All Forum Posts by: James York

@Kris Bennett do you invest in Concord? I just sold a spec behind Barber Scotia and have one nearly complete in Gibson Village. Starting 4 more soon. 

@Mason Hickman thank you. Is that a common opinion? My personal experience when I was a renter was that it was my job. 

Im getting in to my first rentals (4 at once). They don't have garages or anywhere to keep a mower. Where do you expect your tenants to keep this stuff so it doesn't end up in your house? There is a shed on site, but I'm concerned this would be a fight if I let all 4 use it. Also, how minimal should the landscaping be? I was inclined to put grass right up to the house and skip gardens. They're SFR that I'm building to keep so there's nothing but opportunity to create what I want.

@Corby Goade I agree with you. A good investment can mean a lot of different things. I had to stop following a well know Instagram RE investor who was constantly showing his rent today versus purchase price in 2012. This is insignificant because that same deal can’t be repeated now. People who bought their homes in 1960 could look like geniuses by that measure. I like posts like this one because they remind me that great investments for me don’t have to please everyone else. 

I think it would be hard to justify and payment to a young child that is large enough to create a real tax savings. That said, I “employ” my 8 year old and sometimes my other kids to give them an education in my business. I look at it as priceless experience over tax savings. I’ve got a little boy super excited to build a deck this week while school is out for corona.  He will probably get paid, but it’s from my personal pocket, not business. 

Masonry walls aren’t required everywhere. There are sound proofing measures that can fix this, but the absence of masonry isn’t immediate cause for alarm. 

I’ve been reading on this as well. I read something last night that the protection created by the llc can be easily negated in court if you comingle finds or have financed the property in your own name(even if it’s deeded to llc). I spoke with a friend today and he said his attorney said different. I’m not a conspiracy theorist, but cpa and attorney gain from more entities and aside from costs, there isn’t much harm to you. Just may not be as much protection as you think. I’d love to hear that I’m wrong, but it all seems to make sense. 

Do these really work? I delete and ignore. 

My favorite “flip” to date. Bought a vacant lot for $112k. Used a private investor’s money. Cut the grass once for $25. Sold for $143k three months later. I’m a broker so I only paid BA commission and received a commission when I purchased. Paid my investor $10k for his money. Net about $25k. This was especially good because I was simultaneously building my worst (aka losing) investment to date. One gain covered another loss. 

@Paul Chapey 1200sf. LOWES cabinets, LVP and carpet (not in rentals), granite tops, ss appliances and pretty basic fixtures. $150-175k value. My contractor works on a profit split agreement. He usually comes out better that way, but it’s security for me if the project goes awry.