All Forum Posts by: John Morgan

Adams Law Firm and Wise and Reeves downtown

We currently have a flipped property we are trying to sell. It is in a great neighborhood and many homes are starting to be flipped and updated. We have only been on the market a few days but all our feedback is positive except for the part where they say buyers did not like the next door neighbors house. We already have it priced below what most homes are comped at. Am I freaking out over nothing since we have had so many showings in two days or is there anything I can do?

If you don't mind sharing what did you buy it for and what are the comps on it? Look forward to the outcome. 

Does anyone have an app that they use while walking through a house they use to estimate rehabs? Im looking for one that will have the cost already with the repair.

Go with your gut. You know it is not a good deal. Let me also ask you this, is he the one buying the materials? Is he going to be the one to provide all the cost for labor and materials as well as any cost to fix capEx things like roof, water heater, foundation..etc? If he is bringing money for the repairs and he will handle the repairs you might think about partnering(still would not do 50%). It doesn't sound like he is though.

A property manager can do the exact same thing for around 10% or less of the rent plus the first months rent. Also you get to keep 100% of the equity. This sounds like someone looking for a handout.

So I am a 3rd grade teacher in Knoxville, TN and am just starting out in my real estate business. I have been looking at marketing ideas and mailers for a while now trying to discover the price, best strategy, and how to use them. I have always heard that some people will pay about $200 and get a bunch of bandit signs that they stick at major intersections. Most of the ones I see on the road are taken up by the city within a day or two. Well as I stated to think about advertising and billboards, I came to the conclusion that bandit signs are only good if they can stay in the ground and billboards are way to much money for a new investor. I then was put in charge of my school's advertising team. We let local businesses advertise by putting banners up on our fences as well as send home flyers from restaurants and places like that. Then it hit me!!!! I could hang up a banner or bandit sign at a local school that is located where I would like to do business. Our school charges $300 for you to place your sign or banner inside our gated fences as to keep it safe and secure. It then stays there for the year and after each year your contract is renewed. Thats an average of $25 a month for a sign that can be seen by all who enter the school, drive by the school, or even are walking their dog and your sign doesn't get taken down by the city!!!!!

I encourage everyone who is interested in cheap advertising to call their local elementary, middle, and even high schools to ask about fence advertising. It may not be $300 a year in your local area but it is cheaper than you think. Also you are donating to a school which will use that money to better educate YOUR CHILDREN!!!  

What book would you label a must read for real estate investors? Just got done with both Biggerpockets books and they were fantastic. Also just read rich dad poor dad for the 20th time (more like 3rd). Looking for my next read. Looking for a book that is not as introduction to real estate but maybe a book on building the business. Suggestions?

When trying to start an LLC should you use your name in it like J. Morgan Properties or should you come up with a name like Northstar (made up)? Which one would you or did you do? Thinking ahead to marketing which would be easier to brand and get name recognition for?

That depends on a lot. Are you doing the work on your own house that you plan on living in the next 10 years? If so then I am all for that. I have done all the work in my house and have raised the equity by about $40000. If this is for an investment property it depends on many different factors. If you own the house outright and have no mortgage or interest then by all means work on it. If you took out a HML and only have 6 months to a year to complete with 12% interest and 4 pts it probably would be better to contract the work out to get it done fast and right. Now if you are doing it on an investment property and have a time frame, you still might be able to work with the contractor and save some money during so. It just depends on a lot of factors. The thing you need to remember is if you are planning on selling the house for a quick sell, don't become attached to it just because you have put your blood and sweat into it. Don't expect more just because you did the work instead of someone else.