Archive
Issue the pay or quit Do you know what the first step should be for you as a landlord if you did not receive payment from your tenant this month? The answer is: issue the pay or quit letter. Landlords in our area typically have their residential leases set up so rent is due on the first and late after the fifth of each month. Our leases are not that way. In our contracts, rent is due on the...
Paperwork is a memorial Peter Fortunato, one of the greatest real estate creative deal structures I know, always says that your paperwork is a memorial of the meeting of the minds. What he means by that statement is that when you make a deal with someone, you are both making a set of promises. And your contracts, notes, leases and other paperwork are meant to memorialize what the two of...
Fat deals looking slim Being able to track your rehab numbers is a crucial skill as a real estate investor. The reason for this is if you don’t know how much it will cost to fix the house, you can’t make an accurate offer. To show you what I mean by that, let’s talk about a real deal that we have on the table right now. This particular lead came in from an agent whom I’ve...
Should you do it yourself? This week I got a call from my lead man Charles. He was changing out the galvanized plumbing under a flip house because the water pressure had become very reduced due to the buildup of corrosion in the pipes. All was looking good until he went to tie back into the main water line coming from the street. Everything under the house, including the...
Monsters don’t live in the bathroom I was a guest on podcast recently with my mentor Bill Cook where we were discussing things that hinder the success of newer investors. As we talked, Bill asked me if I thought a lack of education is something that stops newbies from moving forward. I told him I didn’t think so. You see, there’s a ton of information out there about how to make deals in...