Tue. Oct 27th, 2020

My Money Magick

The Money, Tax and Law Underground

Real Estate Investing Crash Course

2 min read

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

Women

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.

Finding Properties

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.

Funding

That’s where I come in 🙂

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