out great, especially in the ORB.  I've done pendent lights, flush mount fixtures and can light rims.  

I'll take a pic this evening and post it.  Maybe you don't have to buy so many fixtures next time.  Ofcourse you take them down before you paint them, and put them back up after they dry

Well, in my current project, i am having to replace some pretty big ticket items.  

Drive way

Roof

grading/drainage repairs

Those 3 alone are costing me about 12k

Well, I'm in the camp of finding a good deal.  I get references from others when choosing contractors.  Try not to go to the popular ones on the internet because they will be the priciest.  And I will give an upstart a shot on some jobs.  When a contractor shows up in a truck that is twice as expensive as mine, I feel like he has enough business.  

Its market dependant but I just got two quotes for a 23 square roof for 30 yr, tear off and replace, flashing etc 5200 and 5700

Both outfits charge an extra 65 per sheet for new decking.  

This is about twice as much as I was payng when I was building houses 10 years ago.  So I went over budget a bit on this deal.  

those prices seem crazy high to me.  I had a drive way removed for 400 dollars today.  The new drive and sidewalks will cost me 2800 more.  

Hire an excavation guy to remove the drive, then hire another crew to forma nd poor the drive.  Breaking the job up in phases or line items.  It would take 4-6 hours for a guy with a skid steer and a dump truck or trailer

Finding and funding deals from anson young.  Pretty comprehensive book.  

Book on flipping houses, estimating rehab costs

Book on managing rental properties

These are probably the top 3 i've read to this point.  

Pretty vague questions.  

I think you need to read some books on valuation and investments strategies.  I can recommend J Scotts book on flipping houses and Anson Youngs Finding and funding deals.  

Its not an all cash offer if you are financing.  It is a financed offer.  An all cash offer would literally mean you can show up to the closing with all the money in cash, the advantage is fewer hassles, fewer costs, quicker closings.  An all cash deal can be closed in about 4 days.  A financed offer will take weeks or months.  

Whether your offer is realistic would depend on many factors.  Seller motivation, condition of property, comparable sales, etc.  USe the search feature  here and do some research.  Read or listen to some books.  You don't have to buy any if you don't want to  either.  You can find similar books at amazon for free that use similar strategies.  

back to your ira, just like if you had it in the stock market

Lend some, I know I could use some private money.  Thus far i've been going it on my own.  Have your people contact my people (by that I mean pm me lol)

Things you could do with 20k self directed IRA:

1. Offer rehab hard money financing to other investors. Lots of HML wont lend so little money, some have a 100k minimum so you could have an advantage there. Some investors spend their cash getting the property and need money to finish the rehab. Just read up on lending and the ins and outs of it to make sure you don't get screwed. You could end up foreclosing on a property that an investor didn't pay you on which could be good and bad.

2.  Offer transactional funding, granted this probably wont be an option for so little money, but you never know.  

3.  Partner with another investor contributing 20k.  this is a good option.  The other investor would be in charge here and you are simply a money guy.  You are essentially investing in his business.  That makes it nice and legal for IRS rules.  Even if you are simply investing in his business so he may take that money and buy 20k worth of marketing, this could result in huge returns for you