All Forum Posts by: Lynn Currie

Many of you know @Scott Sutherland through his appearance on Podcast #114 - How to Invest In (& Have Fun With) Vacation Rentals.

In addition to being an amazing guy, what you might not know about Scott is that he has a portfolio of regular ol' rental properties with long-term renters.

At one of our meet-ups, Scott talked in depth about how to buy, manage, and improve the houses.

If you're interested in watching it, you can see the video here:

Enjoy!

Video 11 is here! And We've been busy, busy, busy!
(in case you've been keeping count, I screwed up the numbers for my series by labeling two videos as #8).

Video 11: Plumbing, Electric, and HVAC

The house is framed and the trades are inside working. In this video I talk about plumbing top out, the electric rough, HVAC install, framing inspections, and getting ready for insulation.

Spring is here! And with spring, for me comes a restlessness, a need to come out of hibernation, and a desire to make things happen.

In a recent podcast, @Brandon Turner mentioned that he was making progress with his 100 Day Challenge, which is designed to help you reach your goals. It piqued my interest and I'm considering do a 100 day challenge of my own.

Anyone else doing this? What have your experiences been? What kinds of goals have you set and crushed?

And Brandon, I hope you'll jump in and fill me in on more specifics of your experience with this. I'm assuming that this has been an extremely positive experience for you and you'd recommend taking the leap?

@Justin Marsh

As always, @Karen Margrave gives sound advice.

I don't know the CA market so can't jump in on your cost per sq. ft., but using your numbers, building out at $300 s/f doesn't leave a very good return once you back out closing costs, realtor's fees, and carrying costs. 

Granted I don't have the full picture, but this deal would make me very nervous.

I'd do some due diligence and try to get a much firmer handle on your build cost If I were you.  That number is key to determining if this project could be successful.

@Israel Campos

I'd say your biggest mistake might be the decision to not let yourself lose the earnest money. 

Do your due diligence on the deal. If it's a good one, you can make it work for you, and you're comfortable moving forward, do so. If it's a turd, let it go.

Better to be out a couple of grand (you didn't say how much earnest money you put down), learn your lesson, and move on, than own something that is going to continually be a bad investment with the possibility of losing more money.

You can get a moisture meter.

Here's the one that I have http://www.amazon.com/gp/product/B002ZHZQF0/ref=oh...

It's an invaluable tool, for me.

Maybe they installed the flooring directly on the sub-floor without backer board? This is also solved by replacing the floors.

@J. Martin!) was one of the best things that I've done for my business.

@Ronnie McClain

Agreed. Sometimes I don't understand why folks are willing to do what they are, but all we can do is take care of our business. **shrug**

@Ronnie McClain

Is his concern time, or that he is afraid you'll knock down the house without his permission?

If it's the latter, have him get the demo permit in his name. He can transfer it to you at closing.