All Forum Posts by: Jesse LeBlanc

@Scott Harper - My current project is in College Park GA, on the west side of Atlanta.  I actually was taking a few months off to get away from my old partner and go through my Paralysis of Analysis period from November-March.  I merely posted an ad on Craigslist stating I was an Investor taking a few months off but wanted to keep my crew busy with some handyman work.  I received an e-mail from a homeowner who just foreclosed on his owner finance buyers.  He simply said "I have a house for you".  Although I was still taking time of an in Germany at the time, I couldn't pass up a deal that lands in my lap!

March 22, 2016 I closed on this house. It will be listed next week. Purchased for 72K, rehab cost of 22K. Conservative ARV of $130, Appraisal came in with $135 before a neighbor sold one last week for 142K. Looking at 20-25K profit.

@Patrice Durham - I would however find out if it's an investor.  Make a good contact and follow up with that house and the contractors.  I don't know how many times I've been driving for dollars and meet local investors, good and BAD contractors.  You may find yourself a new GC or if you prefer to manage the project from start to finish may find some better subs this way.  

Don't give up, I know you have to drive to succeed! However, don't let that excitement get you into a bad deal. So many new investors will jump into the first thing they see rushing the deal...DO YOUR RESEARCH! My old partner last year got us into a HORRIBLE deal just because he was rushing. He was handling the research side of ARV while I was the project manager. He did his part, I did mine and neither were smart enough to question each other. Long story short, we lost over 80K. Don't trust just anyone, do your research. Deals will always be out there but you can only have but so many oopsies in this business.

Be sure to always learn from your mistakes and be humble.  Best of luck friend.

@Chinmay Goswami - I've used American Home Shield just as Mr. Fox and have had no issues, I've also used Choice Home Warranty for one of my last houses that sold for 135k The cost of the plan was $561 with a $60 service call fee.

Includes: Clothes Dryer, Clothes Washer, Refrigerator, Air
Conditioning System, Heating System, Water Heater, Electrical
System, Plumbing System, Plumbing Stoppage, Built-In
Microwave, Oven/Range, Stove, Cooktop, Dishwasher,
Garbage Disposal, Ceiling & Exhaust Fans, Ductwork, Garage
Door Opener, Whirlpool Bathtub

sir you are at the most amazing place to learn what you need here! PM and I'd be more than happy to help where I can.

Read posts, listen to podcasts and read books!  Don't stop, never stop!  You'll learn so much but you'll learn more when you start on the first deal. :)

My current flip just came from Craigslist. As a matter of fact, I merely posted that I was an Investor and taking a few months off but wanted to find some handyman work to keep part of my crew busy while I relaxed. An owner sent me his house and said he was tired of his tenants and wanted to sell. So I went from taking time off to having a deal land in my lap. You can always create free ads and use google voice accounts or use a virtual assistant to screen calls.

If they're renovating it and the response to your question was "it's not on the market yet", this leads me to believe it was either just purchased and about to be flipped, or held for a while and about to be sold. IMHO I'm not sure I would invest my time to get the owners (possibly investor) to stop in the middle of their rehab so you can buy it when there are so many other houses sitting vacant. If you're this motivated you can probably find a better deal on a house that doesn't already have work done on it and come out better!

I'll let the CPA experts chime in to verify. From my experience, the answer is YES. Your plan is to go for business. If you took a day to relax, then the expenses on that day would not be deductible. But your flights to and from are.

That's a tough one, or at least for me and in this area.  A few catch 22's regardless of what you end up doing.

If the house has been renovated, you can AirBNB it very cheap just to keep it active.  You will likely get offers of people staying for a week to a month as well.  Make sure they're clear on the house is for sale and within reason agents will be showing the property.  You can contact some of the local companies that are shooting films, see if they have someone who would rent it out much cheaper than a hotel while they're on the film.  Most companies stake out a place for 20-30 days.

Otherwise, you may want to install motion sensors, automatic timers, an alarm system, or cameras (live or fake, but either way a deterrent).  Another suggestion is to put one of your cars in the driveway.  Randomly move or switch with another vehicle.

Another option that just came to mind, post a listing for free (or very cheap) office space.  Give someone who might work at home but needs a different atmosphere (or away from their kids) space to work in your house temporarily until you sell the house.  That will at least keep cars in the driveway and some activity there.  There is NO guaranteed way to stop theft, but you can certainly make it less attractive while they move on to a neighbors property.

I wish more companies would be smart enough to supply their new hires with this book! Good for you guys. It shows in everything you all put together. 12 of the properties were with a partner last year. Starting this year I've ventured off on my own. My first house of this year will be listed for sale next week. I'm about to close on my HELOC and have several properties I'm chomping at the bit to put an offer on. I'd like to acquire and start 2 more projects by July. My operation is quite the "The Flywheel Concept" but one day I'll be like so many others able to share better stories and educate those willing to listen. I realize the more I talk about this business the more soaks in. Duh! But easier said than done sometimes when you don't want to give out false information and feel as though I've go so much more to learn. Thank again for all of your help on here!!

Justin Fox - do you have an insurance/home warranty provider you prefer? I've used a couple in the past but have not researched others lately. Feel free to email the info