All Forum Posts by: Robert Leonard

It's not a matter of opinion - its a matter of the law.  Bandit signs are illegal signs that are in violation of local ordinances. 

Yard signs (look just like bandit signs) are legal signs used where allowed by local ordinances.

Hi @Charity Phillips and welcome to BP!  You need a more open minded lender.  I can help you with a referral to one I know will probably help you.

Private message me and I'll help you out.  I'm always glad to help a neighbor.

Welcome to BP @jeremy 

@Jeremy Mckenzie! 

Yes, it is legal when performed in accordance with the law. Get any forms or contracts approved by an attorney before you use them.  Also be sure you have that attorney or their title company prepared to close any of your wholesale deals.

Wholesaling is unconventional to "normal" everyday real estate practices.  So expect lots of people to reject what they are unfamiliar with.  Network with investors that are local to you to expedite your search or start beating the street and knocking on doors until you find the right people to work with.

@Ryan Dosseyit is probably spelled out in your local sign ordinance.  In my city, you can have one 12"x12" placard affixed to an exterior wall to signify a home office or home based business.  They are very commonly used by notaries or seamstresses.  It all depends on the specificity of your local sign ordinance(s).

Plus, if it's legal, it's technically not a "bandit sign!" ;-)

@Michael Anthony you didn't mention your family status, but if you are single, and don't have to consider school zones or what makes a significant other happy, you can do a live in flip every 2 years and take tax free profits up to 250k every time! I wouldn't wait 3-5 years when the rules are as they are today. If you build a huge amount of equity from your improvements and you really love the house, you could just stay there and get a LOC to be able to access the equity (~80%) for investing? (No tax advice, consult your tax advisor for what's best for you.)

As for the 20k, while the truck note and student loan are the kinds of debt you want to get rid of ASAP, you need liquidity (cash) to do things as an investor. If your truck and/or student loan were paid off and you find a great deal to invest in tomorrow, what will you have to contribute to the deal when an HML will fund the deal, but requires you to have $XXXX (or XX%) invested in the deal? Very few will fund 100% of purchase and rehab, no matter how good the deal. As a new investor, even fewer will consider funding 100% of your great deal.

Use paying off the debts as your investment motivation.  Say something like, I will pay 50% of the profits from my first deal toward paying off the truck.  Or whichever you want to pay off first.

There are a ton of possibilities.

Well @Steven B.I think, this question is what fuels the fear of many who are stuck in the paralysis of analysis.  What happens if your analysis is wrong and your actual numbers don't match your projected numbers? ... Can you stand the thought of that?  It is always an estimate ... ALWAYS.  No matter how much experience or expertise an individual has, it's all based on estimations.

You have to trust your judgment at some point and pull the trigger.  I am not an advocate of "jump in and buy something and figure it out as you go."  IMO, you have to understand valuation of real estate before all else.  Without that understanding, you don't know a good deal when you see one.  Make your decision(s) to invest based on strategies that you understand. 

Be conservative and leave a margin for safety (error).  That means use the high end of estimates on costs and the low end of estimates on values.  If that leaves you with the potential for profits, you have a deal with good potential.  There are a plethora of details to solve that equation, but that's it in a nutshell.

If I told you, following my strategy, I usually end up making more than my projections, would you stop lurking and invest?  If I told you I still ended up falling short of my projections, would you continue to just lurk?  No matter what anyone says here or anywhere else, you have to TRUST YOUR OWN JUDGMENT!

Sorry, I couldn't read through everyone's comments, but in my world, there's no such thing as a "potential tenant who refuses the application process."  If one refuses the application process, that person is not a potential tenant.

@Taylor Westmost people run from foundation problems and that, my friend, spells OPPORTUNITY!  It takes two pros, a foundation repair company and a structural engineer to solve the problem and document the proper repair.  It's one of those areas where you have to develop relationships with those experts to establish a business to business pricing arrangement that will allow you an advantage over retail customers to allow a profit margin as an investor.

I personally don't have those relationships yet, but when I do establish them, I'll take on this type of property in a heartbeat.  They are opportunities!

This brings to mind a good question for you to ask those you add to your cash buyers list, "will you buy properties with foundation issues?"  Then you'll have your short list of buyers who take on those properties or you'll know if you don't have any.

And about the gutters, that's not a problem not having gutters.  The concern is where does the water go when it hits the ground?  As long as it's not splashing back on the exterior of the house and the water is draining away from the foundation, it can be okay without gutters.  It looks like the bed may be absorbing the splash effect in your picture.  The question then, is does the water drain away from the foundation/structure adequately?  That's a drainage question.

Sorry, @Brandon Hall I have no knowledge of what's required to be a PM in NC.  The NC RE commission is probably your best source for the right answer to that question.

Welcome to BP @Malcolm Peacock!

@Michael Faulk!

@Justin Kilgore!