All Forum Posts by: Alex Maldonado

Thank you Turquoise Brown-Utley, appreciate that.

Great, the link worked?! Thank you Jaylynn.

Yesterday, Sunday May 15th was suppose to be our Open House for our first flip but the city inspector didn't show up until late Thursday afternoon. So the contractor busted his and his crew's rear ends off to try to get the property ready for the open house. 2 full baths in 2 days (Friday and Saturday). They ALMOST pulled it off but concrete and compound don't dry as fast as we wanted, he even put antifreeze in the concrete (helps cure/dry faster). Needless to say we went to the property just in case people didn't get our message that the Open House was being delayed again (yes again, the first time it rained for 10 days as well as the city inspector). One real estate agent did show up, so he got the full tour and loved what he saw. So not too bad, got the contractor to hustle his butt off and almost got everything done. It just has some touch ups here and there (i.e. paint the ceiling in the bathroom, put the vanity and towel bars up, put a draw back in the built-in in the upstairs bedroom, put repaired cabinet door in the kitchen). 

As promised here are the before and after pics. There are a lot of them and these are just ones I took with either my iPhone or iPad. My REA will take more professional pics after the contractor completes the CO (Certificate of Occupancy) and then list the property on the MLS and CMLS (Connecticut MLS) and next weekend will be the official open house.

There are over 40 pics so not sure the best way to post them, here is the link to my Facebook page that has the pictures, if it doesn't work can someone suggest another way to post them? I made comments under each picture in the link so do not want to have to recreate these pics & comments.

https://www.facebook.com/alex.maldonado.71/posts/10201909808783282

Just heard from agent this morning that an offer I made and refused to go any higher was accepted today. Original list price was 147,500; I originally offered 133k, they countered with 141,500 so I said 137 last and highest offer. That was 7-10 days ago. Now they are accepting 137. Guess I'll be doing two inspections next week and an open house this weekend. Final city inspection on first flip was done today, it passed. Just have to finish up the two bathrooms and off to market (open house Sunday). Stay tuned for before and after pics as well as results on inspections and appraisals on deals 2 & 3

Purchase price was 150,000; rehab costs (initially were 43,000) it is up to 53,000 (there was a lot more trim rot on the exterior then we thought and the plumbing for the boiler replacement was higher than expected); closing costs were also higher than we thought because of Connecticut's conveyance taxes so total 16k; ARV is 275k; lending terms were 13% int with 5pts.

We learned A LOT, first and foremost was to get a GOOD Inspection report. We had an inspection done and it was 2-3 pages. From now on we will be getting an inspection report of AT LEAST 35 pages, detailed, with pictures, comments, charts, graphs, etc. I mean I know an inspection is not going to find EVERYTHING but it should find MOST issues. In our case a better inspection would've found the exterior trim issues. Working with the contractor I think is still the toughest part. Our contractor did awesome work but getting invoices from him and getting realistic invoices was not so good. I mean after week one he tried sending an invoice for 32k after doing DEMO. We laughed and said, yeah try again.

Before and after pics to come, stay tuned.

Thanks Lesley Govan, you will get it. Just stay positive and continue to be persistent. Be prepared once you get the first the rest will follow

Thank you Hugh and Charles. Most of the other investors I've asked are saying they use to be the source for checking credit but that was before all the credit reporting agencies and credit check sites. So I agree it is not something we are going to pursue right now. Someone did mention they were able to get lines of credit because of them, but that was also using the "free" part. Overall though everyone is saying don't spend the money, its not worth it. Majority rules. Thanks.

Good evening BP Pro community. I received a call today from someone at Dun and Bradstreet (DandB). They gave me my Duns number, I don't even know how my business got this Duns number, I don't think I applied for it or requested it. She then explained to me what Dun and Bradstreet is/was, even went all the way back to Abraham Lincoln. Explained how having good business credit will help our business grow and be able to get more credit, and having good credit helps when other businesses look to do business with you. Basically said that our Duns number was our business social security number. I thought my business EIN was the equivalent to business social security. Then came all the services DandB can offer for $1799 annually but today's special only $1399 with all the annual benefits of the $1799 package!!!!! So I ask you guys, do you have a Duns number? Did you pay DandB to monitor your business credit? Is it necessary right, at all? Thanks for your input.

Sure no problem @Phelim Lennon. Purchase price was 150,000; rehab costs (initially were 43,000) it is up to 53,000 (there was a lot more trim rot on the exterior then we thought and the plumbing for the boiler replacement was higher than expected); closing costs were also higher than we thought because of Connecticut's conveyance taxes so total 16k; ARV is 275k; lending terms were 13% int with 5pts.

We learned A LOT, first and foremost was to get a GOOD Inspection report. We had an inspection done and it was 2-3 pages. From now on we will be getting an inspection report of AT LEAST 35 pages, detailed, with pictures, comments, charts, graphs, etc. I mean I know an inspection is not going to find EVERYTHING but it should find MOST issues. In our case a better inspection would've found the exterior trim issues. Working with the contractor I think is still the toughest part. Our contractor did awesome work but getting invoices from him and getting realistic invoices was not so good. I mean after week one he tried sending an invoice for 32k after doing DEMO. We laughed and said, yeah try again.

I'm more than happy to answer any questions you have and I'll do my best. Good luck.

Hard work always pays off, especially in REI. Congrats Laxmi! Keep at it, first is toughest to get and you will learn a lot during it but its worth it because once you start building momentum things pick up.