All Forum Posts by: Sean Walton

The short answer is everything under the sun. Sometimes you pay points plus a monthly payment. If you are flipping it is nice to not have to make payments during the flip and just pay them off after the house sells. Are these friends and family or just acquaintances? Try and find terms that are win win for every one so they will want to fund your next deal. If they are getting a set interest rate you pay them no matter what. If they are getting a percentage of profit they may not make anything if you don't make any profit.

Generally I agree with Paul Ashworth especially for the exterior but if a restaurant goes in their restroom needs are going to be a lot different than a doctors office so I wouldn't spend too much upgrading bathrooms until you have a tenant. You could also give a local artist cheap/free temporary space to display stuff in the windows as a way to attract more eyes to your building

This answer was meant for an old post by Steven Leigh but it may still be helpful for others

for your 1st question I have been in the program 3 1/2 months (about to send out my first 2300 pieces of mail). As @Brent Hill has mentioned it is very much go at your own pace. My Accountability coach Jimmy is very knowledgeable when I call him with questions but he isn't calling or emailing me to make sure I stay on track with my goals. All of the weekly Q&A sessions are recorded and posted on the site so you can submit questions even if you don't have time to attend the Q&A then listen that evening to the answers. 

@Michael Quarles is a big believer in keeping focused on business tasks during normal work hours which I respect. So I guess since coaching is one of his many businesses all the classes are between 9 and 4:30. This isn't great for people like me working 9 to 6 but sometimes I can listen in at work. It would be nice to get one seller roll play class and one deal analysis class at 8am or 5pm

I think some of the feeling of bait and switch relating to the call center is because some of the posdcast on itunes are several years old. You can't hold someone to prices from over a year ago. Does Michael suggest his business of yellow letters? Yes, but you are under no obligation to use them if you find a better price elsewhere. I like that if you are working a full time job you can use things already set up like a website, mailers, scripts and not have to invest time reinventing the wheel. I have never felt any upsale pressure.

I'm not using the call center yet but as my call volume goes up I probably will.

Satha Palani I'm not familiar with NJ laws but typically if it is more than a single story building and you are changing wall layouts you need an architect or engineer to stamp drawings for permit. If it is multi-units in the same structure you will probably need an architect to stamp the drawings to confirm the number of exits and other life safety requirements are met. Also if you don't have a good sense for finishes and lighting and architect can help you with that. Also if you are not used to rehabbing an architect can help keep your contractor honest on what is and isn't included in the scope they were hired for. The construction documents are legal documents used to make sure you get everything you paid for and the architect can help with any questions you have about if the contractor is building things up to the right standards

Jonathan Pflueger depending on your level of experience you may want to hire an appraiser or a realtor to do a BPO to confirm your purchase price is accurate. You don't need to share this with the owner if it comes in high but if it comes in low you might try negotiating down the price. Same with the home inspection

Dave McEvoy sorry for the delay. You are getting it for 50 to 70% of as is value. Not ARV minus repairs so typically you are looking for investors who may flip it or fix it up and turn it into a rental. You typically don't do anything to the property your time and money are better spent finding the next deal but if you don't have a lot of deals coming in it may be worth your time and energy to fix it up.

@James Cannon I did a quick map search of the area and there are some universities no idea how large but it seems like getting students to rent during the school year (9 month lease would actually be a good selling point) Make sure their parents co-sign on the lease and rent to vacationers during the tourist season.

You usually get a premium for airbnb homeaway etc. but expenses and vacancy can hurt those numbers

Tammy Kapsalis Roxul has a lot of products but if you used the safe n sound between joists the barn wood strips probably won't have any effect one way or another. If you did resilient channels you would want to avoid grounding the floating part of the RC

Are you replacing the flooring upstairs? If so you can install acoustimat or other similar products under hard floor surfaces. I agree on resilient channels to suspend the drywall from the floor joists. Maybe even 2 layers of drywall suspended. Acoustics comes down to mass (more density like extra layers of gypsum board. [drywall]), insulation (more bat in the cavity but not too much where you mess up the 3rd factor , decoupling: resilient channels and double stud walls are for this, The 4th item is sealing openings and penetrations There a lot of different levels and it comes down to is this going to be a separate unit or just a finished basement. If a separate unit you want to do to a higher level

I ran into a challenge doing airbnb long term because like you I would rather be over insured than under. If you are not living in the place between guests it is more of a commercial policy that you need at least that is what State Farm told me. The catch was in order to get a commercial policy they wanted a signed lease. You should talk to your insurance agent some are fine with keeping the homeowner policy in place some aren't. I ended up having to go with CBIZ which I have been happy with. Only about 50% more than state farm was. I haven't thankfully had to make a claim so can't speak to that. Having a "innkeeper's policy" also allows me to use other sites like Homesuite so I like the flexibility.