All Forum Posts by: Shane Wilson

I would choose the home just as a personal preference. If income is an issue then having someone making rent can help with your payments.

Whats the numbers on each? Whats your personal preference?

Also if you live at the house for 2 years and then you sell you get to keep the profits tax free. I'm not 100% sure about the duplex but its probably the same with it.

The attorney won't make you sign anything until the title is clear or insured. Now if your attorney doesn't do his/her job and you get a title that isn't clear then hopefully you've bought title insurance and if you intend on selling the property hopefully your next attorney can fix the issue.

After you get into this for awhile you'll figure out who the good attorneys are. I pretty much refuse to close with anyone but mine now after being burned a couple of times with other attorneys. Just because they are an attorney does not mean that they are all equally good at their profession.

If your two hours away then the attorneys can fedex paperwork back and forth to you if you can't drive that far for whatever reason.

Here's how the process works. You get a signed contract. Take it to a lawyer or title company whichever your state uses. They do the title work to see if its clear. If its not usually they can figure out how to clear it or get it insured. Then you can buy the property.

I recommend that you learn how to work the deeds room and the basics of title searches to do your own preliminary report. Spend some time at your courthouse and see how it works in your area. Research your own home.

If you get into investing you are going to run into title issues its just a part of it.

As long as you buy cheap enough you can flip anytime. You just need to be aware of the exit strategy you choose. Its more difficult to sell retail right now so have a good marketing plan and know the ARV values in your area well. Buy cheap enough you can price a little below what the ARV is to attract buyers. Don't over estimate ARV. Thats where people get into trouble.

We have a full time project manager. I pay him $17 an hour. I should probably consider John's suggestion of adding incentives in but so far the six months I've had him he's performed well. He can handle a lot of the work himself but we also sub out a good deal of it to keep things moving.

He's very passionate about what he does and making sure he does a good job while at the same time understanding our budget and time constraints. We have one full time helper that works with him. I pay the helper $10.25 an hour. He's a good worker. Thats pretty much how we're structured anyway.

When I want to find a deal I'll go through the MLS and make offers on 8-16 target properties. I look for long DOM and a house in a run down shape. For individuals I'll offer around 55%-60% to start and see how far down they counter. For REO's they generally will not respond at all unless I start at 70%-75% of asking price. For calls on my marketing I work with the information I'm given by the Seller and how motivated they are.

People who talk are comfortable in their positions. Their not yet motivated to change or they are talking themselves out of being a doer. I was terrible about that.

I dabbled for 2-3 years with a few subject to deals here and there. I had one wholesale deal during that time. I talked myself out of making real offers on several deals because I didn't think I could fund them. When I decided I wasn't going to let the excuse I have no money to fund deals, and I have no W-2 job so I can't get loans, I'm only 26 whose going to work with me, etc, etc.... stop me from simply making offers on properties to find deals then I became a real doer. Once that contract was signed and it was find the funding or look like an idiot to the Seller I found partners to do the deal with. That was the turning point for me.

Saving money is fantastic and it will save you a lot of stress if you use it right but don't use not having enough money as an excuse to wait. I didn't have hardly a penny to my name a year ago but I made offers on properties and had to find a way to fund them. Its amazing what you'll do when your forced to do so.

Find investors in your areas and network. You can easily find partners to do deals with if you know what you are doing. I've had my hand in 17 property transactions since June of last year and I just had a little living money in my account when I started. Networking is key.

However, everyone has their own path and plan to follow so do whats right for you. You sound like your off to a fantastic start. Enjoy the journey.

There are plenty of deals here in Northwest Georgia. Its just slower selling them. I've turned more to owner financing for the time being.

If you know any investors or builders in your area ask them who they use for a roofing contractor. If you know neither of those then ask a well connected and successful realtor in your area as they probably do rehabs in addition to being an agent. Get multiple quotes and use written contracts with your contractors.