All Forum Posts by: McKellar Newsom

I have a large tree (3 1/2 feet in diameter) that appears to be causing a crack in the foundation of an all brick 2 story college housing house.

I can't believe how quickly the foundation went from a small crack to a gaping crack. The crack is up on the second floor so it's tough to get a good look at it or really measure it. I think it might be as wide as an inch in a few spots. It might be 3 feet long.

We haven't had any earthquakes that I know of so I'm guessing it's the tree.

Does anyone have any experience with this or any suggestions? I'd love any ideas. Thanks! mck

I think you need to know the market and the sub market. For example, in one investment city, I only look at 2 bedroom rentals in a handful of areas because I know they rent well in those areas.

In general, I prefer 3/2s or better. Be careful about flipping 2/2s as well. Some areas, though, are great for 2/2 flips. Good luck. mck

Joel Owens So you put a reverse deposit type of incentive into your lease? How did you word it? What did you offer?

Kevin Yeats If you did put something in the lease, I think you would have to be very specific about expectations.

I've been considering adding a 30/month yard clean up for one of my properties. mck

Lynn M. Interesting concept regarding xmas bonus for taking care of a property throughout the year. mck

Dave Meyer I was lucky in that the lease renewal was right around the time I was cited by the city. I just added a 30 monthly cost for yard cleaning, same as I would for lawn mowing. mck

Hi Kerry M.

Here are a few thoughts:

1. My main thought is for you to get some stress relief. Take a couple of hours, right now if possible. Go work out, pray, meditate, whatever it takes to relax a bit and not have a knot in your stomach. (That's what I get when my stress level elevates.)

2. Next, get the house done. Unless I'm way off in my understanding you have a lot in and not much else that you need to do. When you finish, you'll have 111 in a house worth 133. After holding costs, realtor costs and closing costs, you might be ok. I don't have a grasp of all your holding costs so it's tough to say. But you will lose a lot less than just letting 101K go.

3. Do not start talking to banks or private money folks or even family about refinancing until you relax and feel confident. People want to lend money to those who appear to have things under control.

4. Get a bookkeeper before your next deal.

5. I've learned the most through my mistakes. Try to see the good in the bad if you can.

Jon Holdman I wondered the same thing as Jon. Are you buying contractors and workers dinner?

Good luck. mck

Hi Andy,

Great post! Im impressed with the changes you have made!
Have u been able to free up your time some too? I love delegating. Mck

Al Williamson Aw I thought I was going to get away not listing what I have done in the past 6 months.

I've started writing again! I am thrilled to have a regular blog on the BP blog.
I have a lot of new clients and a handful of new partners.
I've added to my personal real estate portfolio.
I'm getting there with my website. I know it's backwards but I had clients and buyers before a website. I hope to be done by the end of September.
I've systemized more.
I was able to take off a good part of the summer to spend time with my kids.

Shannon M. Awesome on your buys!! Excellent question...

I better be done with my website. I have one flip under contract and a good number of other bids out there. I'm psyched to be flipping again. The market has buyers again. I'd like to have a few more rentals by then as well. I would like to help more clients buy property. mck

Tinotenda Arigurinu I love to travel but have yet to get to Africa. I hope you like the States.

Great goal! mck

J Scott Rehab together, I mean. I know you have done a ton of rehabs. mck