All Forum Posts by: Daniel Hart

My insurance agent says that in my state (NC) a liability waiver signed by a contractor is not good enough. He states that the workers should have workmans comp, which will cost about $5k a year for someone earning $40k, which we all know is not feasible for someone grosssing 40k, and taking home even less. The cost for me to get the insurance is about 3k-4k, and is just not something i can afford, I am still a small time real estate investor.

I can understand that some may say to hire someone with workmans comp only, but when hiring a handyman, landscaper, with a $50-$500 job it's just not realistic to expect them to have it.

Does anyone have any advice, or even better... NC specific info?

touché

You know, it sounds like a lot of work, and I probably don't want it bad enough to go through the hassle considering that I only want to take down a few more properties. I'll just stick what's been working. I'll keep all this information for future reference as I change my mind on a regular basis :)

What I'd like to do is a direct mail campaign to free and clear high value homes in my area. I'd really like the ability to solicit strangers.

All great info, let me clarify one thing, by partner I meant lender, not someone with voting or ownership rights in my business.

There is a lot of knowledge here on the subject,, and i'm sure many of you know the rules but don't solicit, but does anyone actually actively solicit and feel confident that they are in full compliance?

I remember awhile back being told that if you are small-time, say a few hundred thousand dollars borrowed, there is an easier/cheaper registration process.

Can anyone point me in the right direction? I have a dozen single family homes all cash flowing nicely, but I'm about to run out of spare cash to buy and need a partner. I buy $20k-$35k houses that rent for $700-$900/month, and the lost opportunity is killing me!!

Thanks

What's the most tenant friendly flooring, that's cheap to install, and still looks desirable?

Carpet?
Hardwoods?
Laminant?
Sticky tiles?

I guess what I'd like to know is, what flooring will have the lowest maintenance cost over a 10 year period?

I appreciate the different opinions. I think I will stick with excel and just expand it to be more thorough. The goal with quicken was to be able to track everyone in one place (for peace of mind) and to measure my monthly net income. Sounds like I shouldn't reinvent the wheel here!

If I sell a house with Owner Financing (either partial for full) to an owner occupant, does RESPA apply and require that I provide a GFE and TIL?

As my business grows larger, so does my pile of paper. I've decided to start using software to manage my life. Quicken was recommended to me, but after installing it and trying it out I really don't like it. I'm having trouble with interest only loan payments coming back into me. Maybe I just no nothing about accounting and that's the problem.

Does anyone use Quicken or Quick books? Is there an alternative? What's the best way to track your real estate income/expenses?