All Forum Posts by: Account Closed

There's a lot of great software options out there that are especially focused on small and mid-size landlords and companies. I personally use Innago, which is fantastic. I recommend looking for software that is free and has quick payment transaction times. 

Sounds like a great investment with the potential to sell or lease! I'm a fan of tiny homes and mobile homes because of the lower purchase price. I like lower purchase prices, and I love that you used cash. 

@Christopher Parsons Congrats on closing on your first BRRR deal. What a great idea for a YouTube channel! Subscribing now, and looking forward to seeing your journey in the world of real estate investing and entrepreneurship.

Hi @Brian Mullally, congratulations! Love your idea to put a separate unit on the back of the property. Looks great!

This house looks absolutely beautiful! I love a purchase for under $10,000. Great job saving the wood floors. When you say that you put too much money into the home due to its worse than expected condition, would you have done anything differently? i.e. Are there some updates you wish you wouldn't have made, or do you think you would be more selective on future purchases to not get a house in as bad of a condition?

I couldn't have said it better than @Kenneth Garrett - get the permit. It might be more of a hassle up front, but it will protect you from a lot of potential fines and issues if you get caught without a permit. I'd rather be safe than sorry in these situations, especially when it involves demoing.

I love the idea of small homes to rent out. I think that's a fantastic way to go, especially near a large employment facility. The rise in the popularity of tiny homes is a reflection of many people's desire to live a more minimalist and lower cost lifestyle. Construction of small homes can keep costs down for both you and your tenants. One thing I especially like about new construction is that you can have a better idea of what you're getting into from both a cost and a time standpoint. With flipping/rehabbing you don't always know everything you're going to need to update and repair beforehand. 

In my experience, purchasing older properties usually includes a list of issues that you didn't initially realize you were going to have. This of course is very unique to each property, and also dependent on how in-depth you had the property checked before you purchased it. Don't get me wrong - purchasing older properties can be a great investment. I just highly recommend getting one or two inspections, and definitely calling a structural engineer if any of the inspections bring up the structure of the home as a potential issue. Costs are going to depend on the type of home, and what needs to be updated - i.e. If you're looking at remodeled early 1900's homes that were remodeled after the 1970's you may not need to worry about lead paint (assuming the remodeling dealt with the lead paint - but never assume!), but you may need to redo the wiring in the home. It all depends on the type of property, where it is, how much it has been updated, etc. 

@Monica Lauzun That's awesome! It's so satisfying to tackle a big project like that. Wainscoting is such a lovely addition to a home! We're currently working on a live-in flip, which has been a great experience so far. 

Quickbooks online is great for strictly bookkeeping. Online property management software that has built-in bookkeeping is my go-to choice, but that's more so if you're also wanting to collect rent online, etc.