All Forum Posts by: Jessica Hood

Thanks Joshua! This is a great forum you have here. I too run some forum sites and I really like the way things are run here. What's really impressive to me is how fast and how many responses I have received. I have so many questions and have already had so many great answers and new ideas! I feel like I have found a very valuable tool here! Kudos to you!

I have been bothered by this for some time and now that I have experienced people to ask... I just have to ask.

My parents own the home I live in. We are preparing the home for sale. It needed a lot of minor work which my husband and I have been doing ourselves. From all my research thus far, I have learned that you want your property to look as best as you can to get the most potential out of the situation. So for me, that means making sure everything is fixed/working and that it looks good visually.

My parents have a real estate agent they have worked with since 1995 and they really like him and trust him. He's an older fellow and very nice. We had him come by the house while we were still doing some work on it. Some things still needed painted badly, the hardwood floors needed polished, the tub needed recaulked, and I only had 2 out of 6 of the new six panel doors installed, among a few other things. The agent told me not to bother with any of it and to just list the house for sale now, as is. It seemed crazy to me because as it stands, we are not profiting much off of the sale (just breaking even) in the first place because of the economy. It's being sold out of necessity more then anything.

So, am I wrong to think it's crazy for us to just list it as is, if we want to get the most out of it? It does mean there is a delay in listing it, but that's ok for us. What are your thoughts on that?

Getting control without buying? Definitely a new concept to me. I will have to research that more. Thanks Ralph!

I am no stranger to starting small businesses all on my own. I hate paying someone else to teach me something I could learn from the internet/library/work for free or for some return labor. I am the same way about paying people to do things for me. If I can save money and do it myself, then I will. Even if it means I have to do hard labor. I'm that way with my car repairs, home repairs, and even electronics. I would rather take it apart and fix it myself.

I started and ran a housekeeping business on my own for several years, then started my web development on my own as well. Everything was self-taught. So I am no stranger to all the jumping and ducking from the unknown. I won't let it hold me back, but it's still scary though! LOL!

I would love to be an apprentice and basicly shadow someone who does property flipping/wholesaling. Someone that wouldn't mind me asking questions and really poking my nose in things (or.... I could be a fly on the wall even if I could still observe). But is that taboo since you are essentially training your future competition? I have considered seeking out such people and asking them, but I am afraid they might look at me like I am crazy for asking such a thing. LOL! I wouldn't even mind volunteering to help with things just for the sake of learning something! :D

Thanks for the info! I'm sure this is REALLY going to sound like a newbie question! LOL!

How do I go about figuring out what all of the expenses will be in terms of "taxes, holding costs, closing costs (both ends)". I literally have never bought or sold any property ever. So I truly am new. Are those amounts varied every time? Maybe based on the price of the house? I'm not sure how that works.

So with wholesaling I buy property, don't actually do anything with it physically, and just turn around and resell it?? I think I understand that correctly? I had never even thought of that.

That's good to hear. i always thought it can't be that horrible to rent properties if so many people are doing it. My parents have the mortgage on the home I am in now. I pay it myself like I were renting. I am planning on moving out of this house and didn't want my parents to have to sell in the current economy (there will be no profit). I tried to convince them to rent it out to someone else instead, but they were just freaked out about it and gave me 50 million reasons why it would be a bad idea. LOL! They refuse to be landlords. I guess that's partly where my caution comes from.

All of the houses around me are being purchased and turned into rentals now. Ugh... there is nothing worse then bad landlords and irresponsible renters making your neighborhood look bad. The house next to me has been a rental for about 4 years now and it's been one problem after another with them. Yet another reason I am cautious.

BUT... you are right... I suppose if you prepare yourself for the worst in the beginning, then you will make it through whatever the renters might throw at you.

LOL! Douglas, I like how you think!

I have been watching HGTV shows on renovating houses so long it's not even funny! I have wanted to do this for years now, but haven't had the money.

I am an only child so my dad taught me a lot about houses and landscaping. My neighbor calls me "Mrs. Bob Vila" because of all the things I have done to the house here by myself.

I think the scariest thing for me is not knowing all of the legal stuff and related expenses.

When considering your budget, is there any general rule of thumb for the percentage of money you spend to buy a property vs the percentage for renovations vs the excess left for cushion/emergencies? I will have a set budget and am not sure how much cushion to save for unforseen expenses or emergencies. Or is it just whatever I am willing to risk?