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All Forum Posts by: Scott Carder

Scott Carder has started 5 posts and replied 156 times.

Post: Home Depot (Credit) Cards - which one??

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90
Originally posted by @Sean Kremer:

Just an FYI.....Menards contractor cards gets you an airline ticket to anywhere in the 48 states for every $100,000.00 you spend there.  This works good if your a developer and build new homes to sell.  Crappy flights though, lots of layovers, I believe Home Depot is a better return..

    You have to spend $200,000.00 though if you want to bring the Wifey...

Menard is such a weirdo.

Post: A Deal From Zillow! Just added 10 Units to my Portfolio!

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90
Originally posted by @Robert Blanchard:

Congrats on your mulit purchase!

Nice to hear about someone finding a decent deal on Zillow.  I have read on this site and others that "deals" go there to die.  

 The year built (1942) might have scared some investors off, thus why it was still listed after 6 months.   Pex water lines are so much of an improvement over copper.  I do wonder how many newer plumbers will not even be taught how to properly/ correctly "sweat" a copper water line.

We are still using copper on  large commercial/gov projects, but even they are starting to allow PEX. Sweating copper is definitely a lost art.

Post: What are your take aways from "The Big Short"

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90
Originally posted by @Scott Raley:

This was a very creative,  insightful and tragic movie. I'm interested to learn from those who have seen it, what impact this movie had on them. 

For myself it is the fact that only one trader was convicted and went to jail out of the thousands of Jr. and Senior executives at the banks and securities firms who caused this calamity.

They were 50% off the problem. No one put a gun to stupid peoples heads to force them to borrow money they couldn't afford to repay.

Post: Buying Multiple Rentals a Year

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90

I would caution you to not believe in all the hype. Yes it can be done, but the opportunity to make mistakes is huge. I would look for a good first deal to get your feet wet, get a quality tenant in place, take a breath and start to look for a second place. I would recommend a minimum of 6 months reserve on each property. Stuff will happen. Good luck! 

Post: Airbnb rental trashed on New Year's Eve

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90

I don't know why anyone would rent their personal residence. Its almost like sharing your wife. No thanks.

Post: Construction

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90
Originally posted by @Noah Wolcott:

Hello I am Noah. I'm in highschool and plan to become a real estate developer. After reading Donald Trump's "The Art of the Deal" It says towards the beginning that a reason his Dad was successful was because he negotiated everything even construction crew service and materials. My question is how do you haggle for better deals on construction services and materials? Thank you.

 You want to negotiate from a position of power, never forget that. The problem is being taken seriously just starting out. IMO you need to establish yourself, then you can negotiate because people will want to work for you. Right now you just hope someone will work with you.

Post: using airbnb on rental property

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90

Seems like a lot of work for little pay. The house would have to be cleaned up, personal stuff put away.

Post: Is my wife financially responsible for failed RE deals?

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90
Originally posted by @Mark Creason:

Jason,

Is she going to sign on the loan?  If not, it would be very difficult for a lender to go after her.  Even in California.  The question would be if she benefited in some way.  For instance, if you had a credit card, and she used it, they might try to come after her.  Keep her off and I think you would be ok.

Mark

She may not have signed, but their assets they own jointly are probably collateral.

Post: Rental Credit for nonworking appliance

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90
Originally posted by @Joe T.:

Stuff happens. A dishwasher isn't something someone can live without. Apologize for the inconvenience and get it fixed within a reasonable amount of time. If the insurance company will be reimbursing you, just fix it out of your reserve you have for the property and then pay it back once you get the check, easy.

 Lots of people Iive just fine without them.

Post: Developing a car wash

Scott CarderPosted
  • Investor
  • Owasso, OK
  • Posts 166
  • Votes 90
Originally posted by @Kyle D.:

Hi everyone i want to develop a car wash along a busy 6 lane state highway that is used by commuters to get to work daily. It would be a full service tunnel wash with vacume stations, vending, etc. We could get the land for around $400k for a acre but theres many other opurtunities to get a spot for cheaper because theres many shut down buildings that need to be demolished that we could purchsase off market. Now lets say we could build the car wash for 600k plus the land of lets say 200-400k. Where do i get financing for that? Would crowdfunding apply here? Also does anyone know of any car wash franchises? Are there any experienced car wash opertators that could provide some insight please?

A tunnel wash probably cost way more than 600k to build. I have plumbed 3 of them, and the plumbing alone is around 100 to 120k, and that's just piping, no equipment.

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