All Forum Posts by: Nathaniel Jones

I have a property that is 4 hours from where I live.  I bought it 19 years ago for 90k.  The current balance is 49K.  Just had it appraised for 100 - 110K as is.  I want to put about 30K into it.  It has not been well maintained over the last 19 years with a string of just bad renters and the person I had managing it just didn't do good quality repairs or work to it.  It needs new kitchen, flooring, paint, windows, and the 2 bathrooms need work as well along with a drain field on a septic system that seems to have a lot of issues I'm told.  The realtor that looked at it said I could get about 170K to 180K if I did the work to it.  

My goal is to acquire more properties, but closer to easily manage it. For example I bought a home 2 hours away that I am positive cash flowing on by $400 a month. I am being told I need more money down for another property. Should I flip the first home, do a BRRR strategy of some sort on it to get more $$$ for another property. Fair rent in the area for a 3bd/2bath is about $1050 per month.

Does someone want to give me one on one advice or just post your ideas and guidance here. Thanks in advance.

Hi, this might be a "dumb" question.  But is there a type of insurance I should get for a small business that does hard surface renovations?  I'm not a contractor and don't do anything structural, but I would consider my brother in law and myself - experts at tile, kitchen, flooring renovations.  We have done our houses and probably over 30 other homes for friends and friends of friends.  Would like to try and expand our services but not sure what else is needed, because I know one of the main questions I hear other people asking is "are they licensed and insured/bonded"  - The state we are in is South Carolina.  Any guidance would be appreciated.

Need advice. My father was able to build up a significant amount of rentals. But over the last 15 years it’s slowly fallen apart due to his health and some other unfortunate family events. 

The homes are in Seattle (2 rentals) and then across the country in Greenwood, SC (23 homes) and one in Charleston SC.  All of the homes are outdated, I think at least a third are unoccupied. Every home in Greenwood is paid off. 

What is the best way with this limited amount of information would you approach this? I was thinking of something like what Dave Ramsey talks about but with houses. Maybe start with the unoccupied home that needs the least amount of work and try to get it to cash flow again and then go from there (like his snowball method for paying off debt) - while maintaining and taking care of small repairs at homes that are rented.

Would appreciate any help or advice. Being that I am new to this website - not sure if you can private message me - but I just want to try and help my Dad out.