All Forum Posts by: Charles Whitaker

Michael,

I think he is saying to pull either the breaker from the panel or from the disconnect at the unit itself.

During remodelling I leave utilities on but for functionality reasons. When selling I don't turn on the ac, the heat will run if it is extremely cold outside. For a rental I wouldn't run the ac either when empty.

Just my $0.02

I have used a pneumatic stapler to install siding over asbestos, but the siding was hardboard, not vinyl. As for the old siding, replacing it or tearing it down usually always leads to legal matters. Also, if you could somehow use a pneumatic tool the shattered siding wouldn't be able to move anyways.

Fred,

IMHO,

1. Yes, have a contract at all times.
2. If the private investor is seasoned, they will have a contract.
3. A good title agent can show you what's needed to draw it up yourself. Be very nice to this title agent, they are definitely worth their weight in gold. Way cheaper than $700

Assigning the contract is fine if your buyers know you well or the assignment fee is somewhat small. If you are to make 10K off of a deal then i would double close, this keeps the buyer from knowing what you made on the transaction. Either route will require a good title agent that is used to working with investors.

Hello everyone,

Lately I have been contemplating the best route(s) for profit to go. I would like to gain insight into what other investors are doing and how it has worked for them. I currently stand somewhere along these lines:

10% - Tithe
20% - Pay myself
70% - Re-invested

My demands for paying myself seem so much higher, though. It's hard to go broke from a rehab and then make nothing back in the end. I am working hard on self discipline to over come the broke issue.

I would like to build up capital to cover repairs on rehabs, closing costs on wholesales, and down payments for rentals.

How close is this to reality? Cause so far I can't reach it, not yet anyway.

Thanks

By far my worst is letting one rehab control the other. I underbudgeted the repairs of one rehab and then to cover the lack of money used repair money from another project. This all blew over but was a strong hit to the conscience. I have learned to estimate the repairs better and to control my lack of discipline. I also learned the importance of cash reserves.

The county clerk's website is a very viable way to look up that information but it may take 1-2 months for the documents to be scanned into their database. The mls shows real time closings and their respective sold price, doesn't get any better than that.

Adrian,

If the work is permitted then I would say go for it, local jurisdictions have laws that enable a homeowner to do certain repairs but in this case you do not claim this your homestead which means all work is to be done by licensed contractors. Happened to me recently :shock:

As far as rehabbing, marketing and the such. Both can be done at the same time. If you are a wholesaler then yes, focus on finding the houses. For rehabbing properties I can find enough to stay busy, one finishes and another gets started. The first house will really get you tired (especially if working another job) but it gets easier. I go to work in the mornings, get off in the afternoon and go directly to the rehab and get back to work.

I notice someone stated that they willingly pay a few extra bucks to get it done fast and just do more deals to justify. My thinking is that by having a home that I can rehab and profit 15K within 3 months is better than having 3 homes that are rehabbed and profit the same 15K over 3 months. Even though I did the work, I limited my exposure and gained very valuable experience from the whole process.

I like to have my own rehab going while crews are out doing others, maximixe the best of both worlds.

Nathan,

The lines can be replaced and should be minimal in price. I know that blue copper(for AC lines) is right at $30 for a 10ft stick and the installation should not cost that much. The dehydration of the lines will be crucial, that's alot of moisture exposure.

Good luck

Selling by yourself is relatively easy and straightforward. I typically use my one page buying contract or use a realtors contract with some of the provisions intentionaly left off. The full contract would be better in your case unless the end buyer is not very stringent on small details.

Either way you need one of three things: knowledge of the legal paperwork, a good agent that is willing to help you, or a good title company agent that is willing to help you.

You simply can't do this right by winging it.

Good luck