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…

Closings cost a lot

  We are doing our taxes right now. You may notice it’s August rather than April. Our reason for filling an extension is twofold. One, we get our accountant focused on just us instead of having to share her brain with everyone else. Two – and this is just rumor – I’ve heard you’re less likely to get audited by the IRS if you file an extension.   I don’t…

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…

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…

Using A “Handyman Special” Option

Using A “Handyman Special” Option   Have you ever experienced buyer’s remorse after purchasing a property that needed too much work? If you haven’t, count yourself blessed.   One time we bought a home that needed a ton of work. When we started pursuing the deal, I lived 15 minutes away; I was full of vigor and ready to knock out so major rehab.   A year later, when we…

What are your options?

What are your options?   When you hear the word option in real estate, you probably think of a lease-option strategy. This is where you lease a house to a tenant buyer with bumpy credit. You call them a tenant buyer because they’re renting your house with the hope of buying it from you in the near future.   That’s where the option comes in. You sell them the option…

Make An Offer!

Make an offer!   Pete Fortunato tells a great story about an offer he made. He looked at the house, ran the numbers and gave the homeowner a written offer at a price he could afford.   The homeowner reviewed it and said, “I can’t believe you would make me an offer like this. It just offends me.”   Pete’s response is what’s so epic. He asked the guy if…

Patience

Patience:   We’re currently flipping a house down in Cartersville and part of the rehab design includes new kitchen cabinets. Now, we don’t normally do cabinets so I didn’t know who to turn to.   I got some recommendations for local cabinet makers and got a few bids on the project. After I picked my jaw up off the floor, I made my way over to one of the two…

The confusion between a buzzard and an eagle

The other day, Ashley and I were driving in the mountains of Tennessee. As we came into town, we stopped on a bridge that over looked a beautiful mountain river.   Ashley said, “Joey! Look at the size of that buzzard!”   I looked over to see a very large, dark bird in the trees over the river. Strangely, it had white tail feathers. I asked Ashley had she ever…

How to pick a good agent.

A good friend of mine called me up about selling his house. He is a fireman down in Canton. In 2012, they bought a fixer-upper in a great subdivision at below market value. A perk of being a fireman is that you work 24 hours. Joey wait, working 24 hours is a perk? It is when you get the next 48 hours off. So my buddy Britt does what most…