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My Business Philosophy

July 31, 2008

I’ve gotten a lot of questions recently about what parts of the rehab work I’ll be doing myself, and why the hell am I planning to hire the expensive contractors vs. just picking up day laborers to do the easy stuff or doing it myself. The answer is obvious (to me, at least), and is […]

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House #1: Scope of Work

July 30, 2008

I started meeting with contractors this week to get bids on the rehab work for the Corn House. While I was originally only going to get three bids, I screwed up and overbooked and am now on the hook to get about 5 bids on this job (a couple GCs didn’t call me back soon […]

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House #1: More Details

July 29, 2008

…continuation of yesterday’s post with more details around the Corn House: * I had a full inspection of the house on Saturday. Overall, there were no major surprises, which was a good thing. My inspector is tremendously detail-oriented, and found at least a hundred little issues, but most of them I had already known about […]

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House #1: Some Details

July 28, 2008

I officially signed the contract for House #1 (“The Corn House”) on Saturday. And as promised, here are some more details: * First, some pictures of the new property. The basement pictures aren’t in here yet, but since I’ll likely be finishing the basement, I’ll upload those when I get a chance. If you take […]

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House #1: The Corn House

July 26, 2008

It’s only Saturday, but it’s already been a good news, bad news weekend… First, the bad news: Offer #2 was a day too late, and buyer who submitted an offer a day before mine got the house. I was hoping that he’d back out during the 7-day inspection period, but that period expired on Friday, […]

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Getting & Building Credit

July 25, 2008

As I start to build my business, I keep getting the recommendation to build business credit earlier and often…as when I actually need credit, I won’t be able to get it… So, I’ve been focusing this week on finalizing my financial setup (opening a business bank account, setting up Quickbooks, etc), and I’ve put together […]

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Strategy on Offer #2

July 24, 2008

Yesterday, I mentioned putting in an offer on another investment property. Some people have asked me what I’d do with this property if I get it. The nice thing about this one is that I believe it has multiple good exit strategies…here are some more details… The house is an REO (bank-owned foreclosure) listed at […]

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My Second Offer

July 23, 2008

I made my second offer the other day. The house is a 3/2 ranch in a suburb of Atlanta, built in 1970. I first saw the house last Friday, the first day it came on the MLS, and I was pretty sure that — being a good deal — it would probably go quickly. Knowing […]

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Finding a General Contractor

July 22, 2008

I’m confident that I’m pretty close to purchasing my first house, and as such, it’s time that I really buckle down and finishing building the team that is going to help make me successful. So far, I’ve built part of that team — I have my CPA, one great real estate agent, two property inspectors […]

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Finding Financing

July 21, 2008

Once I decided to pursue investing in single family houses more seriously, it became clear that I’d need a serious financing strategy. While I can afford to buy a few houses for cash and pay for all the rehab costs myself, if I’ll be holding those houses for any period of time before selling, the […]

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