All Forum Posts by: Richard Dawson

We are doing our second rehab and I used the same guys on both. I was surprised when they told me they would do all the painting as well as the repairs. I'm wondering do most contractors do the painting as well. This seems inefficient to me. Does everyone else have their contractors painting or do you hire painters? With hiring painters do you have them on site at the same time? For example, do you have them start painting in the bathrooms and kitchen and then the contractors can start putting those areas back together while the painters paint the rest of the house? Thanks for your help!!!

Think Rich Grow Rich by Napoleon Hill.

Helped me reform my whole way of thinking. All the focus on positive thinking has helped my relationships with my family and its opened my eyes to flaws that I never knew I had. If it wasn't for this book I wouldn't of ever pulled the trigger on our first investment.

You should also read "Think Rich, Grow Rich" by Napoleon Hill. It's under $20.00 but in my opinion its very motivating and might help you get out of your funk and get you motivated.
Good Luck!

I have a similar situation. I work a full time job we have 5 kids. Two are my step kids 19 and 13. The thirteen year old is in travel sports so we are always on the go with her. We also have a 4 year old, 2 year old and a 7month old. My wife does home day care so we can make ends meet since daycare would probably cost more than she could make at a day job.
Anyway we started with 2 lease option homes. We didn't rehab it or anything. We have a monthly income of about $500 from both of them together. I wanted to get my wife to get to a point were we don't have to have other peoples kids in our house making life more hectic. We just started doing some rehabs though. Its a little slower process but we have to pay people to do pretty much all the work. I check in on them on my lunch breaks and after work. I assume, like us, that you don't have a bunch of cash laying around to pay people to do that much work. We partnered with my sister who has more cash available. We buy the property get it fixed and sold and split the profit with her. Its not ideal but you have to start somewhere. The plan is to get rid of her daycare then save enough for me to quit my agonizing job.

Sorry for the long winded response and life story but it is possible. It may just not work overnight.

I bought a property at a tax sale that had lead paint and it was on file with the health dept. I had to use special contractors which are more expensive and then it has to be tested by the health dept. It's definetly something you want to have trained contractors take care of.

Its just drywall.

This is my second rehab property and the whole house has paneling on it including the ceiling. What is the best way to go with this? Should I tear it off and put up new dry wall, paint over it or tear it down and put up new? I want to make sure I don't make extra work for myself and waste money on expenses that aren't needed. I plan on renting out the house.

Thanks for your help!

I was just curious how long the bank usually takes to evaluate your offer. I just put in an offer yesterday and was wondering wether they took days or weeks? I'm sure all banks are different but what is the average time before you hear back from the banks. Thanks!

I bought first investment property at a tax foreclosure sale and finally have the deed to the home. I've contacted the previous home owner and they've been nice up to this point. The daughter of the home owner was going to buy the house but then decided not to. I asked when they could move out of the property and she told me 2 monthes because her mother was in the hospital and they have a ton of stuff in the house from living there for over 30 years.

I think living in the house for 2 more months is crazy but if I go through the eviction process it will take me almost that long to get them out and then I've pissed them off and they could destroy the home. I asked them to pay rent and it was one excuse after another. So I'm considering offering them some cash. So my question is this.
1. Am I being unreasonable not wanting to wait 2 more months. (I bought the house in March but just got the deed last week)
2. If I offer them money to leave how long and how much should I offer?
3. How have others dealt with this issue?

Thanks!