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All Forum Posts by: James Vermillion

James Vermillion has started 17 posts and replied 2680 times.

Post: new to bp

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

Welcome to BP Todd, its always good to see new members who have some experience come aboard.

Post: Newbie to the site

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

Welcome to BP Alex!

Post: Newbie from San Diego!

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

Welcome to BP Brian! Make sure you explore the forums, blogs, podcasts and other resources here on BP, there is a ton of information and some very helpful members.

One great thing about real estate investing are the various options and strategies. You may want to check out the The Ultimate Beginner's Guide to get a great overview of rei.

Post: 2000th Post!

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

Geez Karen, get a hobby or something :)

Post: New Member - San Antonio, TX

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

Welcome to BP Chris. Don't forget your profile picture!

Post: How do you make money as a landlord?

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190
Originally posted by Ryan M.:
Buying right, Managing right, Renting right

Sounds simple Ryan M.!

Post: Deal Dilemma

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

Brittany,

Welcome to BP! Make sure you post in the New Member Introduction Section and tell us a little about your background and real estate goals.

As for your question, your ability to get financed is really going to depend on a lot of things. Your debt to income, credit, relationship with banks, etc. I would recommend talking to some local and regional banks as they can often do more than the big banks. There are of course other ways to get real estate financed (private investors, hard money lenders, etc), but you need to make sure you fully understand these methods and the risks associated with them.

It sounds like you are really serious about investing in real estate, so I would spend some time on BP in the forums, blogs and listening to the podcasts and start to come up with a business plan. Figure out what you goals are.

Cheers!

Post: Maintenance Checklist

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

There are several files over in the FilePlace that might help you out.

Post: Time Management tips for full time workers

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190

*What tips would you give for people that work full time?

- Use a daily planner and use it daily. Take a look at the planner pad, it is a great tool and has helped me be more productive since I started using it 2 days ago

- Review the next day every evening and again in the morning.

- Wake up early! In the morning you are more focused because you have not been distracted by the full-time job events yet. Wake up and get done any invested related tasks before you go to work.

- Use your lunch break to make any phone calls / send any emails you were not able to make during the day.

*What must do during the week/weekend you have focused on?

- Not sure what you are asking here but after work I go and view properties when necessary.

- Every day after work I conduct any business needed (view projects in work, call contractors, etc).

- Weekends are much of the same but also a time to discuss more long range and strategic planning.

*In your past experience, what have you systematized that ended up helping you improve your results?

- I have systematized a lot of bookkeeping tasks by using memorized transactions (when possible).

- I have created an excel based rehab budgeting tool that we use to develop our budget when we have a property under contract. Some aspects of it our automized based on set or standard costs.

*Is there a good time management book/website you would suggest?

- Not a book, but I highly recommend the planner pad. I tried to use daily planners in the past but this was the only one I will ever use again.

I hope that helps!

Post: How do YOU insure your flips?

James VermillionPosted
  • Lexington, KY
  • Posts 2,920
  • Votes 1,190
Originally posted by J Scott:
We either self-insure (take the risk over many projects) or get a builder's risk policy. Most large insurance companies won't do builder's risk, so you'll want to find a company that's more niche in this space.

I use Affinity when I get insurance, though an investor friend of mine recently had a claim with them and wasn't thrilled with the process/service/timeline on the payout.

J Scott, I use Affinity too...did everything eventually work out with the claim? Do you know if your friend will be using them again?