All Forum Posts by: Nate Williams

Congratulations on the deal! How did you find it? Was it off market?

You'll most likely have to do some sanding. If you have an orbital sander, that should, I would start there. You could also try using some sand paper by hand if it's not too much. If it's a lot of paint, I would rent a drum sander and run over the spots a few times. The down side to this sanding is that you'll need to restain matching the original floor stain is already down and then polyurethane the floor (that's the protective shiny waxy like costing). 

Awesome, man. Keep us updated!

I'm almost 6 years married and on my third real estate deal. My wife will never listen to a podcast, and I learned that after sending her countless ones and realizing she never listened. I'm a learner, she's a doer. She helps design the rehabs and remodels, while I look at the numbers, do the more labor intensive work, and make sure we stay on track. Maybe she will find a niche in your future business that suits her, but there is nothing wrong with you guys having separate interests and abilities. I have just accepted that I have the passion and drive to push forward in real estate, while letting her support me. She doesn't have to share the same passion to start building a business. 

Your family and friend has certainly put you in a tough spot. I rehabbed a house that a family member owned. When we sold the house for a large profit, it was difficult to determine who got what profits and the CPA struggled to navigate how to file taxes since I lived in the house for over two years. I estimate I lost probably 15k in the deal and taxes this year will tell for sure. However, my family member has been very kind to me, and I do not want to hurt our relationship, so I'm fine with losing 15k. I should have put the house in my name regardless- which is my fault. If you want to minimize the relationship damage, you can perhaps sell. If you want to keep the house, you'll have to what do what any reasonable property manager would do-regardless of the relationships. 

I've refinished wood floors from 1904, and I would find it hard to believe a light sanding couldn't be done to remove shallow cat scratches. Original wood flooring is so beautiful and hard to come by. Our old floors from my 1904 house was sanded to the bone to get the old waxy paint off. The had scratches and even bits of old paint still on them after I finished. When we were selling, people loved the "aged" look, and it was a big selling point for that house.

Thanks for your response, Wale. Those are great options that I will consider. I especially like the BRRRR rental. Thanks again!

Quote from @JooYung Choi:

Have you considered purchasing a short term rental? More cashflow but of course more work. Highly recommend self-managing so you can take advantage of a cost segregation and the short term rental loop hole!

Thanks for the response, JooYung! I live in a town of about 100k people here in Dothan, AL, so STRs aren’t the most popping market. If I knew I could break even every month, I would go for it. I just have no experience with them.

Quote from @Travis Timmons:

With 40k cash, a wife that loves your current home, and 2 kids, stay put unless you can find a compelling reason to convince your wife to do another live in flip or live in a 2-4 unit house hack. Good luck with that, but I would not push it. You need those cash reserves as an emergency fund that makes your life better and less stressful.

Thanks for your response, Travis. I certainly think that’s a great option as well. My worry is, my family will keep growing, and I’ll never continue my real estate journey.

Thanks for the response, Caleb. When you say update and moving, do you mean sell our current residence or rent?