All Forum Posts by: Matthew Paul

@MIchael McCUe Wrong ,..... Saving money isnt your problem , spending it is .  First sell off things you dont absolutly need . Second , there are 7 days in a week , work them all , it solves 2 problems , you wont have time to spend money and you will be making more .  

You have to want it , this means sacrifice . Stay at it for 2 or 3 years and you will have your down payment 

@Alan Mills You mention contractors not keeping a time line , not General Contractor .  Scheduling is the hardest part of construction , good subcontractors are not sitting home waiting for the phone to ring , they are scheduled out weeks if not months ahead of time . Contracting is all about relationships , knowing who to call and when to call them . Knowing which subs go deer hunting , fishing , will or wont work weekends , which ones are tied up on longer jobs , etc . I work with 4 electricians , 3 plumbers , 4 HVAC , 5 or 6 framers , if 1 is busy I use another . 

On a rehab I have anything that needs to be ordered ready to submit before I settle , I place the order the day of settlement . Same with permits . Subs are already on board and scheduled . Dumpster is delivered and demo starts the first week . 

And honestly it boils down to money , thats the bottom line . If you want good contractors out there quickly , pay their price and pay it quickly . 

12 months is too long , we can build a 3000 sq ft house ground up in 3 months . 

What you have described sounds like a real estate  race to the bottom and you will be in the lead .

This is the worst time of year to find a tenant .  And when you said the management company takes a 550 credit score , all I see in your future are evictions .   We have a 650 minimum , but prefer 700 

There is no such thing as "affordable " housing .  There are too many factors that you cant control . The cost of labor , materials , property taxes , inflation , interest rates  etc . I dont know any investor that wants to see rents drop , NONE .   The government has tried it with section 8 and rent control in some cities , we all know the end result .

You would be better off starting a jobs program teaching the trades , educating them on finances and work ethic and then rebuilding abandoned properties for them to buy 

I have a rule , never do business with family or friends . Too much to lose besides money 

Is a $300K profit on a flip possible ?  It sure is . Is it probable ?  Highly unlikely .  

Just remember there are less people that can afford the 1 million dollar plus houses than can afford the $300 to $400 thousand dollar houses . There is less risk involved in the cheaper properties . Sure you could hit a grand slam , once or twice in your life , but constant base hits bring in the same amount of runs on a steady basis 

I would consider getting out of property management and getting into cleaning IF you think they are doing better than you . 

Just remember that $70 is the gross number they charge , they have to buy supplies , insurance , tools , vehicle , gas , workmans comp etc .  The grass may look greener on the other side , but is it really ?

@Giacomo Matthew Degl'Innocenti   Sounds like you should buy instead of rent 

Roommates suck .