All Forum Posts by: Myres McDougal
Myres McDougal has started 9 posts and replied 33 times.
Post: Looking to start a business
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Canva, free app is okay but if you plan on using social media to promote get the upgrade. Good luck with your business and congrats!
Post: Flippers and/or Attorney's----- Contractor Contract/Incentive
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Good Morning Everyone,
I am looking for advice on using a contract for GC's that involves them in the project. For example, 5% bonus if work is done at a set date and the house sells for at or above ARV. Please advise. Thank you!
Post: BP's voice in the WSJ Prompts a great question.
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Dynamite reply, thank you. "if its not in writing then..." So true! For everything in REI.
Post: BP's voice in the WSJ Prompts a great question.
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Thanks for the comments Ben!
Post: BP's voice in the WSJ Prompts a great question.
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
BP's voice in the WSJ Prompts a great question...for me.
https://www.wsj.com/articles/n...
To manage or not to manage your investments?
I am looking to build my rental portfolio in the Denver Metro and honestly believe that there is a threshold for how many properties an investor can handle, want to handle, etc. I am not sure what mine is yet but I am preparing to transition to a property manager or invest in property management software for the future. A shoutout to the local PM's companies in Denver you recommend or your favorite PM software in the comments. Treat your investments like a business and plan ahead. Thanks! #buildthatREI
Post: 1. 2. 3. What are the first three things you do as an investor?
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Quote from @Shiela R.:
Yes to all said so far. Also make sure all utilities are on and transferred to your name. Skill saws need electricity. And painters need water.
Awesome point Shiela, some regions through the country may have a drag time for turning on the water and/or the electricity. Have all your utilities scheduled to change ownership ASAP or you may be shocked at how long it can take. Sorry, I can't help myself with the dad jokes...
Post: 1. 2. 3. What are the first three things you do as an investor?
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Quote from @J Scott:
Assuming you did everything correctly up until this point, hopefully your contractors showed up the day of closing or the next day to start renovations.
So, unless you have someone else doing it for you, you should be managing those contractors, ordering materials, and carrying out your renovation plan.
YES for sure, at the site with a step by step process of how it is going down. What materials need to be ordered first (windows, cabinets, etc)and what permits might take the longest (depending on where you are). All while standing next to the roll-off. Thank Scott!
Post: 1. 2. 3. What are the first three things you do as an investor?
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Example, You just finished closing on a 300k SFR for a flip (congrats), you purchased it off market and title is clean but no sellers disclosure. What are the first three things you do for the property?
1.
2.
3.
Post: Midwest Investing Is a Gold Mine?
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Just finished a flip in Overland Park, KC! Done and it was a great area to work...even though I am based in Denver. It was easier to get into that market- 287k for 4/2.5. Connect if you want to chat.
Post: Best option to keep track of mileage
- Real Estate Agent
- Arvada, CO
- Posts 34
- Votes 18
Mile IQ- Recommended by my Real Estate Tax Pro...Check it out, very user friendly. I used it when I was commuting to KC for a flip. Hope that helps.