Is cash king?

Is cash king?   I will never forget the first deal Ashley and I had ever done that was severely damaged by fire. The year was 2011, and the deal, which we call the burnout, was a 1992 single wide located in a mobile community in Dalton, Georgia.   That house was the third deal Ashley and I had ever done. A burnout on our third deal sounds pretty gutsy…

I do not envy flippers

I do not envy flippers   I was told the same thing twice this week by two different financial advisors of mine. They both said, and I quote: “I do not envy flippers.”   The first instance happened on a weekly call I have with a company called Simple CFO. Simple CFO is a team of accountants with specialized knowledge about the real estate investing world, and they integrate a…

O appraisal, where art thou?

O appraisal, where art thou?   When Ashley and I did our first flip in 2012, the property was located on Atlas Way in Calhoun. It was a three bedroom, two bath brick ranch that we bought at a foreclosure auction for $19,178. That number sticks out in my mind because it was the biggest purchase I had ever made at the time. It was also the biggest cashier’s check…

Taking Ownership

Taking Ownership   Well, I got some not-so-great news yesterday. It happened on a pretty big rehab we have going over in Calhoun. And by big, I’m talking about a complete gut job.   This house had a condemned sticker on it when we bought it, if that gives you any inclination as to its condition. But after some inspection and planning, we were able to get the building inspector’s…

Creative offers

Creative offers   Ashley and I were two broke kids straight out of college when we got started in real estate investing. We had a mound of student loan debt and no money in our pockets to invest. And because we had either been self-employed or full-time students while in school, we had no real, verifiable income. That fact, coupled with a high debt to income ratio from the loans,…

Be very careful right now

Be very careful right now   You may not know this, but we lost the very first real estate investment deal I was ever a part of to foreclosure. How’s that for a credential?   It wasn’t a house we had bought to flip or rent out. It was a house my family was building to live in for a few years and then sell to bolster my parent’s retirement….

Multiple Offers

Multiple Offers   How many of you would love to get multiple offers on one of your flip properties? Normally I would too because that means better offers when buyers are competing over you. But we have had multiple offers on a great house up in Whitfield County that — well, let me just tell you about the situation.   First off, when I say this is a great house,…

Builders, Handymen and Remodelers

Builders, Handymen and Remodelers   So, I was standing on some exposed floor joist talking to (but really interviewing) two contractors who had reached out to us for work on one of the many projects we have going. And as we talked, I thought the conversation would make a good column.   Now, you may be thinking to yourself, “How did Joey end up on an exposed floor joist if…

The money is in the meter drop

The money is in the meter drop   How would you like to make $10,000?   Now, before you blurt out an answer, I’d like for you to consider a story that my good friend and mentor Gary Harper tells about a cabby he encountered. The title of his story is “The money is in the meter drop.” And it goes like this:     Gary was in the big…

Moving in before closing: Just say “no.”

Moving in before closing: Just say “no.”   A question that often comes up in our house flipping business is whether or not we’ll allow the buyer to move into a house before closing.   The buyer’s reasons for this request run the gamut. Maybe they’re selling their current home before buying ours, or maybe our closing date got extended past the first of the month and they don’t want…