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28 October 2024 | 8 replies
Ultimately, my vision is partnering with a private lender so I can spread my funds across multiple deals at once and scale quicker; I'm really happy so far with my agents, contractor, and refi lender, so I feel like getting a great lender would be the next step for me.
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28 October 2024 | 30 replies
After the sale of the company, we have:9-15 months of personal expenses in savings to live off ofStart with $100k cash and do micro flips to avoid the risk of a hard money lender and losing our tail if something doesn't go right or sell quick enoughOnce the house sells, reinvest all the cash back into the next flip and continue doing this until we are doing multiple flips at a time (he can manage 4 large projects at a time by himself, so we assume up to 4 active flips at a time eventually)Pros of doing this:No longer having to manage W2 employees/operations (this used to be my role but now that we have kids I want to stay home, not do this)Getting a larger chunk of cash to start flipping quicker vs waiting 1+ years to save enough cash for the first flipUsing cash reduces our risk of losing money with a hard money lender if the project takes longer to sell, rehab, etc.
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28 October 2024 | 23 replies
Try to offer a resolution, then move on.
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30 October 2024 | 15 replies
You may be surprised how quickly the MLS value can improve with improved curb appeal alone as well, so consider the landscaping if you want a quicker way out of the property.
25 October 2024 | 2 replies
This partnership not only facilitates quicker transactions but also contributes to long-term growth and profitability.
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29 October 2024 | 23 replies
Capex is likely going to rise quicker than inflation, renter's income to rent ratio is going to be tighter than ever.
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24 October 2024 | 7 replies
The person signing the lease provided me with a "Resolution of Corporate Authority".
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23 October 2024 | 7 replies
Be competitive in what you list your property for rent for if you want to get it filled quicker (about 10% below market rent or whatever else is up for rent nearby but you still also need to make sure the unit looks good/relatively updated when comparing to the others for rent - I look at what is on Zillow.
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23 October 2024 | 2 replies
This gives you steady payments but also a quicker exit.You’ll definitely want to get the contracts and paperwork squared away with a real estate attorney.
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21 October 2024 | 5 replies
(Here's how we keep it all straight.)Project management software (Asana)-> Order of operations-> Responsibilities -> Deadlines-> Notes-> SOPsDaily Contractor Check-in Calls/Texts-> Roadblocks-> Resolutions-> ResultsIn Person Walkthroughs-> Our Property Manager-> My Business Partner-> Our Realtor-> MyselfHow do you drive results for your renovations?