All Forum Posts by: Clark Kirkpatrick

I like Meet Kevin and Graham Stephan! Also, BP puts out good content.

I'd definitely want that sewer backup coverage - water damage is no joke, and a sewer at one of my houses just got backed up yesterday. Luckily we caught it before it flooded the basement.

You also might consider shopping around. It sounds like this insurance company acts in ways that I would dislike.

I've used cabinets.com to create a mock-up design for the new cabinets in the kitchen, and they have designers that can help with this. The RTA store (physical or online) is a good resource for inexpensive cabinets.

rentometer.com

hotpads.com

Your first deal will make all the difference. It's like the difference between reading a written description of a song vs. actually listening to the song. There's no substitute for doing your first deal, and no amount of other learning can come close.

Hire a property manager. They'll take care of legal issues and most other issues, and you'll collect a monthly check.

Interview a bunch of them before hiring one, though - there are lots of bad property managers. Search on BP for how to properly vet a property manager.

First, try for seller financing. Explain to the seller what it is, then ask if they're interested. When they say "no", you ask "why?" and they tell you what they don't like about it. Then you find a way to solve the problem that they brought up and get seller financing on win-win terms.

Second, if that doesn't work, try to find a partner who can bring the capital if you bring the deal and do the work.

Third, you could buy it with conventional financing and use a creative way to get the down payment and closing costs: a HELOC, personal line of credit, loan from a family member, etc.

Ah, now I understand better. Didn't realize it was such an expensive market. I have to believe 2+2 is more desirable in general, and therefore would appreciate better.

If nothing else, the client would have a more valuable place instead of a less valuable place, and they wouldn't pay the difference - the tenant would.

If they go with the 2/2, they could rent out a room and maybe live for free.

If they go with the 1/1, not so much.

Get an agreement of sale signed. Put the earnest money amount in the agreement of sale (a small amount - $500 or less might be sufficient). Give the EMD to your title company and have them start title work. Call the local government to get your transfer inspection scheduled. Bring a contractor to the house to get rehab quotes. If you're getting a loan, then call your lender and start that process. If you're buying with cash, get the cash into the right account so you can wire it or get certified funds from a local bank on closing day. Schedule the actual closing day and time. If you're wholesaling it, get your cash buyer lined up. Get insurance quotes and get a policy that'll start the day you close. Get the utilities transferred to your name, effective on the closing date.