All Forum Posts by: Joe Demonte

Most of those websites have dozens of different templates with completely different fonts, including postcards instead of letters. 
Have you seen any of those? I think @Michael Q. might be a good resource on this. 

But, the "I BUY HOMES CASH" has been one of the most effective ways at getting a response. Its then up to you to find their motivation to sell and find a win-win benefit for both you and the seller. 

Its also about being cost effective since it is a numbers game. 

Is your primary reason to get the room added for resale? 
Are you going to just rent it out for now? 

If you ever go to sell it your not able to list it as a 5 bedroom unless you permit the room. 
Permitting it will entail removing the drywall and possibly insulation so the inspector can make sure the all the utilities (electrical, plumbing, hvac) are installed properly (per code). If they are not, you have to bring all of them up to code. 
But, yes it is possible to obtain permitting after the fact. 

If you are just renting it out, I am not 100% sure, but I don't think there are any problems with listing the property for rent as you normally would without issues. Rooms that are done without code are usually not the best work done. Hence why they didn't want to pay to get the permit in the first place and usually go with an unlicensed contractor(s) to build it. 

You can call your building permit office and ask them specifically about it. They may be able to provide you with specifics answers for this property & even pull up permits that may have been pulled at some point for that room. 

EDIT: Most all of the inspectors at the building permit office are aware of the non permitted rooms and are willing to help you do the right thing. It just comes at a cost. 

Hope that helps! 

I think it looks great when used the right way. Its definitely trickier installing. If you are doing it yourself, it might be frustrating. Might use much more wood like Jerry W mentioned. I would say even closer to 15-20% depending on if its the installers first time. 

Here are some pictures:

Hope that helps! 

@Matt R. Sink or swim, right? "Do right now what yo uwant to be doing for the rest of your life" is an awesome quote! 
That is encouraging to hear. I have read before "The best time to plant a tree was 20 years ago, the 2nd best time is now"

Thanks everyone! 

@Andrew Syrios Thanks! Was it a business degree of some sort? 

@Jonathan Twombly Thanks for your input! I could see the value of the degree early on with investors. Especially if they are much more experienced & successful in other investment avenues. Since you have the day to day experience of this, I really appreciate you chiming in. 

Thanks @Alexander Lafreniere ! That is exactly how I have been looking at the degree. Having that relatable factor with investors,  a backup plan, & networking with the right people put someone in a really good spot down the road. 

Thanks @Daniel Miller ! Do you think it would have made any difference if you were to start your investing career and go to school together? I wont be putting my investing career on hold, but rather getting it while I am investing. 

I understand that the energy, money, and time used for schooling could be used for the real estate business, but that is where many people differ on the subject. 
It is really interesting getting everyones opinion. I take it all with a grain of salt. 

Thanks @Douglas Dowell . Substantial wealth is definitely the goal. I too am a fan of going the community college route for an undergraduate. 

Thanks @Ryan Mullin  for your input. 

Thanks @Larry Turowski . Very true. Hiring the right people that have the background to make the company well rounded is definitely a huge key in succeeding big. This can not be skimped on. Hiring people that are experts where I am not, and compliment my skills are important. 
Personally, I am not trying to do it all. I also understand that we all have certain skills and abilities & should focus on growing those specific skills & abilities.

Great insight so far! :)

Thanks @Thomas Weir ! The degree would be a nice pat on the back wall ornament, ha!

I will definitely not have the "analysis paralysis" of this get in the way. I am already on my way forward, but I am just trying to look out at the 5 year goal look ahead and if it will worth it.  

Hey BP Nation! 

I wanted to get your 2 cents on whether or not you felt it is beneficial to have received a college degree (preferably financing) in your investing career? 

I believe college degrees are great for people trying to get a good JOB working for someone else, but that isn't my plan. My plan is to grow a business, my own business. My goals are to net in the single digit millions. At some point I see myself having to get outside investor funding and was curious if investors see a "Finance Degree" as an added layer of security. 
Also, if the Finance Degree might actually help in my business operations. 

A great track record (school of hard knocks as someone once told me) is probably the most important factor for any funding investor. 

Anywho, your opinion is really valued so please chime in! 
:D

@Shannon Elam I asked around family and was told about The Tile Outlet Company

Here is a yelp review too: Tile Outlet Chicago Yelp Reviews

Be sure to check out their return policies and anything that might be an issue later on. 

Hope that helps. 
Best wishes!

@Nyesuadah Tolbert Here is a great article on calculating holding costs & really how the investor looking at the property will view the deal:  
Calculating Fixed Costs on a Rehab, Flip or Wholesale Real Estate Deal

If you can better understand how the investor structures their deal I think it may better you when offering your deal. 

Hope that helps.
Best wishes!