All Forum Posts by: Joshua D.

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Could anyone by any chance give me a step by step business plan to follow. I wanna give me and my wife more freedom and not depend on are handyman. Not sure where to start to make this as hands off as possible. Wanna just find the deals which im very good at and have everything else managed. The problem with me is i feel no one will run it as good as us and try to penny pinch and make the money we can. Please any and all advice would be so appreciative. Wanna make this business run smoothly and get out of my construction job and stop doing all the run around with this. 

@Joshua Dorkin

Hey guys,

Getting ready to close on what appears to be a pretty sweet deal. I have it under contract with the owner for $23,500 with a ARV of $120,000. House needs about 35k in work. However, the cat urine is BAD in this house. The previous owner moved out and let his 3 cats live there for nearly a year with no litter boxes. You can imagine how horrible the cat urine smell is.

Any suggestions? We plan on tearing out all of the paneling and potentially the sub-floor to lay down new, and we had a Sherwin Williams rep suggest some kind of urine-smell killing agent to spray the ENTIRE inside of the house with, but how do you typically handle a cat pee house, investors?

Thank you!

House is under contract looking to close. What does everyone think about the deal. Worries about the cat urine in there being that no one stays there besides cats and they are peeing everywhere think we can take pint sprayer and spray everything down from top to bottom. Any help would be great

Old picture but still in good shape. Should I buy this for $23,500 arv of $120,000. Been trying to figure a better system with are business but don't wanna loose out on this deal. Been working on it for awhile. Think it's a homerun but it's infested with cat urine and the cats are still living there. Also needs a lot of garbage out and all newly remodeled. Has a attached garage and a shed and big outdoor swimming pool outback. Would be buying as is. Any recommendations would be super helpful. Please I feel this is another amazing deal I have found but don't wanna overload myself with everything elsewhere I got going on. I feel will have to put $25,000-$30,000 tops into houses on top of $23,500. Help please 

@Levi T. Thank you so much bro! I really appreciate and agree totally with your insight. What would you say is the first step for us to  begin this process? We talked to a local realtor and property manager and he does do property management for a 10% fee and 1st months rent for any new tenants that they background check and bring in.  Didn't know if it would be worth it or not, what do you think? They don't do the construction side of things/rehabs. We live in a small town, which creates some challenge in finding a big enough company who has both a GC and subs. That would be the perfect scenario for us. Right now, we have 1 flaky employee who we pay $11.00/hour who does all maintenance calls and rehabs for us. However, he is kindof unstable and emotionally a mess, I often feel like I am babysitting the guy and feel unsure when buying new rehab houses because you never know when the guy is going to have a meltdown and be out of order for the week.  I wish I was kidding. Lol. 

We are bringing in $7,902/month right now gross and $5,500/month net.  Do you have a suggestion where I could find the GC and subs? It sounds like you have an awesome operation going, my goals exactly. 

When you say that you sub payments and bill to a larger accounting firm, can you explain that more in detail? I was unsure, in my still-newbie status, of what this meant.

Thank you so much, I really appreciate your insight

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So currently its me,my wife and 1 employee that run this business. We have 8 units 1 duplex and 6 SFH's. I find the deals and run around and try and keep it all together doing it all with some construction stuff and keeping everyone together, my wife does the bills mostly and marketing online and we do tenant screening together and meeting new tenants and pretty much it all. We use cozy,transunion smartmove,craigslist and facebook for most of everything. We have 1 employee that does mostly all the construction stuff and bring other people in when needed to help. Hes on payroll and we usually keep him really busy but slow now because all houses fixed up and rented just doing some little maintenance stuff now. We have a heated storage unit we have built into one of are houses with all construction material for him. My wife keeps up with most of paperwork and receipts. I feel in a way this business is all over the place. My wife does not to seem to have her head in it like mine also we almost had are employee quit the other day and has been acting weird so im expecting him to leave soon or a matter of time. We have built this alot around him more then we have should. So wouldnt know what to exactly do if he left. So we have 8 places. How in the world do people have 20-4000 units dont get it. Any help would be greatly appreciated. Wanna get this all organized running smoothly

so with my rentals ive been switching all my hot water tanks from gas to electric anytime I can. Is that a good idea? seems to ease my mind a little more and also I usually switch hot water tanks out when they look really bad. The houses I pick up there usually 15+ years old and I just change them out. For example there is a 17 year old gas hot water tank still works fine and looks good but was gonna change it out because of age and gas. Last one to do. Am I doing this right?