All Forum Posts by: Marquez Griffin

I would say if you have funds on hand to do the repairs yourself then just go Cash out Refi once the property is completed. I recommend the rehab loan if you don't have the funds to actually fix up the property. 

@Destiny Mix

I personally would go with granite as it's very difficult to break and water proof. When I am showing people homes and they see granite they are almost always excited and ready to make a move.

How do you find out what other investors are renting their properties for in the area you are interested in? I have my ways by looking at the MLS or apartments for rent. I'm just curious how others look for rental prices in an area.

Hey John. What do you mean by the home was agreed to and signed the end of August? Did you have to put down earnest money for them to build the home? My reccomendation is to not close on this property. Reasons are:

1. If they are that far behind schedule that shows they are struggling to find quality contractors to build the home and it could be disasterous in the long run.

2. If their is about to be a recession, your newly built home would likely be worth less than you paid for it and if you can't find quality tenants for the other 2 units you may not be able to sell it.

If you do choose to go forward with the process, beware of other costs that the builder may not cover. Get a home inspection before you close on the property. Ask if they pay for landscaping? and is there a warranty plan? 

 I had a similar issue with my real estate agent when I was getting my home built. I had to do all the work and it sucked! But it motivated me to get my license here in Denver. I wish you the best of luck!

Heck yeah! It pays to be well diversified. Kudos to you and cheers to a speedy recovery on your losses. It will bounce back eventually!

I'd suggest getting your license if you will be pursuing BRRR deals all in the same area as well as helping other clients/ investors buy or sell in the area. If you are only getting your license to help yourself find more deals, then the fees and time invested may not make it worth having your license. A great agent in the area your interested in would probably be your best bet and could save you lots of money in the long run. I wish you the best of luck!

Learn from my experience and mistakes! 

1. It is so true that you need to screen the tenants! I was referred tenants by my financial advisor who I trust and is a great individual. However, the people she referred were late every month on rent.

2. Ask your potential househack comrad how much stuff they are bringing into the home. We had a tenant that literally filled up her entire room, parts of the garage and half of the basement with stuff because I didn't ask how many items they had before having them sign the lease. 

3. I reccomend having a cleaning schedule made that shows who is cleaning what each week. Also have it in the lease what items they are required to get on there own (example: Tooth paste, Toilet Paper, Paper Towels, Laundry Detergent, Light Bulbs etc.).

4. Make sure they sign a lease!  E Forms has some great lease templates that you can use. It doesn't cost much and is totally worth it!

5. If you are planning on getting a new build, make sure and factor in your costs for landscaping. Not all builders will do landscaping. Our builder did not, unless you paid an extra $12,000. We found it to be cheaper going through local landscaping companies.

If you have any questions or other reccomendations, please message me or comment below. I hope this helps!

@Doug Johnson

Hey there Doug. 1st off let me tell you I am NOT an Attorney and it maybe in your best interest to hire one to look over your contract.

I am a Real Estate agent in Colorado. I do not know what state you are in or what your states rules are.

But here in CO there is a certain part of the contract that states if you are under contract with your agent you either "will" or "will not" be obligated to pay a fee to your agent within so many days after viewing a property. If you look over the contract you signed it will be in there somewhere.

My suggestion is if she is a really crappy agent get a hold of her Managing Broker and tell them about your issues with the agent and tell him/her you would like to cancel the contract.

As I said before it may be best to have an attorney look at it just to be safe.

@Phillippa Gilkes

I really like Top Producer for my CRM. It works very well for me!

@Jay Chang

I am a huge fan of Chris Voss and have been searching for something that compares/exceeds his book and I have not found a book like it. However, I listen to this podcast called the Afford Anything Podcast and she mentioned a book called "Super Thinking" by Gabriel Weinberg. In the podcast they were talking about Black Swans and some other interesting topics so it may be worth looking into! I think it just came out. I just bought it on Audible and I'm looking forward to reading it. Hope that helps!