All Forum Posts by: Bob B.

Brings back memories.  1972...

WOW... no payments for almost 3 years...

I don't think you can help them.  I doubt the bank will forgive back payments and a short sale didn't work. No other options until Chase forecloses.  

Sometimes you can't help someone no matter how bad you want to.

SELL IT, SELL IT, SELL IT,  SELL IT................ in a New York minute and don't look back.

Get to Raleigh and start fresh.

Talk to the HD Pro Desk guys. They are able to discount larger purchases. Our local REIA is working with them to get better deals maybe your REIA can do the same. I get 5% off when I use my HD card (Lowes match) and get a 2% rebate on all charges because of my local REIA. Remember HD will match any price. I have saved a ton of money on appliances this way.

Open a commercial account with Sherwin-Williams and you will save bundle on paint.

Open a commercial account with Lowes for a 5% discount and $20 material deliveries. 

You do not need a tax id or resale number for either of these.  Just a business name.

Check Craigs List for a local cabinet supplier and salvage/overstocked window and doors.  I buy doors for 60-70% of HD prices and sometimes even less.

I have a local paint supplier that sells mismatch paint, 5 gallon buckets $20 for interior and $25 for exterior. 

I've heard that IKEA will work deals on kitchens but have never looked into it.

Craigs List is your friend.

Does the fact that as a landlord you can own, via leverage an appreciating asset that has many tax advantages while somebody else pays for it, count?  Not to mention that it can be leveraged again and again. 

Great job.

Were you able to stick to your original rehab budget?

I have a couple of rentals not to far from there and they are easy to rent.

Don't worry about Ramsey.  He is preaching his "no debt" to the masses that have proven they can't handle debt.  A rental house is a business. Businesses borrow money. Don't be afraid of a little debt. If it keeps you up at night then don't do it.  

Good luck.

If you have a Lowes commercial account they will deliver for $20 and HD will match their price.

What is you goal?  Buy and hold, flip, wholesale?

I assume you already have the financing and or cash lined up to make purchases?

There is a wealth of info here.

Good Luck

"Georgia Tenant Landlord Handbook"

What do I need to know about security deposits before I sign a lease?
Georgia law (O.C.G.A. §44-7-33) establishes an inspection procedure, the purpose of which is for the landlord and tenant to agree on the pre-occupancy condition of the rental unit. Georgia law requires that before the tenant pays a security deposit and moves into the rental unit the landlord must give the tenant a complete list of any existing damages to the unit that is signed by both the landlord and tenant. The tenant is to be given an opportunity to inspect the rental unit to determine if the list is accurate or if additional defects need to be added to the list. The tenant must sign the list or specify in writing on the list the items in dispute and then sign.
The move-in inspection requirement applies to landlords who owns more than ten (10) rental units, including units owned by their spouse and/or children, or who employ a management agent regardless of the number of units owned. Under Georgia law (O.C.G.A. §44-7-36), landlords who own fewer than ten (10) units and who manage the units themselves are not required to follow the inspection procedures but may find the process helpful. Landlords are required to conduct a move-in inspection are not allowed to withhold the security deposit if they failed to perform the inspection when the tenant moved into the unit.

Have they signed off on the  move-in inspection?

Many have wasted 4 years and tens of thousands of dollars while getting a worthless degree but there's plenty to learn in college that will come in handy when you are older.  There is no short cut. If you don't want to go to college then at least learn a trade that will apply to construction/real estate and get a job with a property management company. Firsthand experience is the best.  Save your money and buy a home.  Spend less than what you make, never have a car payment or student loan debt and realize that this is a get rich slow business.