All Forum Posts by: Watson Smith

I'd sell some and keep some to pay down your debt.

If you have a house worth 120-140k pulling in 1k rent I'd sell it.

If you have some worth 60k pulling in $800-$900 I'd keep those.

Take some of the profit from your 140k house and buy another cheapie while using the rest to pay your debt down.  I think we have a little bit of time before the market dips.

I agree with @Rick Baggenstoss

I like 30032 but I would never pay 79k for a house there that still needed to be rehabbed.  It would have to be one street off East Lake for that price.

I know this area well due to most my rentals being located right around that house.

This is a very good rental area.  That house will rent for $850-$950.  I like to be all in around 45k though.  Pick your tenants carefully as you will have a good amount apply.  

I would hold and rent the house out.  The ones that have been flipped for 100-120k in that area have been gutted and redone. You'd need to put 30-40k more in that house to flip.  

I would buy in that area any day of the week as long as the price is right.  Enjoy!

@Renee Cato , I do not wholesale properties I only buy them under my S-Corp. If I did... I would do it until they questioned me and then explain. Nothing illegal about it to my knowledge. 😇

In Georgia you do have to work under a broker for 3 years... But all that means is you pay them a monthly fee. I think its worth it. You have access to the MLS plus a lot of data. You can still find very good deals on the MLS and if not you can use it for research.

I've closed many deals that I bought for myself as an agent and never heard a work of negatively from the board. 

These would be my prices:

All new appliances, including a furnace (Stove - 370, Fridge - 400, Dishwasher - 230, Furnace - 1350

Possible layout changes (move a wall or two) - 500-1500

New electrical and plumbing - Electrical - (if gutted) 4300 plumbing - (if gutted) 2300

All new drywall, floors, fixtures, doors, cabinets, countertops, etc... Drywall 5000 - doors 75 each, cabinets 10 x 10 kitchen - 1500 - 3000, Countertop (laminate) - 300-500, fixtures - 1000, floors (carpet - 14 sq/yd, hardwood 2.50-3 sq/ft - int paint - 1500-3000, ext paint 1500-3000

Not looking at anything custom, but a standard finish.

Roof and siding are newer and may just need some minor repairs. - 1500-2000

I do deal with China often and I would warn against Alibaba.com.  Your first load might be ok but your second, third and fourth might not be.  That really goes for a lot of Chinese manufacturers though. If their wanting payment upfront I start questioning it.  50% when shipped and 50% when arrived is okay... But not 100% up front.  

As for a container of flooring... I just did a 40ft with 55k lbs.  Might want to look into LCL shipments cause thats a ton of flooring.  Ball park pricing on a full 20ft ocean container from Shanghai or Hong Kong to Atlanta would run about $2500-$3500 depending who you broker it through.  West coast would be a little cheaper.

Theres some good advice here.  I've used the drum sander and did not like it... I prefer the large vibrating one.  Make sure there are no nails sticking up and buy lots of sand paper.  Give yourself a good amount of time too.  Have fun :)

@Torrey Maning Thats coming tough to find.  Might have to head South or West to find those deals.  

Would you consider splitting them up?