All Forum Posts by: Eric Bowlin

re-reading that.... I don't mean to say everyone or anyone who goes to small claims is 'unsophisticated'. I've been myself. I was just commenting on the general atmosphere and approach the judges seem to take during the times I have gone. 

Hope no one takes offense to that! 

I find that judges in small claims are pretty reasonable and don't usually throw things out on a 'technicality'. Small claims is really designed for the lay person. It's there to allow unsophisticated people to solve small problems without the expense of an attorney. 

I would just make sure I filed my response professionally and accurately and brought to court all documentation, lease, before and after pictures, receipts for repairs, your before and after walk-through checklist. etc.

Can you snap a picture of a qr code and access the website any time you want? Serious question, I don't know the answer.

You all are so funny about MHP's. I never realized how big this business is in the country because MA has so few and most only exist because they are grandfathered. I think I might own the only one in my city and the city hates granting me the permit for it. MHP's are strictly NOT allowed anymore in my municipality and only grandfathered parks are allowed.

My only advice about Mobile Homes... Avoid everything in this discussion and Own the park not the trailer. Be good to the tenants because they are the best and most stable income you will ever earn with the fewest calls and least maintenance.

I was going through my library of mostly economics, stock market, and real estate books and I saw I had a good assortment of books from Steve Berges..all related to real estate investing.

I completely forgot I had them but now I remember they were pretty important to my education 5 or 6 years ago when I was just just getting started.

Just curious, anyone else read him?

i only know one bank that will do it and I have to own it cash before hand. They won't buy out another lien with it.

For me, I jumped from one building to the second so they were my personal residences at the time. I live in my own SFR now so it's more difficult.

Every state is different. MA didn't allow submetering of water for a very very long time. When energy and water conservation became big several years ago, the state passed a law allowing it..but requires all low-flow fixtures and an inspection from the health department.

When I did the research a few years back I believe I read that 'sub-metering' generally allows the landlord to bill the tenants though the landlord still pays the bill on the primary meter. 

No one really does it though because these old multi's have piping in all sorts of crazy configurations that isn't conducive to splitting it.

i think you'll get there. Just too optimistic with no contingency planning.

Get some cash from family or friends to be your 'down payment' so you are more attractive to an investor.

I don't know how to edit. I meant to write "Half of the up-side" not half of the upset. Sorry for the two posts.

Any plan is good until first contact.

Everything you have is good in theory..But it's all just imaginary. 

@Account Closed  Just read it back to yourself from another point of view:

You plan to find a nearly perfect house in a great neighborhood that is selling far below market value but needs barely any work. Additionally, no other investor or homeowner wants to purchase this property for much more. You have an investor in your back pocket who is willing to accept 100% of the down-side (since you have no money invested) but take only half of the upset. Additionally, you will perform all the work with a handyman (ie. unlicensed and uninsured) further opening the cash investor to risk. You will fix everything on a tight timeline that even a professional crew might struggle to meet. Then you will list AND sell it at full market value in less time than it takes a bank to underwrite a loan.

I feel like I just saw a "get rich tonight flipping houses!" infomercial.

I'm usually pretty positive with my posts but just based on this one post, I really think you have a lot more reading to do before you dive in and lose your shirt.

- You need to plan to put a good amount down. You have no experience and will need to compensate for this somehow. 

- If it needs any real work at all you probably won't get it done in 30 days unless you are experienced in project management, or hire a professional crew. Permitting alone can take 30 days.

- In my experience Best case scenario at least 30 days of listing and 45 days of underwriting...Unless you are in a hot market or discount the price well below market. Every market is different though

- Finding a partner is hard, especially under the circumstances.

- Always over budget.

- You have no plan to find major 'hidden' problems. Home inspection? Contractor? Are you experienced enough to see if you have termite damage, a rotten sill, un-permitted plumbing/electrical work (homeowner specials), subtle signs of water penetration, or any number of things that will kill your deal on the sale side? 

You asked for critical.