All Forum Posts by: Jeremy England

Its market dependant but I just got two quotes for a 23 square roof for 30 yr, tear off and replace, flashing etc 5200 and 5700

Both outfits charge an extra 65 per sheet for new decking.  

This is about twice as much as I was payng when I was building houses 10 years ago.  So I went over budget a bit on this deal.  

those prices seem crazy high to me.  I had a drive way removed for 400 dollars today.  The new drive and sidewalks will cost me 2800 more.  

Hire an excavation guy to remove the drive, then hire another crew to forma nd poor the drive.  Breaking the job up in phases or line items.  It would take 4-6 hours for a guy with a skid steer and a dump truck or trailer

Finding and funding deals from anson young.  Pretty comprehensive book.  

Book on flipping houses, estimating rehab costs

Book on managing rental properties

These are probably the top 3 i've read to this point.  

Pretty vague questions.  

I think you need to read some books on valuation and investments strategies.  I can recommend J Scotts book on flipping houses and Anson Youngs Finding and funding deals.  

Its not an all cash offer if you are financing.  It is a financed offer.  An all cash offer would literally mean you can show up to the closing with all the money in cash, the advantage is fewer hassles, fewer costs, quicker closings.  An all cash deal can be closed in about 4 days.  A financed offer will take weeks or months.  

Whether your offer is realistic would depend on many factors.  Seller motivation, condition of property, comparable sales, etc.  USe the search feature  here and do some research.  Read or listen to some books.  You don't have to buy any if you don't want to  either.  You can find similar books at amazon for free that use similar strategies.  

back to your ira, just like if you had it in the stock market

Lend some, I know I could use some private money.  Thus far i've been going it on my own.  Have your people contact my people (by that I mean pm me lol)

Things you could do with 20k self directed IRA:

1. Offer rehab hard money financing to other investors. Lots of HML wont lend so little money, some have a 100k minimum so you could have an advantage there. Some investors spend their cash getting the property and need money to finish the rehab. Just read up on lending and the ins and outs of it to make sure you don't get screwed. You could end up foreclosing on a property that an investor didn't pay you on which could be good and bad.

2.  Offer transactional funding, granted this probably wont be an option for so little money, but you never know.  

3.  Partner with another investor contributing 20k.  this is a good option.  The other investor would be in charge here and you are simply a money guy.  You are essentially investing in his business.  That makes it nice and legal for IRS rules.  Even if you are simply investing in his business so he may take that money and buy 20k worth of marketing, this could result in huge returns for you

I'd sell the first one, you aren't cashflowing enough to cover all expenses.  You could likely even take a small loss, reinvest those funds toward 2 or 3 less expensive properties.  Just make sure you are cashflowing.  A good rule of thumb is 40-50% of rents will be used for expenses.  Then debt service.  

Property mgt: 9%

Vacancy: 8%

Maint: %5

Capex: 3%

Property taxes:??

Insurance: ??

THEN debt service.  What's left will be cashflow

A true cashflowing property means you have all bills accounted for, and do not have to lift a finger, its true mailbox money.  

1. Water 3x day for about 15-20 min

2. You may not have good root to ground contact on those brown areas.  I'd suggest taking some top soil and filling in the gap between the two sod pieces. Or take a garden spade then cut out the area where the grass is pulling away and replace with top soil or another sod piece

Whatever you chose to do, negotiate the price down.  I replaced 4 windows here in florida and due to all the energy crap, wind crap and what not, the first quote I got was 4000 installed.  I called two more contractors then negotiated with the cheaper one down to 2400