All Forum Posts by: Michael Hicks

 That's what I was going to say.  If you think a blanket policy covers everything, listen to this podcast.  Good luck

 I agree.  I was a GC for years and still take on certain projects.  I've never asked for money up front.  The most I ask for is weekly draws but usually split into 3 draws that are set for certain stages of project progress.  I have accounts with suppliers and enough cash on hand to work between draws.  

I used youtube yesterday to test water heater thermostats and elements.  I've changed plenty of them but never remember how to test them.  Played it on my phone and tested along with the video.  I don't think I've ever looked on youtube for a repair idea and not found what I was looking for.  Great tool

They used to send gift cards to restaurants.  I haven't received anything in a while.  May be time for a new realtor lol.  We purchased a house on the lake in a small town in Alabama.  The house happened to be next door to the realtor's house.  We invited them over for dinner once we moved in.  They brought us a plant and a book about the town.  She was one of the best realtors I have ever dealt with.  

Estate sales are usually listed on Craigslist or in the newspaper.  I love deals of all kinds and one of my hobbies is yard selling/ estate sales.  Not only does it get me driving through areas I probably wouldn't have otherwise driven in (seeing properties I probably wouldn't have seen) but a lot of the estate sale locations will be for sale.  

@Carolina E., how do I add a quote at the bottom of my posts?

 I am with Paul on this one.  I've done it many times.  To maybe explain a little more in detail:  If the rooms are back to back with one another, measure 24" from your existing wall in the larger room and build a wall to the outside of your 24" mark parallel to your existing wall and the full width of the room.  Then divide the wall in half and build a 24" wall in between the existing wall and the new wall.  This will be the dividing wall and form the 2 closets.  One door opening will be in the new wall and one will be cut into the existing wall giving the other bedroom a closet.  Figuring on a 12' wall width and 8' height plus the 2' dividing wall, you will need 5-4x12 sheets of drywall, 3-2x4x12's, 20 studs, 2-2x8x8's, bucket of drywall mud, roll of drywall tape, screws, nails, paint, and 2 sets of doors.  Rough estimate of materials (figuring a little on the high side) comes to around $500.  Not sure what labor rates are in your area but probably around $750-1000 in my neck of the woods for labor.  Well worth it in my opinion.  If the walls do not meet up, I usually build it on the wall that the bedroom door swings against.  Most of the older homes have rooms big enough to add closets and not kill the space.  Hope this helps.  

 There are lots of websites/companies that offer the same services at $75-100 a month.  I have not needed to use them but see their value.  Maybe someone on her can recommend a few.  

I recently purchased my first tax lien properties this past September. I purchased 2 mobile homes and 1 property that has a burnt house on it. In my county, they do not sell at discounted interest rates to big companies as they realized they were losing money because there are plenty of local buyers willing to buy. The auction went as follows. At 10am they began and auctioned all of the properties. I purchased 1 mobile home for $950 only because I had someone bidding against me. (I knew from going and watching the previous tax auction that any property not bid on would be re--auctioned at 2pm the same afternoon with minimum starting bids of $300) I went out during the break and checked the properties that were remaining. At the 2pm auction I purchased a 1999 model double wide for $300 and a 1 acre lot with a burnt home for $300. With mobile homes, there is no redemption period in Georgia. I sold the mobile homes for $3500 the next week. There is a 1 year redemption period on homes and land. I'm still waiting on that one but feel I will be able to dump on one of the neighbors for a good profit. At $300 bucks, I was just getting my feet wet and seeing how the process worked. I don't remember the exact interest rate but I believe it was 12% immediately and 18%APR over the next year.

I would say how you go about it depends on what you are trying to achieve.  I was trying to acquire property inexpensively.  I noticed others bid high on high end properties betting on getting paid off with a high rate of return and worse case ending up with the property.  

@Brandon Turner, If I am looking at properties and notice the ridge beam sagging I usually run the other way. Also I am not a big fan of properties with multiple additions that don't meet up correctly/ different floor elevations/ roof lines, etc.  Also, homes built without enough crawl space to get in and inspect.  Flood plain properties.  Almost anything can be corrected but I am much pickier now that I was 15 years ago.  If the price was right I would tackle anything.  Now I look for cosmetic flips and same with my buy and holds.  

Quick story (big mistake on my end) referring to foundation issues. I have looked at hundreds of properties, built and remodeled many homes. This past October I found a home being auctioned at the courthouse steps. I knew the area well and it was a great deal. I hurried through the home and it looked great. Full basement, story and a half, with ARV of $139,900. Purchased the home for $27,500. Went back to the home after the auction and noticed one of the walls in the basement was leaning in and cracked badly. I had to have a structural engineer come in and make recommendations. Then ended up having to pour a 12" concrete wall against the original block, adding and additional $7000 to my rehab. Luckily there was plenty of room in the budget for my mistake. I got a little off topic but it's important to realize no matter your level of experience, mistakes can still be made. Hope this helps someone. Good luck with your next book. Use my story in lieu of a copy :)

@Xin Z.   You need to set the price you want and then adjust to her home inspection if that is what you want to do.  I would never agree to a low ball offer with a chance of raising the price.  I've never had a home inspector come back and say everything is great.  The client is essentially paying a home inspector to find problems.  So more than likely she will want to offer even less.  If I received a low ball offer I would just respond that it's not for sale.  All of this is assuming you didn't pay too much when you purchased.  Hard to say without any numbers.  As long as you're cash flowing, stick to your plan.  Just my 2 cents.