All Forum Posts by: Terrell Garren
Terrell Garren has started 11 posts and replied 1222 times.
Post: New LLC, Business insurance recommendations?
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
My personal rule of thumb -
If net wealth < $1M, then property insurance + umbrella policy
If net wealth >$1M, then property insurance + umbrella policy + LLC
Post: What is your biggest need from contractors??
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
Communicate, show up on time, do quality work for a market price, be honest and responsible. I have several contractors with these attributes. It took years to develop the relationships. I text or call them with a job, they handle it and send me the bill. No estimates, no bids. I pay them immediately.
Post: Arkansas Real Estate Commission views on wholesaling in Arkansas
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
Wholesaling - The only job with a lower barrier to entry than running a lemonade stand. I get 30+ calls, texts, and snail mails per week from some random wholesaler looking for prey. Usually, they are paying someone else to bug me because their time more valuable than mine.
At least the dude in Nigeria needing me to invest in his late wife's diamond mine makes a personal time commitment to talk to me.
Post: How to pay your contractors
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
Quote from @Steven Barr:
Quote from @Terrell Garren:
Quote from @Steven Barr:
Quote from @Terrell Garren:
Nothing up front, draws through completion. I supply materials except for paint, drywall, HVAC, rough plumbing, rough electrical, vinyl siding.
@Terrell Garren do you have your contractors go pick the materials up from the store for you? Or do you have materials delivered to site?
Also, do you have your contractor walk the property and then provide you with the amount of materials you will need (sq ft of flooring for example), or do you just know this yourself?
Framer and roofer provide material estimates. I handle the rest.
@Terrell Garren do you just make sure you contractors are out there to intercept delivery of materials? Or do you give supplier your lockbox code?
Post: Renewing Tenants Lease
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
Tenants will leave when tenants need to leave. A long-term lease only locks in the owner. M2M rental agreements all day long.
Post: How to pay your contractors
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
Quote from @Steven Barr:
Quote from @Terrell Garren:
Nothing up front, draws through completion. I supply materials except for paint, drywall, HVAC, rough plumbing, rough electrical, vinyl siding.
@Terrell Garren do you have your contractors go pick the materials up from the store for you? Or do you have materials delivered to site?
Also, do you have your contractor walk the property and then provide you with the amount of materials you will need (sq ft of flooring for example), or do you just know this yourself?
Framer and roofer provide material estimates. I handle the rest.
Post: Our landlord is building an ADU on our rented property
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
Quote from @Christy Barre:
Quote from @Terrell Garren:
You rented the whole property, not just the house. I suspect the owner is in violation of the lease, but you need to verify. The owner may have subdivided the property and you did not rent what you think you did. Once you confront the owner, it will not be pretty. Best to you.
thank you - yes this is what I've found as well.. I'm resurfacing the lease and will look. if it wasn't subdivided and we have rented the entire property.. what should I do?
What @Bill B. said.
Post: How to reduce risk
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
Regarding fire or flood - Insurance. There are 100 other ways to lose money in RE investment. Free education is here, YouTube, google, ChatGPT, books, etc. Maybe learn enough to ask specific questions.
Post: Our landlord is building an ADU on our rented property
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
You rented the whole property, not just the house. I suspect the owner is in violation of the lease, but you need to verify. The owner may have subdivided the property and you did not rent what you think you did. Once you confront the owner, it will not be pretty. Best to you.
Post: What repairs can the tenant sue me
- Rental Property Investor
- Concord, NC
- Posts 1,240
- Votes 3,065
M2M rental agreements. Best thing I've learned in 13 years.