All Forum Posts by: Jim S

Real estate humor

http://fb-troublemakers.com/hilarious-real-estate-signs-7724/

All cars, no matter if they are new or old, will leak fluids. It is unrealistic to not expect any stains on a concrete driveway. Haven't you ever seen new cars being shipped from the factory to the dealership on car carriers? They now always have a white plastic film on the roof to protect it from the new car above it from leaking fluids.
I am picky about my properties too...but you also have to be realistic. I take my shoes off when entering my home. I wish my tenants would do the same in my rentals. Would it be nice to protect the carpeting? Yes. Is it realistic to demand it or even worry about it? No.

You best place to start is to look at their original application to rent your property and see where they listed as their employer. Give them a call and ask for your ex-tenant. If they are not employed there anymore, ask for the personnel manager as they might be able to give you a lead, especially if you explain why.

We always state no smoking and no pets in our rentals. Animals always cause damage and smokers always throw the cigarette butts on the ground and stink up the units. More people appreciate the ban than people we end up excluding.

$100,000 seems incredibly high for a rehab on an apartment. I average between $30,000 to $80,000 on a project depending on size and scope. All my projects are SFH or TH so those costs include exterior and basement work too.

Why did you rule out the mold house? That gives you a better opportunity to offer lower and get a better deal.
You might want to revisit that property.

http://www.youtube.com/watch?v=_56MyHg8kcE&feature=player_embedded

Corrected link...see below

I did my first dozen deals in my own name. Never meant to do that many without an LLC but just kept putting it off. I eventually used LegalZoom.com to form my LLC. Would use them again.
There is definitely more exposure to your personal assets such as your home, I would always suggest doing flips in an LLC. The only hassle is that your have to present a Certificate in Good Standing for your LLC every time you send out offers. It costs about $30 on your states website to download a current copy. I end up buying one about every 2 months or the REO banks freak out.
You just never know what might happen after you sell the house. It could be dry and sunny for the 3 months you own the property and a month after you sell it to a new homeowner it could flood the basement due to heavy rains. You never know what comes back to you.
As a side note, I always offer a home warranty when selling. I think its a good selling feature, plus it potentially takes future issues off of my back as the new homeowner will just contact the home warranty company instead of potentially contacting me. all for about $425.

I like it. Has a cool, modern edge to it. It would have to be used in a house that is in a more modern and trendy area. I'll give it a thumbs up. Certainly beats black as a finish for appliances.