All Forum Posts by: Alex Dem

Hello,

We are looking for a mid-term rental Property Management company in  High Point NC, or next door Greensboro and Winston-Salem.

Ideally company that has experience doing MTR or STR in the area. Thank you for input!

Hello, fellow investors. We recently moved to Western NC and are looking to connect with local BP investors in Charlotte or Raleigh-Durham areas. Does anyone know or organize such meetups? Please let us know. Thank you!

Hello. We are looking to do some market research and pull some lists for North Carolina rather specific niche in Charlotte, Greensboro, Winston-Salem, Raleigh and Durham. 

We are looking to pay someone who has access to Realist.

We will do research on our own, it should not take more than a few hours, we just need the access to do that. 

Please reach out if you may be able to help. Thanks in advance.

List source has been a junk with contradicting customer service, waste of time.

Hello, community - I am looking to buy a personal residence a 4 unit complex in Central Connecticut 1950 or younger.

I am a Realtor myself, so please no on-market deals. In case you are an owner looking to sell or you have an off-market deal, please let me know! I am pre-qualified and ready to buy. 

Thank you, 

Hello, community. We are looking to hire an operator with at least 2 years of experience in the industry ( ideally in foundation / concrete work ). Ideal candidate will be self-disciplined, be able to supervise a team of 2-3 helpers, independent, knowledgeable and put safety of oneself and others first. 

We have plenty of work for the right candidate. Competitive salary / hourly rate. Please get in touch through BP personal message.

The work site is located in North Eastern Connecticut - Tolland county.

THank you, best regards!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $57,000

Cash invested: $48,770

Sale price: $245,000

Great first deal, got us hooked up on rehabbing opportunities. Took roughly 8 months for this project and netted $109,500 profit. Great way to get started in the business. We were lucky and blessed with this opportunity.

What made you interested in investing in this type of deal?

Plenty of risk, as this was a foreclosure property, but the numbers worked and we went with it.

How did you find this deal and how did you negotiate it?

Foreclosure auction

How did you finance this deal?

The rehab was financed with our own capital.

How did you add value to the deal?

Needed somewhat substantial renovation, thus we have performed - numbers made a perfect sense, so we pulled the trigger.

What was the outcome?

Great project, plenty learnt!

Lessons learned? Challenges?

lost $10k to the contractor that made an impression of work and disappeared ( power washed half of the house, demoed kitchen and cut half of the lawn shrubs ;D) . Lesson learnt - pick contractors carefully and take a good care of those with integrity and sincerity.  NEVER give substantial DOWN to the contractor and check with them often especially at the beginning of the project.

NEVER act on contractor URGENCY - need money to repay other loans. Stick to the payment arrangements unless you have a great relationship and worked multiple projects together.

Stay extra conservative when it comes to estimating cost / rehab - rather be well surprised once it closes and you get more than you've expected !

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Established a great team ( new contractor that we've done deals later in the future, attorney that we are still with)

Hello team! 

I am wondering if anyone could refer a handyman / jack of all trades in Central CT area. 

Ideally in these towns : Bristol, Plainville, New Britain, Meriden, Middletown, Wallingford, Hartford, Southington, Glastonbury, Berlin, Newington, Wethersfield, Waterbury, New Haven, Hamden.

Greatly appreciated any input!

@Patricia Smith , sorry for a late reply, busy times :) 

We ended up working with Foremost , they make a bit more sense, but still not nearly perfect. 

They have actual cash value policy as well - but they are quite flexible on estimating depreciation of the asset. 

On one of our flips a tree fell on the A/C unit - literally 50 ft tree and landed exactly on A/C unit. 2 ft to the right it will be on the ground, but 2 feet to the left it will become part of the house interior design xD.

So we filed a claim and they said they estimate unit to have 20% of it's value left. I argued how did they estimate that - by pictures only? Prove me wrong it is not brand new. They failed and we agreed upon 80% of it's usable life. So between deductible it did cover a smaller, brand unit replacement. 

But now comes the question of a bigger claim like a total loss- I doubt they will agree on damages that easy.  But for the lack of better options, working with them for now.

@Kris Lippi listing with a flat fee service agents, investors save only a listing side of commission, or you don't offer buyer agent compensation either?

Majority of buyers have Realtor representation or get one after they find the property they are interested in to lead them through the process. 

If one decides to list with a flat fee company, they potentially compromise on negotiation skills ( not just purchase price, but contingencies, contract terms, etc. ), Real Estate knowledge ( market, location, contracts, riders and multitude of other forms ), brand recognition ( listing with a large and establishes brokerage that stands for its reputation ) and simply convenience ( no need to handle open houses, coordinate showings, inspections, appraisals, staging, photo session, etc.)

Of course, there is a niche of sellers that have time and resources to manage all these by themselves.