All Forum Posts by: Tim Hall

@John Ceccoli the first thing I would do before you decide either way is clear the place out. All people see is dollar signs when the place is a mess. Once the place is cleared then you can asses the issues and your partner can decide whether they want to take on the project. The point may be moo. Lol once the place is cleared go ahead and get some quotes from GC’s that have been recommended.

@Nicole Heasley finally some common sense. There will be deals in an up market and a down market. I’ve seen both. The issue is not to panic just be patient and be able to pivot when you can. Be ahead of the curve.

@Emmanuel N Okafor hi there, I just wanted to add my 2 cents and it’s probably worth just that. Keep your head. I look at numbers today. Can the property sustain itself now for what they are asking for. If the answer is yes then there is a deal to be struck but if the answer is no then there is no deal. Indulge me for a minute. If I came to you with a single family house and said Emmanuel, I’ve got a house that I need to sell. The house is $110k and I have a tenant in there for $900 a month but if you put in $20k you’ll be able to raise the rents by $200 a month would you do that deal? For me it’s a hard no. It sounds like a job with little rewards. Stick to your guns and follow up with them in 3 months. Good luck mate!

@Dwight Simpson I’ll be fixing up 2 that are in that range. What returns are you expecting?

@Jose Arreola to be honest it’s not always about the money. You have to have a plan. Do you want to pay cash for your place, or do you want to leverage that $80k? Are you going down the rout of flipping houses or rentals? Are you concerned with cash flow, appreciation something else? What’s the goal? I like to set a goal and then reverse engineer it so I can figure out how to achieve the goal. I started with no money and just kept networking until it was easy for me to either a) get rid of my deals or b) have someone bring me deals. You could spend $80k in one shot and be done. You could also figure out a way to immerse your way into the business bring value to others. Set a foundation for your real estate career and go for it.

@James Robert obvs disclose what you’ve done but if it’s not that noticeable then what’s the problem?

@James Robert did you walk the property? If you didn’t notice the sinking foundation then I can’t imagine that it is a massive situation. Maybe stop the sinking and don’t raise the floors up. So there’ll be no other damage. If you didn’t notice them why would anyone else? Am I missing something here?

@Rendy Richiez over paying is a relative term. Also if you are finding your deals which are on the market (mls) you will more than likely overpay because the competition is massive and you are bidding against home owners who seem to have lost all reason in this market. I bet if you invest some time you could find a house which is not on the open market. Now without the competition you can get yourself a deal. To go back to the question I think you’ll always overpay if you go through the usual channels. So don’t find your properties there.

@Leon Lee ha we’ve just done the same thing. We bought a run down motel in florida. This is what we did. Bear in mind that we have 2 buildings and 20 units. We firstly made everything safe on both buildings. Ours had hurricane damage from Micheal in 2018 and had been closed since then. We attacked one side of it. Doing 10 units at once. Redesigning the units and making everything pretty. We mainly worked with what we had. The layout wasn’t too bad so we kept with it. We added some quirky finishes and kept with our coming of age Americana motorcade theme. We opened that side in late December with a soft opening with family and friends to get feedback on what needed to be changed, added or got rid of. We’ve been fully booked for 2 months and are recouping some money until we start phase 2. Good luck mate and we’d love to connect.

@Bernadeau C. Casey plumbing has done some work for us and was reasonable and did good work. I can’t remember his actual company name but he goes by Casey. (850) 510-3130