All Forum Posts by: Alec Frasier

@Brady Potts

helps a lot, thank you for your time.

@Brady Potts

Yes, thank you. I just received notice they’d like 5k in credit so correct me if I’m wrong. I sell for 172k I receive full payment on paper but 5k will be credited to them and I actually am receiving 167k disregarding agent fees and closing costs. Correct?

I’m pretty unfamiliar with this and have not found a lot of information on it but we are in the middle of closing on a duplex and the buyers wanted some work done prior to closing. We decided we weren’t going to perform the work they wanted. Our selling price is 172k and the amount of work wanted sums up to about 6k+ (laminate flooring in kitchen and bathroom, new plumbing, new appliances). Would giving the buyer a credit at closing mean a drop of purchase price or out of pocket money at closing in the total for estimated work needed?

@Courtney King

Thank you for the feedback! Also, yes the current tenant is on a month to month for the reasons you have listed.

Recently purchased my first investment property (duplex in B class) for a rental at first and did a gut renovation on one side and a tenant has been in the other side for 19 years now. After going over options and my goals, I would find it better to flip this property to accurate the equity to go out and scale off this sale. My question is, would potential buyers find it more attractive to already have a tenant in place or to have it vacant so they can acquire their own tenant to their liking?

@Nicholas Sheridan, Jr.

Congrats, currently in a similar position as you. Just closed on my first duplex today (FSBO). Got a great deal on it as one side is occupied and another side is down to the studs and construction beginning this week.

Good luck on your journey!

@Remington Lyman

I worked full time during college and it’s been a little over two years since I left. I wouldn’t have a problem getting the house under another name as well to ensure everything runs smoothly

@Jeff Cichocki

I’ll make sure I attend local meet ups, I have attended a few but out in the Columbus area (hour and half away). Currently finding where the locals meet at and when. Thank you for the feedback!

@Will Barnard I gave myself some room in the cost of renovation as it’s cosmetic renovations on 1152 sq ft. The house should take no longer than 6-8 weeks to have ready to be back up on the market. I’ve been reviewing numbers and making sure things work out as well as an exit strategy if I’m able to get things moving on this. Thank you for the insight, I’ll be sure to run over things again and see if there’s anything to play with. Thank you for the insight!

I am 22 now, I dropped out of college simply because I don’t believe in the student loans and knew I could do big things without it and always had an eye on real estate.

I started up my own contracting LLC as I have a construction background of about 5 years from concrete to roofing and everything in-between. I have a crew of 3 guys now.

I have a credit score of about 760 and $20k in liquidity that I’m trying to invest.

I had my sights on a deal but found it to be a little difficult to partner with a HML as it would be my first investment for a flip.

I've looked over the option of possibly doing a live and flip/buy and hold to rent out the property and pull out sweat equity to invest in another deal. Would a FHA 203k loan be good for this investment? (Property numbers are in my previous post) Or should I simply hold off on investing until I build up more capital? Canton Ohio market.

My question is, in my position, what would be your move to succeed in real estate and get the ball rolling?