All Forum Posts by: Joey Palmer

Hi BP,

My wife and I are finishing up on our 1st completely "self" financed rehab/flip in Cincinnati. My previous rehab/buy and hold was completely financed by Wells Fargo. Wells Fargo sent a 1099 to my contractor for me.

This time there is no bank involved and thus it is my responsibility to do so. My first question is, is it necessary to send 1099 or thus a common practice to do so? Is there a possible downside to not doing so?

If it is my responsibility to do so, how does one go about it? 

Thanks in advance for your input. 

Joey Palmer

Hello BP,

I wanted to share a new "showing" technique that my wife (property manager) implemented. 

My wife @Amanda Palmer is a god send. She has taken over as manager of our rental properties. Previously, I was working a full time job as a factory automation consultant (outside sales) while managing our 2 duplexes and 1st flip project. 

She has just in 2 weeks signed (4) new tenants to leases. To many this may sound like a small accomplishment however to someone new to the business this maybe more than over whelming. 

Her secret was utilizing the showing technique of "open houses". Rather than showing the units to individual tenants at specific times she scheduled open houses. Our Craigslist add mentioned the open house showing format but with no time listed in the ad rather she had prospective tenants email her for the open house showing time. During her first 2 hour open house she collected 9 qualified tenant applications and was able to rent both units!

This is clearly a better format than the traditional method I've used in the past. It both created urgency with the prospective tenants and saved considerable "managing" hours other wise spent traveling to and fro the properties. 

I'm sure there are posts suggesting this else where on the website however I've never read about this method. I hope this helps fellow property managers in the BP community. 

Hi Jason, 

Yes sir, please share. Feel free to PM me as well.

Hi Mohammad,

@Adam Curry is a local RE agent living in Cincinnati. He has been great to work with. Adam's specialty is working with RE investors. He's on BP, I suggest sending him a message. 

Best of luck!

Hey BP,

I'm working on a flip here in the Cincinnati neighborhood of Hyde Park and need some design assistance. I'm not looking for someone to sell me they're merchandise, rather have them consult for a flat fee.

A) Do any of my Cincinnati people have a good referral for a design professional?

B) For those of you not local, how did you go about finding a professional designer?

Thank you BP!

What do you do when your denied a 203k loan due to the balance of the renovations exceeding what banks can lend on a 203k loan? Find another option! 

After tedious hunting through the online catacombs of bank loan options I stumbled upon Wells Fargo's renovation loan. There was no limit to the amount lent for renovations as long as the "future" home appraised for as much or more than the home and reno costs combined. 

Meet my 2nd buy and hold deal, off market duplex in Cincinnati, OH (Oakley):

Vacant (2) unit duplex (1 bed first floor / 2 bed second floor)

This place had squatters living in it dealing and using Heroin, yay. 

(3) months later:

Deal details:

Purchase Price: $90,000

Renovation Cost: $60,000 (Financed)

Down Payment: $37,500 (25% of Purchase Price 90k and Reno Cost 60k combined)

Currently Renting: $2,075 ($875 + $1,150) / month

PITI: $907

I plan on utilizing this type of financing again in the future. If anyone has any questions at all please don't hesitate to reach out. I just wanted to share this with the BP community as it was a relatively easy experience utilizing this renovation loan.

I look forward to sharing my next deal in a couple months as I'm currently working on an off-market flip in Hyde Park (Cincinnati, OH). 

Thank You!

Adam! You made it to BP! 

For those of you who don't know Adam, he is a very professional R.E. agent that specializes in dealing with investors. He holds a great monthly meet up group for investors once a month on the east side of Cincinnati. 

Welcome buddy!

Hi guys,

I'm reaching out to you east side Cincinnati land lords. I'm finally ready to forfeit the reins of the lawn care for my duplexes in Oakley. Who do you employ for lawn care? I need some referrals please.

Thanks in advance!

Hey Shawn, 

My very first deal sounds very similar to your situation. What part of town? You may be able to get more than $700. 

Don't hesitate to PM me.

Best of luck.

Hey Nate, 

Welcome! I started my RE investing the same way, with a house hack here in Cincinnati.

Best of luck to you! Welcome to BP.