All Forum Posts by: Allen Thomas

Are you saying that you already had the wiring replaced and new breaker box installed by someone unlicensed? If that's the case you will probably need to talk a licensed professional into taking a look at everything and creating the diagram as is. They are probably going to charge you a pretty penny though... 

Congratulations!

And so it begins! Enjoy the journey! When you finish this first deal it's all downhill from there! 

Congrats! My new strategy/plan is to pay off all of my SFHs to reduce my risk and begin to leverage multi family properties. So big ups man!

Good luck! After you land your first one it gets a lot easier! Make sure you check out all of the foreclosure sites. Despite occasional comments to the contrary, there are still deals to be found with the banks. 

You definitely did the right thing. I have had to deal with the same issue. The problem with cheap labor is that the laborers are typically operating underneath the IRS' radar...

I own a number of SFHs, and my concern is always the fact that the ones that are leveraged are an issue during vacancies... That's the main con of purchasing those. My solution is now to pay off those and leverage multi family properties as much as possible, as those don't take much of a hit when you lose a tenant or two for a month or so. If you can buy single family homes cash, they're great. Without leveraging them though it could prove difficult to scale... Pros and cons...

Thanks for this post. I am thinking of doing the same. Not quite luxury, but definitely above average priced homes here in metro ATL. Here that's the half a million dollar range in most suburbs. 

Have him pay $35-50 up front for your to pay for those two checks, then you can verify the credit story for yourself. If everything checks out, take that additional cash flow! But do not allow him to delay your decision making by waiting for him to submit documentation...

I'm an investor and agent, so I see both sides. In this market though, that kind of offer is a bit farfetched unless the property is extremely distressed. When it comes to things like making bids on auction sites, I don't mind low balling because it isn't time intensive. However, it takes time to write up a contract, and in this case, it's probably a complete waste of time.