All Forum Posts by: Bobby Beard

I have found a signed lease helps and that is included as income to the bank.

They have a trial if anybody wants to try it. I would be more than happy to help during the trial to get you going. If your GC charges less or more on certain items you can change the prices to reflect it for future projects. Just a great program!

I do flood adjusting during catastrophic storms. We use a program called simsol. It's a monthly based service but it's excellent! It's super easy to lay out the house and then label rooms. As you go room to room you click on a number for what you want to do. For example, carpeting, you would click 3 to remove and replace or 4 replace only or 5 to add etc.. It's based off of zip code so the prices are according to your area and are updated often. You chose rather it's a single contractor doing it or a handyman or a general contractor and it prices accordingly. It adds overhead and profit for GC. It prints out an itemized estimate to compare to any bids received.

Just signed this morning on number 5! Bought for 35k from distressed buyer. 5000 sq ft and appraises for 142k. Bank loaned 45k. An extra 10k for clean up and flooring. THINK I may have a buyer already at 80k. I usually buy and hold but this property is just an odd layout. I'm excited and completely love the experience and knowledge I'm gaining!

thank you @Dmitriy Fomichenko for the info! More research!

just my thoughts my friend. Now on the flip side it may not sell as well, that I don't really know. However 3 br in my area always sell faster then 2. Good luck!

You would be surprised what a RV type winterizing air nipple and a air tank or small pancake compressor can show you. Make sure all faucets are closed and pump in 30 PSI through the outside water hose connection. Walk the house and listen and then check the pressure again. Still holding then all is good. Done it many times! Also helps to have a good relationship with your agent ;-)

Interesting! I have all my retirement in a SEP 401k with vangaurd.. Can I do the same thing? Buy RE with the monies in the sep?

Good luck! I started years ago with a trailer by default. I hated it and sold the trailer a couple years later. Fast forward about 7 years later and I decided to give it a try again with a different approach. I love it now. What's the difference? Before it was bc I had to and everything drove me crazy. Now it's a business and an investment to my future and I treat it that way. It's just "part of the job" if something goes wrong. I believe it's all mindset. If your mind is right you can win and win big! If not then it's to much pressure and you will fail. Get your studying in and get your mind right and figure out exactly how you want to do it and you will be just fine! Btw I bought that old trailer back!

All great questions and answers. I have tried all the "handymen" in my area and have horror stories to tell from each one. And I have no doubts I spent more in time then I would have if I had just went ahead and paid the higher GC. I got a quote once from a GC to remodel a house including kitchen for 19k. Would be done in 3-4 weeks. I thought he was insane! So I hired handymen. 9 months later, 4 handymen later and about 25k later (minus the new kitchen) I finally had a remodeled house to rent.... Get bids from top quality guys and pay the O&P (overhead and profit) and get a fast good job with no worries. Have EVERYTHING IN WRITING, down to the color of the nails!