All Forum Posts by: Arlan Potter

Depends on where you live.  And the market you are buying into.

In the right market you can buy cheap houses for $25K or less

We closed on the sale of 30 units this week. A 24 unit complex and 6 SFR's.

Couldn’t be happier. The units needed  quite a bit of work, class C- or some might say D.  

Easy to rent because poor people need a place to live. But the revolving doors just were not worth it any more. The sale proceeds cleared all our bank debts. And we still have a sizable “paid for” portfolio.  

We will now get back to potential flips, and new construction. 

I would live in a paid for house. Have no mortgage payments. Never mortgage my personal residence once paid off.

See a tax person.   Flipping houses is a business, subject to ordinary income tax and FICA.

@John Roker

What is good about it?  Buying it for what its worth, retail. Are you sure about the cash flow because I don't see it. Maybe I am missing something. 2 loans, insurance, taxes, maintenance. looks thin to me. Like a babysitting job until its paid for. Looks like the only way to get $500 cash flow is to have 30yr notes. Who wants to be in debt 30 yrs.  But if it works for you, it ok. 

At least its an easy fix.  A Squirt of asphalt cement.

I had one one time that went through an interior wall, and out the window in a bedroom. 

@Christopher Hoshaw

My advise is to sell while you can. The market is ripe to sell.  

In Oklahoma the meter belongs to the utility company.

They provide the meter and the meter base. Free

@Andrew Gomez

If they are wanting the information on your trucking company then you might get by with a review. Cheaper and less invasive than an audit but would give the bank some comport that you don't cook the books.

@Andrew Gomez

Time and money. Audits can be really expensive. I have never needed one to obtain bank loans or investor financing.