All Forum Posts by: Sam Alpha

Hi,

Is @J Scott's DIGITAL book (http://get.biggerpockets.com/flippingbook) readable on Kindle or does it come via email as a PDF?

Ty,

Sam

@James Wise @Steve Vaughan @Lynn M @craig E @Guy Gimenez @Zach Sikes

Thank you for the responses and suggestions.

In speaking to the bank, they were very straight forward in refusing a drop in price even by a penny.  The price is an attractive one and so I can see the reason for their refusal.

I spoke to my broker and he was accommodating to the idea of him being my agent and so it looks like I should be picking up the commission.  In saying that, I will wait till all goes through, as things in RE can turn on a dime!

@Brandon Turner

 I guess I have no excuse now! 

Thanks to you and @Joshua Dorkinfor bringing along such a great site and educational material.

 That is very true.  Ideally, I should have put in the term Orlando somewhere in the title or the post. I'm hoping this will trigger the alert feature.

Thanks Che!

The property I am looking to flip is based in central FL.  I have run the numbers and this is what I am getting for the items listed below.  I have only had a single quote for each so far, but want to know if the quotes look ok or can I do much better.

FLOORING: This involves getting rid of the old tile (2100 sq ft) and carpet (1100 sq ft) and laying new ones.  The tile will be replaced by wood vinyl (and tile in a few places) and carpet with carpet.

LABOR COST: $7500

KITCHEN: 

Cabinet including island: This will require 12 ft of cabinetry.

MATERIAL + LABOR: $5250

Granite counter tops: 75 sq ft

MATERIAL + LABOR: $3600

PAINT: Interior + Exterior (3400 sq ft, 2 story home).  This will include new baseboards, full inside paint job, caulking etc.  The outside would include sealing as well as pressure washing, followed by a paint job.  Basically, everything will be covered.

LABOR COST: Interior: $2100; Exterior: $2200

MATERIAL: $1900 (paint for interior and exterior)

A/C UNITS: 2 units are required.

LABOR + MATERIAL: $4750 EACH ($9500 for the pair)

 @Erin Legler this is so funny, yet true in most cases!!!

I have not yet gotten to @J Scottor @Brandon Turner's book and I know I'll kick myself for not having them be my first source in the business.

All those other names you mentioned are frequent contributors on here and we can only admire their generosity (time and experience).

I look forward to seeing how this deal works out for you and look forward to many more.

Wishing you the very best!

Sam.

I have found a decent deal which I am deciding to flip.  It is a short sale (price approved) and when the bank realized that the buyer (me) was also the agent, they turned around and said that they would not be paying me a commission as it is "self dealing".

I find it low of them to do this, but I guess in this business you see all faces.

My question is that of the legality of not paying out the commission.  The contract states that both agents are entitled to 3%.  Regardless, of whether I was getting this property for myself or acting as an agent, my expenses, time and work to getting it to close would be the same.  If that is the case, is an agent not entitled to a commission?

I look forward to seeing the different points of view (as well as solutions or "go-arounds)

Ty,

Sam

@Andrew Davis

 I've followed you from pretty much when you began your journey here on BP.  Your passion and dealings in RE have always been very professional and courteous and these are such big ingredients in becoming successful in this business.

Great presentation and process in achieving your flip.  Congrats and hoping to follow your journey towards making it a success.

@Joshua Dorkin

 without being imposing, I think this thread could fit in very well as a FEATURED thread, with the purpose of exposing it to newer members.  It has many examples:

- people new to this business can compete

- how presenting the RIGHT WAY can acheive results

- no/little money is required if you have done your work and can confidently present your project with numbers and exit strategy

- how BP is such a great tool in making contacts and getting deals done. @Erin Legler

 actually found the deal and I'm assuming that Andrew made that contact here.

Etc.

@Ryan Kopczyk Wow. I wasn't aware that it was such a popular group.  I'm glad that you are creating a mini CFRI there, allowing contact opportunities without the membership structure.

"Orlando" is for the key word.  It allows you to reach a bigger audience.

Looking forward to the next meeting.