Archive
Looking like professionals The cost of trade labor has gotten quite high lately in my opinion. I’m seeing some strange business practices with how companies are bidding jobs. And if you’re looking in the wrong places for help, it might cost you an unneeded arm and a leg — especially in the plumbing world. Let me explain what I mean by that. The first instance had to do with our...
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...
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...
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...