Archive
Trust but verify This has been a busy morning for me. That’s because I needed to be out at a property, that we have under contract to sell, to meet with both the septic and HVAC companies I use. The reason we were meeting out there was because our buyer had just completed their inspection of the property, and we had some crazy issues surface that we had to figure out before the due...
Stop digging Have you ever heard the old adage “If you find yourself in a hole, stop digging?” Well, that’s great advice, especially for real estate investors because if you are in this business any length of time there’s a good possibility you’ll find yourself looking up from hole. So what do you do about it? That was a question I got asked this week from a Zoom panel in which I...
The price of doing rehabs We just spent $100,000 on a rehab that we thought would cost $60,000. That means we went over budget $40,000. How do you like them apples? To be honest, we were shocked that we went over this much, especially since at the time we calculated our offer to purchase I was thinking I overestimated the rehab. This house was a three-bedroom, one huge bath...
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 huh? Well, there’s a fine line...
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 program...