All Forum Posts by: Tevis Verrett

I will also add. . .

. . . shut up and listen!

In my youth, I knew it all, and was a hot head.

Now, I realize I know nothing and stand on the shoulders of giants.

Create value for the people you admire, pay it forward. Once you have their appreciation, you will receive their wisdom as a by-product.

Be well,

Tevis

Brother Marion,

I am enduring the SAME THING with my late mother's home here in Los Angeles, CA. I see your rehab and raise you my felon crack head brother that I am in the process of evicting.

We perhaps have our legacy in these properties and our start in the real estate investor market.

We go through this together man. I have been investigating hard money for renovation costs and have found them between 9-13% with 3-4 points plus $1600-2000 in upfront fees.

Ugh, that is expensive.

I would prefer to run up my credit cards.

My master plan is doing the bare minimum and doing a deep scrub, paint, flooring and putting renters in there to generate positive cash flow.

With the golden goose laying eggs, I will slowly improve the property.

Marion, for Hard Money, look up the Norris Group found under "Resources" in the header. I have heard good things about them, I have yet to use them.

If you dig deep enough for your leaky roof, you can get it done for $3,000-4,000. Squeeze for wholesale pricing in both labor and materials and get your hands dirty; you may be able to turn this around for a LOT cheaper.

I would ask my wiser brethren and sistren for any advice you might have for Marion and myself.

Blessings all, and look forward to your replies,

Tevis

Hi Kiran, can you please elaborate?

I am about to rip out all of the carpeting and lay inexpensive TILE Remnants (can get it at Lowes out here in Los Angeles for around 37 cents in the kitchen and bathrooms.

In the remainder of the house, I was going to pick up the latest deals at lumber liqudators for inexpensive floating with underlayment expresso laminate.

I am bigtime interested in your experience of tenants "chewing up" your floor.

Also, some thots. . . I saw vinyl at Lowes that mimics wood planks, while pricey, what are your thoughts to those of you wiser than I?

Blessings all,

Tevis

Thank you Brother Rob, my sentiments exactly. Your foundation work may very well eat up ALL your hard money (and then some), and then where will you be?

I stand in awe of the kindness, grace, and massive knowledge of our above peeps.

Scott we are lucky to have these folks watching our back!

Blessings all,

Tevis

Thanks Rob, I love it!

We property owners are good people and look out for the little guy. When we are treated poorly, we need to open up our warchest and pull out our weapons.

Brother Rob, this is so going into the warchest.

Smiles,

Tevis

Arrrgh Hernan, I feel your pain.

Put up cameras, and even more importantly, put up SIGNS that say smile you little buttheads, you are on camera.

I was looking at a CCTV unit on ebay here:

http://www.ebay.com/itm/ws/eBayISAPI.dll?ViewItem&item=200900960442

As I am about take back my home that has been ruined by my tenant that i am currently evicting, and it will sit vacant with tools and materials.

Also a thot: Get Mike's bulletproof lease (can be googled) and tell the mom of these larcenous little terds to sign her new month to month lease that she will be responsible for any damage by her hell spawn progeny commit or GET OUT!

We will overcome this brother,

Tevis

Bump, thanks to @RussWalk for this inspirational reminder of gaining freedom and sticking it to the man!

A small comment about feeling you making a mistake breaking up your IRA/401K. I gently disagree. Rather than the mutual fund managers making money on your hard earned retirement funds, you have wrestled back the control over your grocery money!

Bravo that!

. . . and finally a warm thanks to @JonHoldman for the sage advice, the reality of the 50% rule for analysis and the time and attention he offers to us newbies getter in the game!

Blessings All,

Tevis

Yea You Shannon!

OK now, adopt the slow and stedy method of investing. . . said a different way, you will now be presented with a myriad of opportunities, work the numbers and not every opportunity is the right one.

As far as marketing, you are buyer! You are sitting in the catbird seat. I would suggest assembling a trusted team of advisors FIRST to guide you.

A fool and his money are soon parted.

Blessings and much luck. The adventure has just begun!

Tevis

This is a great thread, bring the knowledge!

Blessed Monday,

Tevis

Definitely not bashed Rob, more thanked for the tool. When the tenant gets nasty, we have to pull out our war chest, cowboy up and prepare for war.

Kelly, I would STRONGLY suggest you consult with a real estate/eviction attorney. The couple of bucks you spend will save you from a savvy and stealthy professional tenant from dragging your butt into court for locking him out of his home and rendering him homeless.

Ping me, I might have an legal advisor for you.

The rich make the laws to protect themselves from common. We, the young guns, need to learn how the rich think and then make the laws work for us.

Be well all,

Tevis