All Forum Posts by: John Patterson

The tenant isn't forgiven. They will need to pay you. Lawyers are available. People sue for everything. I guarantee tenants will not want a lawsuit on their record, especially if the court sees they had the money to pay you, but did not. With todays access to information, you don't have to evict, just sue them. That could be a loophole that sticks on their record. I'd forewarn them, to avoid this. I know, lawyers aren't cheap, but this is still a business. Be kind, be firm, but be professional.

@Carl West

Look at it like a club.

Kinda like bigger pockets. You have to get your hands dirty with someone( keep it 6’ apart of course). Once your dedication is shown , a reliance and a trust can develop. Progressively, they can see what you can do for them. Or you can pay money to someone who will give you key nuggets , but not the bond. I think initiative is the key for sustainability.

First seek to understand, then be understood- Covey

@Todd Williams

Did you know that they have pet screenings if a renter wants to bring one in?

My management company will charge them 50$ to screen them....especially if it is a support animal or has committed violent acts( lol).

Sorry , I don’t think it will tell you if it urinated in a previous residence.

@Yusef Griffin

I’m a renovator and remodeler.

I’m working on a triplex in athens.

The best you can do is

5,k - just to spruce it up

17-20$/ft to do an in place renovation with new fixtures, paint floors, windows/door. Appliances

30$-35$/ ft - all new kitchens, electrical, bath rooms.roof , some cap ex.

Hopefully it will give you the amount needed to figure your ARV minus repairs.

Ps. Allow 10% reserve for existing problems for others that are occupied.

@Darius White

If you are serious about finding $100k homes, go “sub to” . These deals are not market deals as much as they are relationship deals.

Given in 3 months, many people will not be able to afford their homes, they may be glad to have you take over their mortgage payments. Their mortgage may be below 100k on a 150k house. Its an opportunity to save them from pre-foreclosure or bankruptcy. Be fair and do your homework.

Luckily my beautiful Daughter is an accountant. She has been helping me tremendously.

In Atlanta, They are allowing us to continue with construction work as "essential", provided you follow some guidelines. We have a few stops ,but Im starting to get some calls with people still wanting projects done. 

One client, has 15 major businesses all shut down in hotels, and they can't open until July. She is still pressing me to do work for her, though.

Meanwhile,on the investor side, I'm trying to do create a lease option for a client who can't sell his million dollar condo. We'll see how this goes with the Jumbo loans. 

@Jay Hinrichs

I understand that.

Referring to ppp checks that many banks are handing out for 1% processing fee from the government.

@Brad D.

They are prepping for foreclosures this summer. If not , look at mortgages to level back in the fall. They think we are overdue to lose mortgages, even though the Fed is paying them to give money away.

@George Griffeth

Hi George,

If you want to do top of the line work for serious money and have an expansive portfolio, you should attach yourself to designers and Architects. They will be working for the larger and more lucrative projects and people. You can build a formable business with some great contacts and usually higher margins.

You can work smaller scale , faster and consistent ( from job to next job) if you establish yourself with realtors , investors, and managers. They tend to want to buy low and sell high. Which means you need to determine your margins and the volume they can assure you will have for at least 9 months.

Last, as a contractor understand and write thorough “contracts.”