Fixer Jay’s Mom & Pop Millionaire Blog

Inexperienced fixers have trouble saying no! If you figure on spending $700 to paint the kitchen and replace the counter tops, do just that. Don’t replace the cabinets and flooring as an afterthought. If you decide on replacing the worn roof shingles on the street-side of the house because they look so ugly, that’s fine. But, don’t let your roofer sell you on the merits of doing the whole roof at one time because it’s cheaper while he’s there!

You must develop discipline if you intend to say within your budget and be profitable! Lots of folks can fix up houses if the money supply is unlimited – but it’s a whole different ball game if you insist on making money for doing it!

Tags: Success Secrets by FixerJay
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Enforcement of the rules, whether civil code laws or your own house rules is the best way you develop a smooth running manage­ment operation. Preventative techniques are as important to managing tenants as they are for the doctor who manages your personal health. One of my main criticisms about professional property managers is that they rarely act-mostly they react. They’re always ready and willing to fix the busted door, but only after the horse is outta the barn.

Rent monies are life blood to apartment owners. Yet, I know many property manag­ers and owners alike who participate with their tenants each month in a silly little “rent collection ritual.” The tenant starts the game by saying the checks in the mail. Then the landlord begins calling every day or driving out to the property to inform the tenant he hasn’t received it yet. This can go on for weeks.

Don’t allow yourself to be part of this game. Use the rules already on the books: the state landlord-tenant civil laws and your rental contract terms agreed to by your tenant.

Tags: Managing Tenants and Toilets by FixerJay
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I can tell you from experience – buying the right properties, in the right sequence, makes all the difference in the world. If you’re like me, cash flow is always the biggest concern! It took me several years and some seriously overloaded Visa cards before I gave up the notion that average three bedroom, American dream houses would set me free! They almost broke me instead! Don’t misunderstand me here – I’m not saying they’re not a good investment – I’m saying they don’t provide any cash flow! My dream was to be a full-time investor and have my real estate support me.

When you don’t have a lot of money – and you need cash flow rather quickly, you must invest in the kind of real estate that will produce it. Single houses can produce it someday – but not until the mortgages are paid! If I was lucky enough to earn $100 per house, not likely with a mortgage – I’d need more houses than I could ever afford just to earn pauper’s pay. Fortunately, there’s a faster, better way!

The better way is to start with fixer-uppers first – and concentrate on cash flow. With fixer properties, you can force the value up with sweat equity (yours or somebody else’s). With fixer properties, you won’t get stuck in a holding pattern, waiting for appreciation or a turn-around economy. This is very important, if your goal is to create wealth during your lifetime so you can enjoy it yourself!

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Daniel Webster said: “The world is governed more by appearance than by reality.” And, that’s exactly how your customers will judge your fix-up job.

If you spend $5000 working under the house, you can consider that money to be mostly a gift for the next owner. If instead you can spend that money for beautification like exterior paint, carpets, new lawns and a white picket fence around the front, you’ll not only be’ in harmony with Webster, but you’ll also be adding sizzle items that both buyers and renters are willing to pay you for!

HIGH PROFIT PROPERTY

My Haywood property consisted of 11 older rental houses on a two acre lot. It was com­pletely overrun with weeds and brush when I bought it. About 50 percent of my fix-up profits were earned by simply cleaning and hauling.

… drive-bys and quick peeks make the sale…

When Haywood sold, I had made a $150,000 profit. The profit cost me roughly $20,000, which I think you’ll agree, is not very much to spend for that much profit. This is fix-up lever­age’ For the Haywood job, I’m talking about 7.5 ­to-1 leverage. That means for every dollar I spent doing fix-up and clean-up, I got back $7.50 when 1 sold the property. I might add that during the 14 months I owned Haywood the monthly rents were increased over $1200. Natu­rally higher rents equate to a higher resale value.

Tags: Fixing For Money by FixerJay
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Rich people know about the Wealth For­mula – They know it’s nearly impossible to earn BIG MONEY working at a regular job – they understand to get rich – you must earn money around the clock - 24 hours everyday and finally … rich folks do what’s necessary to educate themselves so they can use the Wealth Formula to build their king­ size bank accounts.

Cash Flow Houses Perfect

Owning income producing houses creates the winning formula – the right kind of houses earns money while you sleep. You’re no lon­ger working by yourself – Jay’s wealth plan is simple - YOUR HOUSES ARE WORK­ING 24 HOURS TO EARN YOU MONEY You simply manage the houses … and of course, make bigger bank deposits.

Other Peoples Money

The bottom line is this – you must acquire the know ledge to put this plan into action. It’s you who must find the RIGHT HOUSES and set-up the financing. It’s you who must arrange the fix-up and choose the right customers … After that, its other peoples money that will make your rich.

Tags: Success Secrets by FixerJay
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