All Forum Posts by: Michael Faulk

Hey guys. We are having a meet up this Thursday at 6pm. The location will be Pizza Rev in Shreveport. Everyone is welcome.

@Account Closed... Couldn't you transfer your 401k to a Self-Directed IRA or something similar? Then use your self-directed IRA to acquire properties?

@Account Closed.... There are a few options in our area. I would recommend an insurance broker who can find you the best deal. Call around if you don't get many referrals. Secondly, at the $45k-$80k price point (If you're talking about only one asset for that price) you are looking at a decent rental. You shouldn't have a problem insuring it if the property is habitable. 

Congrats Ken! I have found that it is quite common for rehabs to go over budget. My suggestion would be to include a 10%-20% buffer when you are working your numbers on a property. If the numbers still work after you included your buffer percentage you know the projects a go. 

Always plan for worse case scenarios because if you go through with a deal at this level everything is upside from there. 

Congratulations on the full asking price offer. My suggestion is in addition to the offer make sure that you get proof of funds or a letter of intent from the purchaser or their agent. Just to ensure that the buyer is qualified to purchase the property.

...My two cents

@Byron 

@Byron Hapgood... Did you get your contractor lined up?

@Cody Bias.... you got a deal that you are working on? 

• @Tony Robinson... Here are my viewpoints on your big question. 

How do you get the most accurate rehab costs before you purchase a property? 

• My suggestion would be to partner with someone who has done rehabs in the area you are investing in since you live out of state. You need someone who knows pricing for that specific market. If you start to do rehabs with any sort of consistency you will create systems in regards to the specific contractors you use, pricing, timelines, etc... This will make you more efficient from all aspects of the project and in turn lead to higher ROI.

Do you have multiple contractors come out and bid on the work before you close? 

• I would suggest using recommendations from local investors. Also, monitor the contractor's work, ensure they are on schedule and do what they say they are going to do. 
• My opinion is when you close on a property you want to hit the ground running and shouldn't be wasting time bidding out tasks that could have been done prior to you closing. The rehab budget should be approved before you close on the project. 

@Tony Robinson... Let me know if you need anymore recommendations or if I could offer any guidance

 Hey man... This Thursday is our monthly meeting. Message me your email and I will forward you details. 

See you tonight Joe. Looking forward to meeting everyone.