All Forum Posts by: Liam Goble

I'm in the middle of a flip right now. It certainly got off on the wrong foot. You can read about it here: http://www.biggerpockets.com/forums/67/topics/115289-starting-my-first-flip-on-monday

I am pleased to say that the project is progressing much more smoothly after I've replaced my original contractor on the job. We are going to come in slightly over budget, but I believe I will still be within my contingency.

That's such a cool goal you've got. I've been trying to hit the forums first thing in the morning when I get up to keep me in touch with what's going on, however I sometimes feel the need to respond to 10 posts a day, which can be a bit much. I like your 1/day idea.

Thanks for sharing.

If you're looking for a good contractor w/ experience in lowering energy bills, look for a BPI or RESNET certified contractor. Those guys look for ways to cut energy bills.

You did not specify the type of boiler you have (steam or hot water), but since you say 'flush the pipes', I'm assuming hot water. I would NOT flush the pipes in the boiler (I install boilers). This can lead to additional corrosion w/in the pipes, possibly leading to premature failure of the heat exchanger, which is not inexpensive to fix as I just fixed one on one of my properties.

Assuming you're on gas, you could (imo: should) install a condensing gas boiler. Your costs should drop by at least 20%, if not more.

If your property is steam heat, my ideas above are out the window.

- If you have two pipe steam (one pipe coming in one side of the radiator, another pipe leaving the other side of the radiator), you may be able to convert your system to a boiler, which I would highly recommend.

- If it's one pipe steam (only one pipe entering the radiator), you've got no cheap options (sorry)

James, Thanks for the numbers work. I think the last sentence in your post is why we see so many different strategies (No initial capital). I have very little capital, so I either have to go @Ben Leybovich on the investments, or I need to figure out ways to pull together capital.

From my personal example, I'm able to save about $6k/year from my day job to be used for investing (that's w/ a really stripped back budget). At that rate, it would take me a LONG time to get enough capital pulled together to buy more investments.

To over come the capital obstacle, this year I'm working with an investor to complete a few fix-and-flips. My investors plan to roll the cash into additional flips but I plan to roll my cash into additional rental properties.

James, you may find it a little difficult to convince people you are mature enough to invest, but pull together an impressive investment package, be professional, be open to (and learn) from constructive criticism.

Remember, Richard Branson started his career at 16.

Jon, Congrats on the first deal. That's always a mixed bag of emotions. My nerves usually settle down about 3 months after I've gotten my new investment rented.

I'm not sure you'll get a traditional HELOC on an investment property. My properties are owned in an LLC and I was able to use one of my free and clear properties to secure a $20k line on a house worth approx $65k. I am considering combining a few homes into a portfolio loan with a smaller local lender.

I have a house that is paneled throughout. I've definitely had potential residents tell me that they wouldn't rent because a house had paneling. The current family renting the house is in place for three years (PhD candidate). They love the house, but I've got plans to slowly convert the entire house to drywall.

My experience is that raw land is, or can be, difficult to deal with. In Pennsylvania, there are sewer/water tapping fees, which can be expensive. Many of the local banks require significant money down if/when someone wants to purchase raw land, 65-70% if there are no plans to immediately build a house. Lastly, if you do decide to build, right now it's generally cheaper to buy used than build new. Locally, our Habitat for Humanity builds for about $80/sf using donated materials and time. That cost excludes the cost of the land.

I've heard good things about the Creature from Jekyll Island, but I haven't read it yet. I have thoroughly enjoyed Landlording on Autopilot (author escapes me at the moment). Also, for non-REI, Benjamin Graham's Intelligent Investor is a good book.

I do something similar to Andrea, however they don't have access to my full account number. They go up to the teller, tell the teller they want to deposit into the account for HBS Real Estate and they have the last four of the acct #. I just feel better not giving out my entire account number. They then text me when they've done so.