All Forum Posts by: Bryan Weller

I was listening to a podcast that was saying that hiring a general contractor for a rehab cost you extra money and did not necessarily save you headaches. I was wondering what people felt about that. Does it change with more experience? For example using a general when you're less experienced and then taking over the reigns as you gain experience. I also know that many investors hire project managers as they get bigger which seems like having one full time contractor over all your projects.

I appreciate all the ideas. I think I'm looking more towards a more general education in financial literacy. I did download Richest Man in Babylon.

I have listened to all the BP Podcasts and it seems like every one of them mentioned Rich Dad, Poor Dad. I figured, if everyone mentions it, I should read it. After being a third of the way through, I already understand what all the hype is about. However, I have to admit, I am one of those people who is not financially literate enough. I need to correct this.

What would you recommend to someone who wants to become far more financially literate? What books, blogs, sites or other learning devices would you recommend to help me gain that knowledge?

Thank you all for your help.

Newbie question. People speak of the importance of having a good real estate lawyer on your REI team. I understand the things a real estate lawyer does for you when you are landlording (rental agreements, evictions, etc...), but what kinds of things does the lawyer do for you when you are flipping? Just a question to learn.

Yes, I did mean REO. Sorry.

Okay, I see. Makes total sense to me now. I was thinking more about damage to the roof more so than the regular wear and tear aspect.

If you were looking to buy a foreclosure property and you are going to do bank financing, would it make any sense to do the financing from the bank that holds the foreclosure. I wonder if the bank would give you a better deal on the property if they knew they were getting the loan out of it.

I've very new and still learning. I've read a lot about the 50% rule and I'm wondering about one aspect. A big part of the 50% rule is saving capitol back for those big ticket items like furnace replacement or, the most used example, a new roof. When people talk about this, it seems to me that they are assuming the cost of the roof is completely out of pocket. Would you not use your insurance for this type of expense? I certainly would for my residence. Or am I just reading this wrong.

Congratulations on getting in the game! Wish you the best in your new property.