All Forum Posts by: Michael J.

That could still be the case if they used someone new that didn't follow the right process. A few things with Allure that I noticed is that the seams must be clean and dust free, to the point I make sure we put the wax paper the boxes come with over the seams unless another piece is immediately installed, and you have to use a weighted roller or equivalent over the seams to really make sure it sticks hard. If it was installed in cold weather that can cause issues also.

I like allure and it holds up well but anything will get destroyed if it is damaged. If it is bad enough that it will have to be replaced then make sure you charge for it and take them to court for damages.

If it’s a few spots here and there but the rest looks good it’s not that hard to replace s few planks if you do it the right way.

Some brands, especially budget brands, of vinyl plank are definitely not up to par compared to Allure and Pergo.

I also give a pack of felt pads and spell out that they must be used for all furniture legs in the lease. Tenant Training up front can help. Then check during inspections.

The GC has the business skills of a banana slug but I can understand them being hesitant if they don't think it will turn into a job. 

My area $100 - $500 is more standard for a deposit so make sure $5k is normal for your area, that seems really high to me unless there is a full blown bidding war going on and it is a great property.

I would join your local REIA, they might have a website or facebook group where you can ask for advice on what certain jobs cost. Once you get a feel for it a 300 SQF hardwood refinish is going to be in the same range for the same type of anywhere in your area. A new kitchen of the same size, fit and finish in a B rental is going to be around the same costs. That's why you always hear experienced investors can go in and estimate a rehab in 10-20 minutes with 5% of the costs, they have a good feeling for what the cost is in that type house for a certain type of finish.

It’s a business. I am sure he understands you might get other bids. I don’t have any problem letting them know other bids are coming in and you owe it to yourself to get more bids.

Now, if I had 5 people I go to regularly and I always get 3 bids for every job I don’t necessarily take the lowest bid, it depends on several factors. If one contractor does great work and is really reliable I would rather pay a little more and take their bid. If I have two good contractors I may alternate going them jobs to keep a relationship with them but still would get multiple bids.

I went through this with a tenant and lost several thousand dollars. Follow the lease. Start the process ASAP and if they continue renting from you then they know that paying the rent two weeks late is not a option.

The problem is even if they pay on the 14th they only have two weeks to com up with 4 weeks of rent, the. They have to push it up to the 16th before they can pay the rent and on and on. They will get in a hole that they can not dig out of and will never catch up on rent most likely.

If this is your first deal I would plan on saving all expenses long term. After a few years of managing rentals you can get a better idea what to expect but in the long run I would anticipate spending every penny on repairs and capex.

Some local people I know that own 200+ houses keep six months cash reserved for all business related expenses but they have 20 years of management data to base it on.

Like others said sounds like a scam.

This is one reason why I only accept cash equivalent like a money order or local bank cashiers check and the. I cash it at that bank. No actual cash is accepted. Definitely no personal checks.

I don’t accept personal checks for rent or fees either.

Excellent, thanks for the list and details. Will the sample letters you posted work if you need to wholesale some of them? My main priority is hold, then rehab, then wholesale but I am sure at some point with enough marketing I will have some deals come my way that I don't have the cash to action myself.

Most of the deals I have done so far are one at a time MLS, FSBO, ad's etc. so not much worry about having a deal come up and not have the cash.

IMO I would not like offloading consumer debt like CC and a car loan to my home. If you ever get where you cant make a payment its better to not pay a CC bill than a mortgage payment.

I would consider selling the car, if you have any equity in it use that to pay cash for something cheaper. I don't have any problem buying nice cars but my goal is to pay cash. If you sold the car, paid cash for something much cheaper, you could then roll your car payment into the CC debt and pay that off in no time plus whatever else you can spare to get it knocked out fast, much better than 10-20 years on a mortgage.

Personally using the cash out refi to further REI is something I could get behind but a paid off mortgage is another main goal for me, it will have to come after I build a bigger REI portfolio though.

Hello, I am getting ready to start my first letter marketing campaign and I have picked stuff up over the years but are there any resources, books, or posters I can follow that anyone recommends to learn about the best ways to market such as where to get lists and what type of letters to try. 

I know it will be unique to my market but trying to get a good refresher in before spending money on marketing.