All Forum Posts by: Kellie Powell

My husband and I are going on vacation in a few weeks.  We will have a lot of down time.  I enjoy a good book that will help me on my way to success.  Knowledge is power! What are your favorites?  I know BP has book recommendations, but I want to know which books hit home for you!  I've read Rich Dad Poor Dad, Real Estate by the Numbers and Rental Property Investing (by Brandon Turner).    We mainly flip houses together but I also have a W9 job.  I'm also interested in investing funds / retiring early.   Help a girl out here.  What was your favorite???

Tara, thank you for your honest opinion.  It's dumb that you would be outcast because it didn't work for you.  I listen to her podcasts.  I have often wondered how successful the program is.  I could just not allow myself to spend the $1000 to join into the "girl click" that she has established.  I also noticed that her podcasts changed a year or so ago.  She is no longer giving any tips, she is just interviewing.  She's more just advertising herself and her program.  I don't think she is out to actually help people.  She is out to make more money....Just my opinion, for what its worth. 

You might look into Estate Auctions or Foreclosure Auctions.  Be careful what you are getting into.  Most of these homes are "as is", so if you aren't very familiar with the costs of potential problems that you can't physically see (foundation, septic, etc.), this may not be a good place for you to source.  Do your due diligence.  Look into the homes history on your county's web site(s).  Research the prior owner, property records, permits, etc. Even talk to the neighbors if you can.

I'm just here to say I appreciate the fact that you used the word bougie in your post.  LOL  I'm here for it! It's a good term that you really can't explain any other way. 

We use American Modern Insurance for our fix n flips. (Our personal State Farm Agent recommended them and so far its worked out well) We are in Indiana.  I don't know if they cover your area, but maybe its worth a shot?

 Thank you for this Jake.  I have all of this except the QuickBooks part, which my CPA has mentioned.  I guess maybe its time for me to learn how to use QuickBooks!  I just wasn't sure how real estate investor friendly it was or if there was something better. 

We are looking for a better way to track rehab expenses.  I currently have created my own spreadsheet and that is working.  I am just looking to be more efficient.  Is there a software out there that you use or recommend to enter all of the expenses into that will help with totaling all the expenses accurately into proper categories for year end tax stuff or by each project?   Can you take pictures of your receipts and save them in the app / software?  Any suggesting are appreciated.  

My husband and I have done just this. I find the houses and do the designing/ decorating and financial stuff, he does the majority of the labor. We have hired contractors for new windows, foundation work, roof work, etc. But most everything interior we have done ourselves. Time is money. Make sure you are accurately calculating your holding costs. Sometimes hiring a contractor to do a project here and there will save you time...which costs you money. Our current strategy is buying homes with cash (great leverage). We have a line of credit that funds the rehab costs. 1, Form an LLC if you have not already. 2,Track all of your expenses accurately. 3,Talk to a CPA about what you need to track and how (Ex: new appliances for a home are taxed differently than flooring or paint, insurance, Mileage, disposables, tools, etc.) We are reinvesting the majority of the profit back into the business so that eventually, we will not need that line of credit. Also, note that a lot of the home improvement box stores have a credit card with 0% for 6 months. Take advantage of that.

Hiring contractors will decrease the profits you would make if you had done those projects you were able to do yourself, but it will also shorten your holding time.  It's like comparing fast nickels to slow dimes...you have to find your happy medium and what works for you.  Best of Luck!

I am looking for a Home Stager in the area of Kokomo, IN (Howard, Tipton, Miami county) area.   Does any one have a connection in the area?  I appreciate your help!  Staging doesn't really seem to be a "topic" in the classified section of BP.  FB hasn't been much help either.  I'd prefer not to use someone from the Indy area. We are a much smaller town, with a smaller budget and buyers here are not as ready for big city stuff as I would like them to be.  

I agree with the above.  I have written down intersecting roads and gone to the county map and located the house in question.  There, I can retrieve the owners name and their address, the address of the house, the county's assessed value.  I can see if it is delinquent on taxes, the square footage.  Lots of good information, you just have to dig dig dig to find the right website.  Maybe try calling your local assessors office or treasurer if you can't find the website.  They may be able to give it to you.