All Forum Posts by: Joshua Houchins

@THIYAGHU MUTHUSWAMY have you already closed on the property?  If not why not try to negotiate the price to compensate the cost? If you make the units more cost effective for your tenants by lowering utilities then possibly raise the rent and get your cap rate up higher.  If there bill goes from 500 a month to 200 a month you charge them an extra 150 to compensate your cost you both win.  I would assume this would be a fairly easy sell.

@Vinny Gaines Jason pretty much summed up the general idea. But to add to having them bid on a specific job it is key to put together a scope of work for every item that you are doing on the project.  Also lay out a spec sheet that list every items price, model number or sku, location in the project and quantity.  This is how every sub you are using bids on the exact same thing and you can actually compare apples to apples.  I can provide you with a basic example and blank template if needed.  Good luck

@Richard Donofrio lol I believe they do business a bit different in Afghanistan 

Auctions in nc  are tough now I have been buying really distressed property and homes out of estates a lot of large firms buying auction property at the current moment.  

does anyone use there 401k as there lender?  I am looking into doing this what companies do you use and why?

why not form a separate entity that has a broker in charge that is like a sister company that handles the sales etc therefore making you an owner so you can take the agency cut that way.   I would say that would help from a liability stand point and a way to get a piece of all ends of the deal.  I have been considering doing this myself and this would work in NC.  There are some standard upfront disclosures that have to be known to all parties as part of the listing. 

Laws are different in every state so having a good business attorney to structure you companies would be the best way to stay compliant with your state laws.

@Jason White   At your age and experience I would take maybe 30-40% of it and do hard money loans in your area only lend 50-60% of the value of the property charge 3-5 points upfront and 15% interest.  Take your remaining balance into something safe.  You could possibly use your lending profits just to live and let the rest grow.  Just do not lend money on something that is not complete only pay when it is done.

If it takes you longer than 30 min to drive there don't lend on it. 

Good luck

everyone here has answered your question exactly right with good advice.  One thought on your auction purchases.  Most auctions in person or online in my area are being purchased by large investors and are getting close to 90-95% of the property value which is hard to compete with.  So a lot of auctions are holding out for really high bids.  I recommend finding estate sales I seem to be getting better deal on this sort of sale versus auctions in my area.  Good luck.

@Richard Donofrio it is very simple depending on you knowledge of buying. But if you are the buyer you do not pay your realtor anything there commission will come out of the sellers end.  Basically you will need an OTP contract which I can give you.  Also more than likely the seller will not have an escrow account so do not give them your escrow money give it to your attorney to hold until closing.   Again buying something without an agent is not a if deal your attorney would also be a good reference to help you.  On the back side of the deal I never recommend selling a property without an agent unless you are an agent.  The mls is a powerful tool.   In my business it worth the 5% to pay an agent not to have to deal with the buyers. Hope the helps you and good luck.

I am not sure if this response was directed towards my comment but I am not selling my course as of yet I have several people in the area I have helped get started and are currently working with.  The first 50-100 people are to prove how my guidance is a success. That is not how I pay my bills .  Although I would agree on nationwide gurus that are usually not real.

 No,  I am not I have a lot going on currently with projects and launching my course next month.