All Forum Posts by: Kyle Jones

Clarifying: I'm not giving up. That's why I put failure in quotes in the title. I just want to know how you all may have rebounded after a catastrophe. How did you recover? 

Hey BP,

I'm at the end of a very long and "educational" flip. The deal had a lot of potential, but poor project management and lack of real understanding cost me thousands when I could've walked away with thousands had I known better. The school of Hard Knocks is expensive, but the degree you get is so worth it. 

How did you recover after your first failed project? 

This is the very question I had myself. I'm glad to see it's worth it. 

@Caesar Perez there are a few things. 

1) The city's policy on getting rehab plans approved

2) The time constraints that pop up

3) The little cost here and there like insurance, taxes (if you hold the property for a certain amount of time during the year), and small fees that pop up dealing with certain companies like dumpsters

4) Hard Money Lender "games" like reducing the percentage done after an inspection which generally extends the time and amount you have to pay them

Those are just a couple from the top of my head. REI will cost you more than estimated in some capacity at some point.

It's worth the ride though. 

I'm currently rehabbing in Atlanta, but I won't be renting them at this juncture. We may in 2019, but we have plans in other areas. Feel free to shoot me a message. We can definitely talk through some things. 

@Caesar Perez have you completed any rehabs before? 

20-30% as a general guideline, but it depends on timeline of the project. 

Greatest feeling in the world isn't it?

@Lola Og I had to reschedule. I had a family event that took longer than expected. We may meet mid-week at the Taco Mac in Douglasville. Just fyi. 

@Daniel Scruggs I think you answered your own question. We're in business to make money. If your asset is costing you, it's no longer an asset, but rather, a liability. We eliminate liabilities. That includes tenants that make poor choices. Start your eviction process that is 3 months past due.