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….

One-sided

One-sided   This week I got a call from an agent to go look at a potential deal. It was a 5-bedroom/ 3-bath house with over 3,000 square feet located in a very desirable area priced at only $100,000. When you see deals like that, you stop what you are doing and get to the house as soon as humanly possible.   It wasn’t hard to spot which house I…

Fear and proactivity

Fear and proactivity   I think that you will agree with that me that there’s a lot of uncertainty going on right now. And people do some strange things when they get scared. If you don’t believe me, go check out the toilet paper aisle at the grocery store. Now, I’ve had to make a run, or perhaps more of a waddle, for toilet paper before. But I’ve never seen…

Investing, family and footprints

Investing, family and footprints   Real estate investing is our family business, and I’m not just talking about Ashley being my partner. Our kids have also been involved their entire lives.   You see, Ashley was closing a short sale and fielding calls while giving birth to our first born. I’m not joking. I have the video to prove it. She was on the phone talking to a seller while…

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…

Only rejoicing

Only rejoicing I’m writing this during the Feast of Tabernacles, which is the fall feast mentioned in Leviticus Chapter 23. The feast brings with it two purposes. The first is a remembrance for the Children of Israel of how Yahweh made them to dwell in booths for the 40 years they were in the wilderness prior to entering the Promised Land.   During those years the Children of Israel were…

Not all offers are created equal

    So you just completed the rehab on a flip. Before you put it on market to sale, you and your realtor check the numbers one more time to make sure you get the most out of the house. Your agent reveals there have been some better comparable sales since you started the project and suggests a higher list price than you had anticipated.   Excited, you put the…

Don’t forget to remember your expenses

  Every industry has expenses associated with the cost of doing business. In real estate, however, those cost may not be as apparent, especially for new and aspiring investors. I know this because I got to explain some of those expenses to two different investors involved in two different deals this week.   I would like to talk you through both scenarios so you’ll be better prepared to account for…