All Forum Posts by: Andy Luick

You get what you pay for....I have a client who bought a nice, renovated ranch home 2 years ago in east cobb.  They recently discovered some softness in the bathroom drywall and a piece of base tile had fallen free from the wall.  Turns out the original seller hired a CL "contractor" to install hardiplank...which they did with finish nails...somehow....but they installed it directly over the old cedar siding!!  Nothing was flashed or caulked....nothing...and the water getting in from the outside....and the condensation forming on the inside has been rotting out the cedar and growing mold in the wall.  Mold remediation company is there now and HandyANDY is starting repairs in the morning after working to settle with the adjuster.  At least in contracting, if you get competitive bids from real contractors with a business office somewhere and a decaled or wrapped truck with permanent signage....chances are you will get a good job.  There is no savings to having to do a job twice and a huge loss on something like this if you don't have the proper insurance coverage. Most homeowner policies now exclude mold coverage or you have to buy it as an add-on.  If you are in a coastal area....or places like GA....you need to have it.

Owners child has had numerous allergic reactions inside the home.....at least now they know the source.  We will have to remove all of the siding, demo out the old stuff, treat the wall cavity with microban and reinstall the hardiplank.  It's always buyer beware!!

What about the deal you had in atlanta....I think off McDaniel Street in the Pittsburg area....how's that one work out?  Luck only takes anyone so far....you must be tough and smart...we make our own luck in this world and you are obviously making yours.  Despite the global economy and a possible correction in the US & elsewhere, I expect to have my best year in 2015.  Perseverance and a good team boots on the ground is the key!

You have to partner up with people boots on the ground (I so love that phrase and over use it) in the markets you want to be in.  No other way to do it.....I have rescued a good bunch of aussie investors in the metro atlanta market so please be careful what you buy and take a look at some other markets.  

First off - why are you shifting to real estate full time from IT?  Are you actually trying to become a full time agent/investor or just an investor working your own model?  I'm not really clear about that.  @Nicole W. - has the right idea, just network one on one with co-workers...chat, take them to lunch and build your network or Rolodex for the seniors among us!  Your IT career and your real estate career all come down to who you know.  Over promoting at work could cost you a raise or a promotion....people are jealous and many will be negative about what you are doing anyway so it's not worth the risk.

I usually agree with Bill who is a great source for all things real estate.  Here, most people don't want you to really be successful.  Just the sad truth of life and you could get more negative just by announcing your success.  Instead, try creating a personal web page and put together a new business card (hirebythehour.com can be a cheap effective way to get a great design).  Now keep 2 sets of cards on you at all times - one for the job another for the new venture.  Put all your properties on the website and promote the site and yourself.  Go to lunch and the co-worker seems interested.....give 'em the new card.  Otherwise....drop it and move on.  Pass the card EVERYWHERE.....get good service at dinner?  leave your card with the tip!  Constantly network and drive different approaches.

Want to buy houses....or whatever your business is going to be.....have some custom embroidered shirts that use your back as a billboard.  I've done it for years as HandyANDY and it works really well.  Some people approach me out and about....others quietly take the number down as I walk around HomeDepot and call me or the office later.  I buy discounted shirts at TJ Max off the clearance rack and then spend $40 a shirt on the embroidery.  Really works well and sets me apart from others!  

Be prepared for changes...when I left corporate, with bonus and commissions I have high 6 & 7-figures....my 1st year in HandyANDY I made $10,000!  Be prepared for that and make for a gradual transition.  Either way, I'll be cheering for you.

I've always led a fairly frugal life and still do.  My kids and I shop at garage sales and consignment stores...we buy a ton of our furniture for the shared housing program this way.  They understand the value of a dollar.  We still enjoy lots of things and there are tons of things we can do together that aren't expensive.  It's all about priorities.  You're in one of the most expensive real estate markets in the country....so you have to be frugal to get going.  My family lives well but we never own/buy the latest and greatest.  Funny thing...we were headed to a garage sale shortly before a vacation to FL (timeshare/rental) and my 6 year old piped up from the backseat "Dad, we can't go to the garage sale...we have to save our money for Florida!"  I'd say he's another real estate investor in the making.  I've made my kids a part of the business...they earn a couple of bucks as child labor and often go with me to me investors, property owners & renters.  They have learned the difference between cheap & frugal!  They also know that they will be given a property to rent/manage when they are in high school through college.  My high school junior is already taking about how he will manage it and looks at real estate in towns with colleges he is considering.

The real issue I think is making sure it's always about family first which sounds hypocritical coming from a divorced guy!  It isn't about the money you scrimp and save to fund real estate deals...it's the time spent AWAY from family.  I don't play golf....I don't go to sporting events very often....not part of a men's drinking/bar group.  I invest in real estate, relationships, business and in my family.  Family is always first for me and those who work in our businesses.  Celebrate your wins with something special....a reward for your efforts.  A ton of people get divorced or lose their families because they stopped investing in those.  Like everything else.....strike a balance and enjoy your life!!

The problem with this stuff is the tenant has had a change and she just wants him off the lease so he can't enter the premises whenever he wishes.  Does he have a decent job or what's his situation?  You might want to approach him with an offer to sign off the lease for a fee...maybe one month's rent and split it between them.  If he has decent credit and income, I wouldn't let him off the lease either without some compensation as you are just upping your risks without any benefit....even if she is a nice tenant.  She can accomplish the same result by taking out a restraining order without your involvement.

I'm sure she knows where to contact him.  Were they married or just a couple living together?  If he signed the lease then all parties would need to sign a lease amendment releasing him from the lease.  Welcome to the headaches of landlording!  We don't get this as much in shared housing but it does come up every once in awhile but since I charge more for couples, I do the lease amendment, charge the released part a small fee and just keep the rent the same.  Mine is a slightly different world.

If the agreement states that if you don't close and doesn't address seller's issues or inability to close AND the recourse for that....you're about out of luck.  I think you should propose a fair split of the earnest money with the attorney.  I went to grad school in PA but had forgotten what "hand money" meant.  When it comes to a problem, we are often stuck with the language in our contracts.

That being said, even attorneys are subject to negative reviews.  I would give his office a call and try to work something out and just let him know that you will be posting some reviews of the deal at BP, yelp and with avvo.com which is a review site for attorneys.  As long as you stick to the facts and don't libel the attorney, you're on pretty safe ground.  Do it in a very nice way, nice voice and just let him know that you are a small guy and $450 means a lot to you.  It might work for you.  Otherwise, it's a learning lesson to make sure as many issues as possible are addressed on the front-end of deals.  Happy Investing!

Welcome to BP Ken - happy to network

@Justin S. - great job congrats on the flip - house looks great.  Love the combo of hardwoods and tile in the livingroom - not sure it would work in my atlanta market but love the look!

@Rachelle S. - great stuff thanks for sharing.  I've been looking at doing something different with my renters....collecting rent is a nightmare for us.  Chase is also supposed to have a decent service for landlords and rental payments but haven't had a chance to check into it yet.  BP is awesome for sharing and networking though!