I have to come clean. I used to live in Latin Dad’s apartment complex and would often see him once a week as he stops by to fix things or just to check up on the building.
But Latin Dad has been busy renovating his son’s new home, tearing out part of the foundation, as it was rotting, and then putting up a new roof, windows, new laundry room, guiding the landscaping, tearing out bushes, and the list goes on.
Latin Dad even suffered an infection in his hand, a small cut started to swell up and he had to be hospitalized overnight. He’s fine now, don’t worry, and he was back to work in no time. Yelling at his son, ‘make sure they deliver the new windows up to the house and put them in. We don’t want to be responsible if one of the windows breaks while being delivered or installed’. Wise words – work hard but smart. Don’t over step your bounds when you don’t have to.
Once his son’s project, as it is his house, the son has had to step out of the way as his dad has become obsessed with making sure everything is just right. The son turned to his dad for help and to save money.
Now, with Latin Dad’s connections, he could get things done faster but cheaper. However, his son didn’t realize he’d be giving control of the project to his dad entirely, once he came on board. He and his future wife have almost little say on their own house. I’m exaggerating a bit but you get the picture.
Latin Dad did take a brief vacation, a cruise up to Alaska – he might work hard but he also enjoys his time off. He’s saved his money and still has regular cash flow from the properties he owns—still makes money while he sleeps.
He even recruited his other son to do the crown molding for his son's house.
‘Hey, it’s a small house, everything has to look sharp even more. Those corners will stand out.’ He might know how to save money, and do things on his own to save money, but he also knows that the end product is what matters most. If it doesn’t look good no one will buy it or want to live in it. In this case, someone will be living there, and his son and daughter in law at that.
Key Tips from Latin Dad:
- God is in the details - in a small house use quality materials for the small items, from door knobs to moldings
- When you higher a contractor, say to put in windows or a water heater, have them complete all the steps so you're not responsible for possible mistakes
Plus, for Latin Dad, he can now brag to everyone about all the work he did when he comes by to visit his son —the talk will be all about him. To get Latin Dad, picture the father and son team of American Chopper--The Teutuls, but focused not on motorcycles but houses and properties, and the father without the mustache.
Latin Dad talking about the work he did on the house:
"Do you think my son could have done that? He calls up people trying to dupe them out of their money all day in sales. I’m the one crawling underneath the house with water streaming down my face as the saw nearly shocks me and I have to drop it. He’s not tough enough."
Insider Tips: Is it wise to buy property in a certain area? That’s what it’s all about. Check out the rental rates and see if you can make cash flow – also be aware of local laws that stipulate rent control.
Also, check out Owners.com. The Internet levels the playing field, giving everyone with a connection access to information, now buyers and sellers can make their own deals: the Largest "For Sale By Owner" Marketplace for Buyers and Sellers is: Owners.com
Read more: Latin Dad's Strategies and then Latin Dad's Real Estate Tips