All Forum Posts by: Danny Day

I'm going to be registering to do my pre-licenses sales agent and I can't decide if I should do it online or get PDF eBooks.

I figured the PDF files would help me to prep and study for the state exam.

I'm going through agentcampus.com, and transferring in my college hours.

Can anyone give me their input on this?

Thanks

Danny

Thanks for the replies

I went and walked around the house yesterday and got into the backyard. I found some interesting things while I was there.

These are pictures that I would like to try and negotiate into the banks price. They are asking $90,000. There is a home 4 houses down, on the same street with the same floor plan (from what I can tell). The asking price from the bank was $82,000 and it had 300 more sq. ft.

I figure I can try this approach first, then show them some of this...

This has been running for about 3-4 months now. There is a leak at the water inlet. I am afraid this may have caused mold. If so, the bank will need to come down $3-5k for this. Mold isn't cheap. If there is no mold, I will still have to fix the leak and replace all the siding, and match the paint.

Another pic of the leak

Found out the AC was missing. I want to negotiate this into the buying price. Not only is the AC missing, but the water heater is as well.

The best part about this home, is that they have a "2 year warranty" sign in the front yard, from HomeSteps.org.

How do you warranty an AC/Heater, Water Heater, and pluming thats already broke? :roll:

Among the other stuff wrong, is a down fence in the back yard, and the roof may need to be fixed. I need to get inside the house to check the attic for leaks.

I know my offer may seem like a low ball, but this has sat on the market for over (as far as I know) 4 months. The bank is paying this water bill, and losing money every month.

I want to come in around the $62,000 ball park on this house. Is this too low?

Thanks

Danny

Eric

I've worked around numerous GC's, in my development days, who have been heavily involved in flipping for years.

I would always ask for information from them, as what sells and what is worth installing.

There is ways to cut corners to do things right, and ways to cut corners to do things wrong.

For instance, new hardware and painting old cabinets (with good structure) you can save and look good.

Other info (that relates to your thread) they all gave to me was this: The Man writes the checks, The Woman picks the house.

Your house needs to appeal to the woman market. Spending extra on a nice sink & kitchen faucet is well worth the buy. I will not turn a house without at least Formica counters. Granite if its the norm in the neighborhood. The master bath should have a nice vanity, and should be easy to get around.

Another cheap addition to your house... for the men... is installing a deck. This has an average ROI from Remodeling Magazine over 80%, and they base this on a $10,000 deck. I get my decks built for under $350.

Hope this helps

Danny

Just spent the day looking at 6-7 foreclosures I've found online.

Some looked good, and some looked over valued. I called the realtor handling the sale and asked for the asking price, to make sure my prices added up with what I had found online.

I had a few questions here:

1. If the bank has a set price of $90,000, and the comps in the neighborhood are at $100,000, can you leverage this against the banks? Saying the home is over valued and offer less? Or are they not likely to budge?

2. I spoke with a realtor today, who asked what kind of deals I was interested in for their mailing list. I told her fix & flip deals, and she said those really don't exist right now? What does she mean by this...?

3. Does anyone have a contractor agreement they wouldn't mind posting up

Thanks

Danny
:cool:

Bryan thanks for the info. I'm not in Houston just yet.. Finishing up my BBA in Management over at Texas State

Right down the road from you

I know some of you guys use a realtor, and some of you are big on FSBO. I'm not trying to weigh out the pros and cons in here, but I do need to know....

How do you get MLS access without a realtor? I need to run some comps, and have some realtor friends, but I don't want to call in too many favors.... at once :mrgreen:

I was watching a Flip This House episode with Than and Paul and they used some new kind of counter tops that were 1/2 the price of granite.

It was a combo of concrete, epoxy, and a sealer sprayed to match granite. The contractor said he could make any kind of stone finish.

If anyone knows what this is called, please post it up!

:cool:

Where do you save money during your rehabs?

I'm looking to close on a house before Dec. and put about 30 days into the house! I don't have anything in mind yet, but I've looked at a few.

So whats your strategy to best cut cost? Salvaging cabinets? New handle pulls? Resurface tubs?

What makes the most impact!

I think we could all learn from this one :mrgreen:

Thanks for the info Justin.

How do you calculate ARV without walking the property?

The property I checked out this weekend was a "patio" community with no yards. Not what I was interested in.

I'm still looking for houses. If anyone has anything in Houston let me know.

Thanks for all the positive feedback.

Terry - I am not getting a construction loan for the repairs. I have been fortunate enough to secure a loan to cover this with a private investor.

I've got a guy who runs a crew of GC's ready to go. He has over 10 yrs experience flipping homes.

I'm going to look at my first house this weekend. The house is listed on the MLS for $70,000.

Exciting times!