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All Forum Posts by: Tom Brooks

Tom Brooks has started 3 posts and replied 92 times.

Post: Housing Bubble 2.0

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32
The outlook for buy and hold (particularly sfh and quads or smaller ) is looking good in my opinion. We have low interest rates and people are renting more than ever with low home ownership rates. Unfortunately for many we also have stagnant wages. I think this is likely to keep people renting and vacancy rates low. I hope that wages increase with inflation so we can see rent increases along with "lower" debt because of inflation. That theoretically would give us greater noi over time along with a low vacancy rate because of the market.

Post: Contractors!

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32
Good contractors are typically always busy because they are good at what they do and have developed a reputation. Because they are always busy, getting rehabs done to flip or rent in a timely manner can be a challenge unless they have several crews. Relationships are key because they can prioritize your projects if they like you and or you are giving them consistent business. The 80/20 rule applies to the contracting world and we all need to remember that most small businesses fail. For better or worse most small business owners are mediocre business people at best IMO. Find good contractors and stick with them. On the topic of on or off the books, you are absolutely right. Minding your business' expenses is important but so is managing your risk/liability. At a certain point I'd imagine It is also hard to scale a business off the books. There are economies and diseconomies of scale with all businesses.
I dislike popcorn because fixing spots where it is damaged isn't easy. There is aersol spray texture but its not terribly good and there are several different sizes with popcorn. Its worth taking down though expect a mess. Regulations with asbestos and lead are in place and its worth having a licensed contractor address the issue particularly from a liability standpoint.
The "best" finance option is base on the details pf the individual mortgage options and your own financial situation/goals. Essentially it depends from my understanding.

Post: Getting an idea of people's "WHY"

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32
I think many investors are investors because find the idea of spending 40 hrs a week in a cubicle where you can get "let go" at any point is insane. I know I would like financial freedom and control over my own destiny. Great topic. You need to be motivated to escape your comfort zone. A great Why drives results.

Post: Do I Have To Waterproof My Concrete Steps

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32
Any coating going on a floor will need to be maintained based on the kind and type of coating and traffic on the surface. You also have the option for using an elastomeric coating to fill in the cracks or any number of solid coatings for the top. Before putting a clear coat on; a concrete stain is also an option. Before doing anything but the most basic floor projects I very strongly recommend consulting a professional. Ideally the professional is also on site to view the floor. On another note concrete less than a year old is particularly finicky with salt. Avoid using this if possible. I believe some "salt" options are less damaging to concrete but again should be avoided if this is less than a year old. Floor coats can be particularly troublesome and cause very expensive problems if done incorrectly. Vet your contractors on floor jobs and consult companies who supply the products to ensure it is appropriate and being applied correctly. Companies who supply the floor coatings are often great for recommending contractors to apply them. Decks are also not as simple as you would think so read labels and discuss with professionals.

Post: Painting and a tenant that smokes

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32
The oil based primer will cover the stains but do nothing with the odor. If thats the issue you use a paint like harmony which absorbs odors. There are other options for the odor but again its kinda difficult with the unit occupied. Nice job with the long term tenant.

Post: Painting and a tenant that smokes

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32
Prime with Pro block oil in gallons or aerosol cans depending how bad it is and top coat with any latex paint. The issue is you have an occupied you would need to use an oil based primer in. There will be some odor. Try to coordinate with the Tennant if they are going on vacation in the near future. Best Tom

Post: Making an offer on a foreclosure (South Carolina)

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32

@wayne brooks

I understand your frustration. I just believe it is a misleading marketing tactic and that companies should operate with greater transparency as a matter of ethics. If the lowest the bank will take is 50k, then the starting bid should be 50k. What they are doing is inapproperiate market manipulation and I will avoid doing business with them because of this. 

Post: Penns Grove NJ - Target Market

Tom BrooksPosted
  • Jupiter, FL
  • Posts 95
  • Votes 32
I'm also a newbie and I live in south jersey. The area is often referred to as cow town or the sticks in my circle of friends because they have a rodeo and its a more rural area. There are some cheap areas in south jersey. I know investors doing well in Salem. I wouldn't touch salem but they are making it work and have done so with owner financing. Be careful. Bill, look into foundation flood vents (smart vent) if flood insurance is an issue. Typically installing them can lower your rate quite a bit.