All Forum Posts by: John Myers

I wish I had a better handle on the numbers behind the transaction.  I had no experience in properly analyzing sfr rental properties.  I now have a spread sheet I developed to calculate all the financial calculations in order to understand the investment from a financial perspective.

I wish I would have focused on smaller properties.  I have 5 homes greater than 2500 square feet.  It cost a lot to replace carpet or paint compared to a smaller home.

Another option is to find apartments not currently on the market.  Make direct contact with the owners and see if they are willing to sell!!

I like big titles in order to establish credibility.  I like President, CEO, Chief Executive Officer, Chief Operating Officer.  Sounds good and establishes credibility and should help you with you mind set.

Is there a first time home buyers program in your state? In New Mexico, there is a program that let's first time home buyers purchase a home for $500 down payment. You must live in the home in order to purchase the home with this program. You are required to qualify for this loan, the same requirements as FHA.

You do need to live in the home.

The loan states you must live in the home for one year.  After the first year, you can do what you want with the home.  Under certain situations, there is a recapture.

Do not use this program unless you plan to live in the home for one year.  Doing otherwise is mortgage fraud.  Not worth the risk.

I am thinking you are talking about a flat roof with tar and gravel.  I live in New Mexico and we have a lot off flat roofs with tar and gravel.  If the roofs are maintained, the flat roofs will last 15 to 20 years before they need to be replaced  The best option is to get at least 3 roofing contractors to look at the roof and get their advice.  You have to be careful as there are contractors that will tell you it needs to be replaced regardless of the condition.

I was speaking with a roofing contractor a few days ago and he told me about a product called Gaycor.  They claim to seal a flat roof for 50 years.  I have not experience with the product but will look into it when I need my next flat top roof replaced.

Good Luck

Definitely use separate business credit cards.  Who wants to spend time at the end of the month trying to figure out personal versus business acount.

My business credit card requests a description for each charge.  I will use the address of the home for which the charge was made.  The address prints out on the receipt and makes it easy for assigning charges to the right project or home!!

A lot depends on how much he owes on the property and if there is any equity in the property.  If there is equity in the property, you might be able to purchase the property.  Another option is to purchase the redemption rights on the property if there is equity in the property.  First step is to find out if there is equity in the property.  Second step would be to get someone involved knowledgeable in legal side of redemption rights and dealing with the court system and foreclosures.  You may need to get legal advice.

If there is no equity in the property you may be able to pursue a short sale with the owner and the bank foreclosing on the property.  This will be complex and take some time, get someone involved that has a lot of experience in short sales.

Welcome to BP and good luck.  I love your goal of $250,000 per year.  Everyone should set crazy high goals to keep themselves challenged to be the best they can be.  I hate when I hear someone say you need to set reasonable goals.

Big goals keep you focused and maybe even a little obsessed.  Being obsessed with achieving goals in a GOOD thing.

I use the same colors on most of my flips and rental properties.  I paint the walls practical beige, the doors and base boards are semi gloss white.  Closets are painted white, and if the bathrooms are small, they are painted white.

This is a very neutral color scheme, but people love it.  

I am only flipping homes in Albuquerque and Rio Rancho NM.  I have flipped homes that have sold from $115,000 to $290,000.

I certainly understand the concept of different colors for different homes and styles.

Good Luck

Have you called the brokers that showed your listing to get feedback from them.  I typically CALL every broker that shows my listing.  I will send them an email if they don't answer their phone.  Phone calls are my preference because you can ask lots of questions and get feed back from the potential buyers perspective.

The most likely problem is price.  Every home sells at the right price.  A good indicator of whether you listing is priced right is by the number of showings.

Good Luck