All Forum Posts by: Sonya Antrobus

I live in a very small town and I have gotten to know the attorney that acts as our master commissioner very well.  Whenever I see sale notices in our local paper for something I might be interested in I just call him.  He will usually give me the 2/3rd starting bid and any other information he has.  That often saves me a trip!  I agree with Tracy's post, if it is a big bank, forget it.  Many times they don't even send someone to the sale, they just send a letter to the attorney with a written bid that is for the amount they are trying to recuperate.  Good luck!  I've seen properties sit for 2 years!  I've been waiting for one to come up that has been vacant since May of 2015.  It is a USDA property and they are super slow!  Our Federal Tax dollars at work.

We purchased a duplex and had quite a bit of reno to do.  We finished the upstairs unit and the downstairs unit was still quite messy.  We advertised and did showings of the unit that was ready and when I made the showing appointments, I explained to them we were still doing reno in the downstairs and outside.  That did not phase anyone.  We rented the upstairs and at the same time, ended up renting the downstairs unit to someone before it was even complete.  Both of our tenants know we still have to replace gutters and do some painting outside and have been wonderful with us working while they are there.  

I would just make sure to tell them before they even come to view what is going on and what the plan is for completion.   Good luck!

@Terrell Garren, I think you read a little more into the situation.  My house is like the mechanics wife's car, never gets fixed.  It's everyone else's stuff that gets fixed first!  Funny, I enjoyed your comment.

@Arlen Chou you are right on point.  He and I do value time differently and I think most of that is because I still have a full-time W2 job and he does not.  I appreciate you input as you have given me a few things to reference.

All these comments are great.  Thank you all your input.  It helps to keep me thinking about things outside of my own sometimes narrow mind.

@Paul Sandhu that sounds like a great take on an Air BNB-like rental.  Plus you have the advantage of a longer-term renter vs what you would get with AirBNB.  Like that idea.  Thanks for sharing Paul.

@Jaysen Medhurst, that response made me laugh out loud.  Thanks, I needed that!  You are right but he is old school and a farmer (you know they do everything for themselves) and really good at what he does.  He quit his job of 30 years last year after they moved the office 1.5 hours away from our home.  So the flip & buy/hold is his new job along with the farm.   I am still working full-time and working with him.  More of a problem for me than it is him! 

@Colleen F., I'm looking for a retirement plan for us along with a quicker turnaround to increase cash flow.  Now that he no longer has a W2 job, we need this to supplement his income and build cash flow for retirement.  

I know real estate investing is a great way to build for retirement, I just wish I could find a magic wand to make him understand that he can still do some things himself but we are better off in the long run to hire the bulk of the work done so we can acquire more properties.

BTW, the first 2 flips allowed us to pay cash for the duplex and the most recent rental unit (SFR 3 beds, 1 bath) so it is working, just not working quickly enough to keep me from having to put in 80 hours a week. I would love for him to become more of a project manager than a worker but cannot seem to get him going in that direction. @Brian

@Brian Pulaski we do have the funds to do multiples and I might be able to pull him in that direction as soon as I find our next flip. The market near me is a bit tight right now and we did very well on our first two flips, 40K each on a ARV of 125 and 85K homes so now I think he's a bit spoiled and doesn't want me to buy unless he thinks we can turn 40+ on a property. In our area, I just don't see that happening very often. I'd be happy with 20K.

@Paul Sandhu, I'm curious, do you or your wife have a full-time W2 job in addition to taking care of your properties?  My husband's skills sound similar, not much he cannot do.

To date, we have flipped 2 houses and purchased 3 rental units since June of last year.  The most recent rental purchase is not ready to rent.  My husband does most of the work but it is taking so long.  I've tried everything I can think of to convince him that it would be better in the long run for us to hire the work done, get them rented and move on but it's not working.  We purchased a duplex that took 6 months to get rent ready.  That's nuts!

So I'm looking for any resources that I can use to show him or prove to him that his way is not the way to go.  He enjoys most of the work and I do too but, we cannot continue to go at this snail pace and I'm looking for help.  Suggestions please!

I'd like to try and get something together before Halloween.  Stay tuned for more information.

I recently opened a business account with Heritage Bank.  After researching fee's they were the best deal for my situation.  They are fairly small and have locations in Boone, Kenton, Campbell, Pendleton and Grant counties.  

I have banked with them for years but this is my first business account.  So far, so good.  It seemed the fee's associated with the big banks (i.e 5/3, USBank, etc.) were very high for a small business account.

Hi Aaron.  I agree with @Ryan Camenisch.  I have discussed the in's and out's of rents under the 650 mark with a friend of mine that use to own several low-end properties in Covington.  She has sold them all and turned to the Independance area where the rents are higher and she has had fewer tenant issues. This might be a better flip as you will then have capital to purchase a nicer location with potentially better cash flow.

I agree on the duplex. If I could line in our and rent the other I would do it in a heartbeat.  That strategy for a new investor is a great and fairly safe way to get started.  Is the commercial property suitable for you to stay in one of those units?  That could be another option.