All Forum Posts by: Jeshua Patrick

William DeLuca that depends on your strategy. If you don’t have one you should know after having listened to all the podcasts what that is and write out a plan on paper. Strategies could be anything from wholesale to flipping to buy-and-hold. All of those would alter your approach but all approaches would involve some kind of purchase offer and contract.

Matthew Paul I feel for you. Unfortunately, not all have the ability to carry legally. I should have prefaced my previous statement with a where legal clause. In situations like yours, one should be all the more cautious and aware of their surroundings.

Matthew Paul I would counter that one should always carry regardless as trouble doesn’t only call in “bad areas”. To each his own though. Also, crime mapping doesn’t always paint a complete picture. In fact, while I live in a good area, armed robberies occur with some regularity in the business district just blocks away from me. As to tax deductibility, I would defer to the previous, seemingly well written advice.

Duc-Dung Pham for foundation work you want to speak to Vince Powell at Foundation Doctor in Harrisburg NC. His company also does some flips so they likely know some good contractors in the Charlotte area if they can’t help you themselves.

Jonathan Yip first impression is key and the yard is awful. What little grass is there looks sad and weedy. The pictures as a whole could be better. Not sure if your agent hired a photographer or pulled a DIY job but the right lens selection would capture more of the rooms potentially attracting more clients. It sounds like you are getting limited showings in a hot market. Three things generate or kill showings: price, location, and pictures. If the place looks phenomenal in the pictures it will pull more showings in a hot market even if the price is a little high or the house is in a so so neighborhood.

Josiah Horn a couple things I would do. I would estimate rehab based on having a contractor do the work. Even if you are handy this leaves you enough cushion if you have to bring in a contractor to help finish or do one unit while you do the other. Also try to estimate the time it would take for you to do the repairs vs a contractor and budget in the additional holding costs incurred by you doing it. Your rehab numbers seem low for two units as well even doing the work yourself. On the back end, I didn’t see any vacancy or property management budgeted in so you should budget for that as well as being more conservative on your rent by budgeting at what you know the area will support not what you hope it will support. If it still cash flows at the lower number and you get the higher number it will just be a little extra icing on the cake.

Daniel Peavey ur a trip bro! I’ve been on both sides of the game but currently on the bottom trying to pull myself up. I think getting your hands dirty gives you an appreciation and understanding that others never fully grasp; however, your body can only take that for so long so you gotta learn to play the short game. Let someone else break their back while you line up the next deal and pocket that check. I don’t mind working but I don’t wanna do it my whole life if you feel me. I want to be able to enjoy life and my family while my body has some life left in it. As for the books, I’m on my second, soon to be third BP book and so far I’m learning a lot. Also, don’t be so quick to knock a woman. There are lots of very intelligent women out there and, from the way Brandon Turner talks, Heather is very smart when it comes to the PM side of things and probably keeps that side of things running a lot smoother than he could.

Welcome to NC. I am also in the Charlotte area and would love to find an investor friendly realtor as well. I know a fantastic sellers agent but he doesn’t show anymore and was the first to tell me he isn’t very familiar with the investing side of things.

Joe Rudi makes a great point about fake money orders. If your tenant has faked everything else I wouldn’t put it past them. I would definitely seek legal counsel immediately. I also agree that you shouldn’t trash your lease agreement. One big reason that moving forward with eviction ASAP if your lease agreement allows it is that a court may see your failure to take action against your tenant for fraud as soon as legally possible to you as acceptance of the tenant despite the fraud and deny you the ability to use that as a basis for eviction later.

For those of you who paid by credit card recently, or even within the last year, why not call your credit card company and file a claim for failure to deliver goods or services “as promised”? Every company has a different time frame for filing a claim but most CC companies provide insurance against fraud, misleading advertising, or failure to deliver goods or services “as promised”. Your CC company has a significant amount of legal firepower behind them and wants to keep their customers happy so as long as you file the requested documents in a timely fashion they are likely to side with you if there is any doubt. Merchants will often back down if faced with their attorneys or offer much more favorable settlement terms than you could ever negotiate on your own. Best part is you already paid for your, I mean their, attorney’s fees. Why pay again if you don’t have to? BTW, I’m not saying you shouldn’t pursue complaints with your State’s Attorney General’s office. By all means do that and possibly even reach out to the US Attorney General’s office when you have enough evidence of potential fraud or false advertising pooled together. If you can generate a large enough number of complaints in your state you might be able to get them shut down in your state completely if you can tie it all back to the parent company.