All Forum Posts by: Amanda G.

I had a chat with one of the owners of a local flooring company. He considers the waterproof floating kind a marketing gimmick because the glue down is more waterproof in his experience. It takes more labor to install but the materials are cheaper. Nothing to add about specific brands. You might walk into your local mom-and-pop flooring store and see what their options are, too. Good luck!

I use a boring, normal lock box and change the code from time to time. I purchased fancy ones that have a different code for the box and the door lock mechanism, but so far the easy ones work fine. I know all my contractors, and potential renters have to share a picture of their drivers license before they get the code. 

Hi Tomiyo,

It doesn't hurt the hard money lender to get you a non-exclusive contract that you can shop around. It sounds like you haven't built a buyers list yet. I know there are wholesalers in Atlanta on BP. Maybe call some bandit signs and see if someone will partner with you (get it in writing) on these potential deals. Good luck!

Welcome @Robert Jarboe, you are wise to recognize the difficulty of doing it solo. BP is great, but find your local real estate investors group. There is nothing like meeting someone who has already done what you want to do- and doesn't have any interest in writing a book about it (and I love reading books). Good work on your lifestyle changes, I'd be interested to hear from you as you go. 

You can get a mortgage. You will need to plan for the expense of the loan when you run your analysis. You might do as well with a hard money lender. A bank loan is mostly accessible only if you buy it in your own name. If you buy in an LLC you need to find a commercial lender, which is a different monster.

@Ken Tsui, because of the warning bells and your conservative nature you will watch those inspections and title results more closely than the average person. I hope it works out well for you! 

@Ken Tsui, people generally assume that each other are telling the truth, we are designed that way. So if you are getting warning bells, it is a sign that you are probably noticing something real. Title insurance and inspections are important, but if your gut says something bad is happening here, trust yourself and walk away. It is super easy to get caught up in a deal, especially if it looks good on the surface, but investing is a long term game. There will be another deal.

Not an attorney or a tax expert, but I bet your MIL can make you a loan, so that it is not a gift. Give her a nice interest rate for rescuing you. :)

Bummer that this one didn't go as planned. Hopefully you can find a nice exit strategy, maybe a lease option?

If it is written in your lease, all of their deposit can be forfeit for not returning the home in the same or better condition as they found it, minus regular wear and usage. Koolaid is not regular wear and tear.

Hi @Isaac Pyle

The exit strategy means what options do you have for finishing a deal. Your "exit strategy" might be to hold it for 40 years, or you might want to sell after 5 if it appreciates a certain amount in value, or you might choose to rehab it and sell it immediately, or after renting it for a year to reduce capital gains, or you might sell on a lease option or owner financing. All of these are possible exit strategies.