Ah Chalet-lee

  I wish you could hear the voice of the character I have inside my head. It’s that of a Scotsman. I’m not sure if it’s from a cartoon I watched as a kid or if it was one of Robin Williams’ alter egos. Either way, when something unsavory would happen to the Scotsman, his expletive of choice was “Ah shillelaghly!”   And with what we just learned on a…

Home Inspections

  So you bought a house to flip, did a jam-up rehab on it, and already have it under contract with some buyers who love it. Things are going great. During the due diligence period, the buyers pay for a home inspector to go out and look the place over.     Then it happens. Your agent calls and says, after the home inspection, your buyers have concerns. You’re wondering…

Oops Money

As we were doing the walk-through inspection of our most recent flip, we noted that there was a regular 200 amp breaker panel on one side of the house with a few open spaces in it. This was great because we needed those spaces to add a new air conditioning system.   When we got to the other side of the house, however, we found a small fuse panel. It…

Running Ragged

I was talking to one of my best friends, Houston Long, recently about something that had been going on at his office. Not only is Houston a top notch investor, but he’s also a fantastic agent at Maximum One Realty. At his office, they had a new hire that was going full throttle. By that I mean they were showing houses from early in the morning to late into the…

A subject-to deal is better than a short sale

  Ashley and I recently came across a listing with “possible short sale” in the title. If you don’t know, a short sale occurs when a bank agrees to accept less than what the borrower owes on their mortgage when the property sells. This listing was intriguing to us since we haven’t seen any short sales advertised in a long time.   Personally, I think short sales have almost gone…

A day in the life of an investor

  I’m often asked when talking to aspiring real estate investors what a “full timer’s” daily schedule consists of. So far my reply has not been that we push computer buttons for 10 minutes each day, in order to make a bazillion dollars a day while enjoying umbrella drinks on exotic beaches. I say that because that’s how infomercials portray us. My experience, however, has been… well let me tell…

Contract terminations

Contract terminations   Pete Fortunato has a wonderful way of defining contracts. He says a contract is a memorial of the meeting of the minds.   Isn’t that poetic?   For us real estate investors, our paper work tells the story of what happened when the buyer and the seller had a meeting of the minds and agreed to a deal.     Sometimes I think we lose the simplicity…

Six degrees and six vacancies… Oh shazbot!

Six degrees and six vacancies… Oh shazbot!   It’s six degrees outside. Well not exactly. Technically it’s in the teens, but with the wind chill, it feels like six degrees. Needless to say, this is not normal weather in Georgia. There’s ice and snow everywhere. And as I lay in bed this morning, all I could think about was all the ways this weather could affect the six vacant houses…

How to make your top offer

How to make your top offer:   When you’re looking to buy an investment property, it’s important not to get emotional while evaluating the deal. Let me warn you, failure to keep your emotions in check will cost you big time. Ask me how I know.   One of the worst deals Ashley and I ever did was a result of us leaving our excitement unchecked. When we were new…

Seek out great Agents

Seek out great Agents   The other day, a young agent contacted me about a deal down in Cartersville. It was a great deal, and since the agent brought it to my attention, I made my offer through him.   As I was going through the paperwork, I noticed something called an “Exclusive Buyer Brokerage Agreement.” Be careful of these. As this particular document stated, “the buyer hereby agrees to…