My uncle in Chapin, SC has been making a living doing real estate investing for 4 years. He gave me the lowdown on investing. I rapidly took notes on an envelope and this is what I got down:
Buying the house
make the contract contingent upon inspection. So you can back out without losing earnest money.
Get insured as soon as you buy it
Get a termite bond and a rood bond so you dont get sued by who you sell it to, which of course leads to the topic of
Do all business under an LLC or Corp because someone is going to sue for something
If you are planning to sell the house to a woman, make sure the kitchen and the bathroom are very nice, cause that’s where they spend a lot of time.
Some houses sold because of the cute wallpaper.
Personally, I would just leave it a blank slate because everyone has their preferences.
I thought this was the hard part. I thought you had to put signs by the road. Or send letters to estate sales, etc. Turns out you just form a relationship with a realtor who has access to the MLS… or just take the broker exam and get access yourself!
Building Your Team
electrician, plumber, carpenter, closing attorney. You need to know about as much as any of these people you are employing to make sure they do it right.
You need to watch everyone work and dont trust anyone.
Dont pay for anything that is not done: go buy the equipment using a line of credit from Lowe’s and that’s it. No pay until done to satisfaction!
Do not use the same agent for buying and selling
Watch the TV shows but realize they cut out a lot
Property Bros and Homes are OK.