Real Estate Investors Association of Greater Cincinnati

Scope of Work: The Foundation of a Successful Rehab

“The scope of work is bigger than anybody understands, If you don’t get it right, your project will go off the rails.”

A detailed, clear scope of work ensures that contractors know exactly what needs to be done and eliminates any “I thought it would look better this way” surprises. Here’s what Ray emphasizes when creating a scope of work:

✔ List Everything: Every task, material, and finish should be outlined in detail. “If you don’t specify the grout color, don’t be surprised when your contractor picks something crazy.”

✔ Time Estimates: Define how long each part of the project should take. If a job should take 45 minutes, and your contractor thinks it’s a full-day job, that’s a red flag.

✔ Material Costs: Have a rough estimate of what things should cost. This keeps contractors from overcharging or underbidding and bailing out halfway through.

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Your credit score is a key factor that affects many aspects of your financial life, from securing a mortgage to getting favorable interest rates. Many factors can impact your score—some of which might even surprise you. Some strategies may seem counterintuitive at first, but following these steps can help improve your credit score by up to 100 points. Here’s what you need to know:

1. Keep Your Credit Card Balances Below 10% of Your Credit Limit

One of the most impactful things you can do to boost your credit score is to keep your credit card balances low. Ideally, your credit utilization ratio (the amount of credit you’re using compared to your total credit limit) should be kept below 10%. For example, if your credit limit is $1,000, aim to keep your balance under $100. When you lower your balance, you reduce your credit utilization, which can improve your credit score. Not only will paying down your balances increase your available credit, but it also signals to creditors that you manage debt responsibly.

• Do NOT Close Paid-O
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In the world of real estate investing, finding the right financing option can be the key to success. One of the most effective loan products that has gained significant attention in recent years is the Debt Service Coverage Ratio (DSCR) loan. DSCR loans are especially popular among real estate investors due to their flexibility and streamlined approval process. These loans are tailored for investors seeking to maximize their portfolios without relying on personal income or traditional credit scores. Here’s why real estate investors should consider DSCR loans as a financing solution.

What is a DSCR Loan?

A DSCR loan is a type of financing where the lender evaluates the borrower’s ability to repay the loan based on the income generated by the property itself, rather than the borrower’s personal income or credit score. The debt service coverage ratio is a financial metric that compares the property’s net operating income (NOI) to the total debt obligations, typically the mortgage principal and interest, taxes, insurance, and any homeowner’s association fees. A DSCR ratio of 1.0 or higher indicates that th
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Real estate in a self-directed IRA (SDIRA) is the number one strategy of smart investors who choose their own investments to build retirement income. You can do this, too, if you use a self-directed retirement plan. You’ll become part of a growing class of individuals who control their retirement funds and invest in alternative assets to build wealth and diversify your portfolio.

4 Ways Real Estate in a Self-Directed IRA Earns Income

Building tax-sheltered retirement income with real estate in a self-directed IRA opens a considerable number of doors for investors. While the most common asset is an actual piece of property, there are a myriad of other holdings the average individual might not know about.

Investors who are familiar with the ins and outs of any strategy can put their knowledge to work and invest in those assets in an SDIRA to grow wealth for retirement in a few ways.

Property Appreciation

Typically, the value of a good piece of property appreciates over time. Your IRA can invest in different types of real esta
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The T.R.U.T.H. Method has been successfully used by authors like Norma Richards, who wrote Short Term Rental Secrets Revealed, and Tancy Mason-Phillips, author of Leveraging Virtual Assistants for Cost-Effective Growth. Whether you’re looking to create a book, launch a podcast, produce social media content, or develop a course, this method provides a clear, actionable framework to deliver impactful content quickly. The focus is on progress, not perfection—because your audience needs value now, not later.

Why the T.R.U.T.H. Method

The world is full of ideas, but execution is what makes the difference. The T.R.U.T.H. Method breaks the content creation process into manageable steps, helping you stay focused and take action. It’s designed to deliver results while others are still stuck in planning mode.

Back when I first joined my REIA, there was an experienced investor named Ralph who always wore these buttons that said YAFTAX.  After perhaps 6 months, I finally worked up the courage to ask him what that meant, and he said, “sound it out”.

After a few tries, I got it: You have to ask.

His point was, don’t walk around being confused by my button. Ask me. Don’t walk around being confused by real estate. Ask someone.

So fast forward (mumble mumble) years to yesterday, when I had a really interesting conversation with a really new investor that FINALLY made clear to me the full meaning Ralph was trying to convey.

This new investor mentioned that at some of our 'deal' meetings, she'd listen in, write down any terms she didn't understand, and google them.

The example she gave was, "I didn't initially know what it meant when people said, 'I have a 3/2'."

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A feasibility study is a critical step in real estate investment, offering a detailed analysis of a property’s potential. It helps investors make informed decisions, mitigate risks, and align projects with market conditions, financial goals, and regulatory requirements. Including an architect in this process enhances the study’s accuracy and value by providing expert insights into design, functionality, and compliance.

Key Benefits of a Feasibility Study

1. Risk Mitigation
   A feasibility study identifies challenges such as zoning restrictions, environmental concerns, or construction costs. With an architect involved, these challenges are addressed proactively, ensuring that risks are minimized before development begins. Architects analyze the practicality of design solutions and anticipate structural or site-related complications.
2. Financial Viability
   The study evaluates costs, potential revenues, and ROI. An architect contributes by estimating design and construction expenses based on material selection and project s
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Accidents happen, and as an insurance agent, the uptick in accidents is very apparent during this time of year. As weather and road conditions change with the season, the following driving safety tips will help keep you safe, and accident-free, as you enjoy the cool crisp air and the holiday season.

Leaves

In subdivisions and country roads leaf accumulations on the roadway when wet, can get extremely slippery. If the temperature drops below freezing, the wet leaves will freeze and turn into dangerous icy leaves on the roadway. Besides reducing the car's traction, causing skidding and the possibility of losing control of the vehicle, leaves often cover the painted road markings, making it difficult to know the locations of the lanes. Some things to be aware of:

• Slow down if you are driving on a road covered with leaves, especially when driving around turns.
• Allow yourself plenty of room to stop in an emergency. Keep a greater distance between you and the car in front of you.
• Leaves make it difficult to see potholes and bumps in the road.
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No matter where you live, winter storms can wreak havoc on property. Taking action before and after storms can reduce the chances of serious damage to homes and lives.

Before the storm

• Outdoor furniture, grills, toys, birdbaths and the like should be stored away. Secure and anchor large objects such as prefab sheds and play structures.
• Trees can look like they’re in good shape, but may be diseased or have other problems that can cause them to fail unexpectedly. Trees stressed by drought or rooted in saturated soil can be more susceptible to problems when storms hit.
• Local ordinances may require that trees be trimmed a minimum distance from driveways, structures and power lines. For safety’s sake, a qualified professional should perform this work.
• Use binoculars to check your roof for missing or damaged shingles. Flying shingles can damage structures, while missing shingles can allow water to leak into the home. Any roofing repairs should be done by licensed professionals to ensure the work is done safely and correctly.

Advanta IRA is one of the nation’s leading self-directed account administrators. We often encounter questions from people who want to know about self-directed investing. Below are 15 of the most frequently asked questions about how a self-directed IRA (SDIRA) works with alternative investments, including types of accounts, a list of common assets, and how to fund a new account.

Using alternative investments to build retirement wealth is a smart strategy in today’s economy—especially when combined with an erratic stock market. Alternative investments often have a low correlation with stock market performance and have the potential to produce positive returns even when the stock market is down and when inflation is high. This is why the SDIRA is becoming more popular with savvy retirement savers like you. 

Top 15 Frequently Asked Questions about a SDIRA

1. What is an SDIRA?
   Self-directed IRAs (SDIRAs) and solo 401(k)s work like their conventional counterparts with two powerful exceptions: 

• Self-directed plans allow alternative investments th
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