All Forum Posts by: Jack Bobeck

@Mark Fries We used to operate a Records Storage facility and thought about adding boat storage for a time. Self Storage is a great business to be in, find someone burned out in it, older people maybe living, tired and wanting to leave. Don't get Covid tired, build some nursing homes for us and our futures. 

My Verizon phone transcribes the messages for me too. I think a Google phone number is fine for hiding from the sign police, but otherwise use your real number. Get a new line if you want one for a business. Its worth it in the long run. Best of luck to you! 

Napolean Hill once said you become what you think about. There is the premise that whatever you focus on expands as well. I find that stress in real estate can be a killer. I don't think I slept a wink in 2009/2010 during the crisis. I find that its best to have a partner or mentor to talk about issues. Build a list does help, but you need to find a way to expel the energy that is pent up. In addition, I like to read Biographies of famous people. Some great reads out there about Presidents, Amazon's Jeff Bezos, Warren Buffett, Bill Gates, as well as other current leaders of amazing companies. I also find exercise or walking helps too.

You have to get your mind off what is stressing you out. Don't let it consume you and change you because you will not like the new person you have become. Best of luck to you!

Penfed update 12/2 - So the company they use to process the closing, "Servicelink" sent me a check, even after the idiot closers at Penfed said "a welcome package and checks will be sent to you in a few weeks". Servicelink sent me the whole amount, which was preferred because Penfed is full of crazy people.

Then on top of it, they used a name for me that is a Nickname, even after I made copies of my DL for Servicelink so they knew the right name to use. So beware of checks not matching your names. I could send the check back, but who knows what would happen and when it would come, so the 7 day wait due to the name alteration is not an issue. 

What a cluster! 

Make sure you print out your correct data and have it ready. I had to tell PenFed that the City made a mistake and I was not a 2/1, but a 3/1. Once the city fixed on their site, I had to send to PenFed. Have your supporting docs on sales too. Can't hurt when they appraise it. 

@Charles Hafer You nailed it, they want the quantity over quality. Its too bad too because there will be predators on their site who will take advantage of the newbies. Happens every real estate cycle. But they will not share the bad with the good. Hence the disconnect.

@Renee Hunter I have used Oxley since 2006. I have had great experiences up till now. As I stated, you are only as good as your last job. Why would people use CONtractors that cause them pain? Real Estate is hard enough as it is, without having to babysit grown men that know when they do a piss poor job. I have others I can go to in the business. No worries. As far as insurance goes, get 2-3 quotes as most insurance in FL has doubled in the last year, with no natural disasters. Its weird as heck! 

@Monica S. My appraisal consisted of Penfed subbing out the appraisal to a XOME, a national provider. But here was the issue - they only did a drive by. Then they used lowball comps, which I had to protest (you only get 1 protest), and I did not want to spend the $$$ on a formal appraisal, which is an option if you so desire.

Here's the kicker, the XOME number on their site, because they are trying to be like Zillow with an estimate, was much higher than what I got from the XOME appraiser. So be ready for a screw from the appraiser, be sure you have your comps in hand of homes within 1/4 mile that are similar in size that have sold this year. Anything you can send them is helpful on the front end, but you may never know when they go by and do the work, since its a drive-by. 

Good luck! 

@Tyana Blackledge - Something to think about, the 203k program. Ask your mortgage person about it. Basically you can put down 3% on a house, rehab it with licensed contractors up to 35k, using federal money, and you can sell it in a year. You can do this as long as the 203k program exists. Its a great solution if the government is giving money away. 

Yes you will have to pay more in capital gains, selling after 1 year, but you can buy and sell 2 homes in that 2 year period instead of 1. Couple this with the 1031 exchange program and you have a nifty solution to hide your capital gains. 

Use only licensed CONtractors for repairs. It may cost a bit more, but it will be done right, and if not, complain to the state agency in charge of their license. They paid a lot to get that license, they will not let the state take it quietly. 

Make sure you get a quote and timeframe and if possible, get a lien release from the contractors. You don't want to search on your home and find that an old sub-contractor has a lien on your house because the primary contractor never paid them. 

@Melanie Stephens How much time do you have? So many tenants and so many stories of why rent could not be paid, rent is due on the 1st, late on the 2nd. How hard is that? So many stories. 

Basic rules of real estate:

1) If something seems too good to be true, it probably is.

2) In GOD we trust, all others CASH.

3) CONtractors - Get no money upfront, sorry, 1/2 at the 1/2 way and other 1/2 when satisfactory finished.

4) You say you can fix a home, show me your license so I can get a quote with your license on it. No time for weekend warriors. 

5) Never put an evicted tenants remains on the street until the night before trash day, or you will spend days cleaning up what the pickers throw all over the yard and street. 

6) Stick to your numbers, don't fudge them to make a %. Its not worth it.

7) Never use a partner, if you need to use one, make them a SILENT partner.

These scratch the surface. Great post! Thanks!