All Forum Posts by: Ed O.

Don't use good ol boys affiliated with the seller. Find your own inspector after researching them in the market. 

Everyone on the other side gets paid when the deal closes. The buyer's best interests may not be aligned with the referred inspector, or the house could have been built quite well. 

I don't really see this, in any way whatsoever, as a sales pitch. 

I've seen some awful conduct by turnkey operators in Missouri as well. I've seen "deals" in other war zone like areas being hawked to out of state investors quite a bit. 

A fool and their money are soon parted.

Leasing homes in D / D- neighborhoods comes with a lot more risk than other neighborhoods. Leading newbs down the tracks of failure while selling a dream... may be legal, but it is wrong. Selling turds to people and then blaming them for not realizing it was poo is a terrible business model. 

Based on my time here, I can think of one seemingly reputable turnkey operator, and they're well known here on BP (think Memphis). 

And then there's everyone else hawking garbage deals to the fools. Not to say all turn key operators are bad, but I completely agree with @Johnathan Trimble. If anyone is looking at doing a turnkey deal, you'd best do 10x the diligence and talk to a bunch of people in the market you're entering. They'd know as soon as they heard the zip code the area is a no go. 

@Scott Mac

Great idea on the small meet up. I like that. 

I appreciate the other feedback. I miss the old format, and the detail to which the first conference was run. All speakers had to sign agreements, promising not to pitch. There were some whales there. 

I'm sure the new format has value. 

Another good one is dealmakers forum at oreia. The rest of the conference I have found to be heavily salesy.. and while there's value in courses, I have consistently found the best value in networking with peers who want to share as much as they hope to learn.  

@Renee I.

One of the best conferences I went to was the first biggerpockets.com summit. 

This was long before the website was sold by the founder. Costs were reasonable $200 (it wasn't a cash grab) and selling was prohibited.  But this is what biggerpockets used to offer, not what they are offering now.

Now I see bp offering a significantly more expensive conference and a lot of selling. I miss what they used to have. The people in the room at the first conference seem to be almost entirely gone from this place. 

I'm a bigger fan of the low / no sell events. Selling will almost always be a part of conferences tho. 

I've got nothing against people making money. Bp was just totally different back then. 

My top one now:

Investor weekend (Okc)

@Matthew Becker 

Can you talk more about how you got your rate? I've been struggling to crack the high 6s. 

thanks

Based on my anecdotal experience, it is not worth having. We've had lines fail over the yeears, however $15 x unit count x 12 months x years in service = a much higher amount than the sum of the repairs over the 25 years we've been in business. 

The only exception to this would be if you had a line scoped and it showed areas of concern, and perhaps a high likelihood of failure in the next 5 years..... 

Sewer and water service line insurance are a lot like home warranties or extended warranties. The fear based sellers aren't there to help you, they're in it for a margin. 

@Cody Caswell

Thanks for this info Cody. I'll look into it!

Ed

I sure am thankful I'm not in California!

We get our cabinets through.the box stores. They work well for the houses we work in 100-500k. I might try Rta s again in the future. 

We get granite for around $40/ft installed from a local shop. 

Can you speak on how you source granite slabs cost effectively? I have heard about low cost granite / stone, i just don't know where to get it. 

Thanks!

I can't speak for your area. 

If you do not regularly file for evictions, you'd best retain an attorney.  See who represents owners frequently in your jurisdiction and get set up with them.

If you're capable of getting funding from a bank, those terms are terrible. If not, I'm not sure. 

is this from a hard money lender?