All Forum Posts by: Arthur Crum

As soon as you wrote/mentioned a "lipstick flip" I had a mental image of a dogs erect penis flash before my minds eye. I am disturbed...I'm not sure how I feel about it either. That is all...  

 I appreciate that, Mother Theresa. At least we know now what you are...

Charles, experience does not make someone good at what they do. Hypothetically speaking, an attorney with two years of litigation experience can still beat a lawyer with 10 year experience all day long if they are the more talented litigator. Just because you have done something longer than someone else doesn't make you superior to everyone else. Please don't let/use your obvious insecurities and lack of confidence to persuade another individual from trying something that may very change their life. Work on yourself before you start projecting your complete BS onto other people.        

I actually ended up being outbid by another investor on the aforementioned property. That said, I did learn a thing or two about termites! Basically, turns out my first flip (which I was working on at the time of the original post), in a strange turn of events, tested positive for termites (yes, it came back negative on the WDI inspection I had done)! In hindsight, it was a bit of a bogus WDI inspection but the fix was actually pretty easy. I ended up having to treat the home for termites which only cost me about $400 bucks give or take and that was that. 

IMO, termites aren't that big of a deal depending on the extent of the damage, of course. Treatment usually comes with a one year warranty and costs a few hundred bucks. Knowing what I do now, I don't think termites would ever be a deal breaker. At least not where I live. It really boils down to having the right paperwork. You can't exactly tear a house down or apart to find every 2x4 that may have been chewed on. All you can do is do your due diligence. If the house checks out structurally, termites may be an easier fix than most investors lead on.

@Jeremy Quilon You really need to dial in on those comps and NO lazy rehab numbers...pennies add up quick in this buisness. Being a real agent is a massive advantage. I would highly recommend you find a good one in whatever locality you choose to buy in. The more practice you have the better you get at it!

I just finished flipping my first home at the age of 32 years old & my company stands to make a $90,000 profit (already under contract)... Just because that one guy lost money that one time doesn't mean flipping houses isn't a lucrative business so let's quit pushing the negative rhetoric. Sounds to me like your using one individuals bad experience as justification for not taking that leap your own self. At least the guy had the balls to make a decision and follow through on it in an effort to feed his family. I'm sure he will learn from his mistakes and become profitable in the future.  

Hello! I'm looking to flip my second home and already have eyes on a property I like. However, I have been informed by the listing agent that the original contract fell through because the WDI inspector found termites.... The home has since been treated and comes with a one year warranty. The home sits on a concrete slab and the attic was damage free. However, how can we truly know what the extent of the termite damage is? 

Has anyone else had experience flipping a home with previous termite damage? How did it affect your ARV? I will have to disclose this now to the next owner. The numbers look solid but I'm a little worried I will be left pissing in the wind when it comes time to sell the house. Any help is much appreciated!

Thanks, 

Art

Interesting take...Good Advice!

Absolutely! I was able to enter into my first flip with only $6,000 out of pocket (and to be truthful, some of that came from my mother). Work on building relationships with people in your industry and the deals will begin to present themselves in due time. FIND A WAY TO MAKE IT PAY!!!

I struggled for about seven years (off and on) to obtain my college degree (I did graduate, but that's a whole other story in and of itself). I didn't do it for me, rather I did it to make my parents happy, because it was always their dream to put their kids through college. I never really made the conscious decision to attend college, like many others my age, it was simply expected of me. That "next step" in life.

In retrospect, I met some wonderful people and learned a lot about myself throughout that journey. However, was that experience worth the tens of thousands of dollars my parents spent on my college education? Definitely not, and I think my parents and I can both agree on that now. Most of my college friends are still crippled with debt and working dead end jobs well into their 30's. We bought into the liberal ******** that Obama and the rest of America was cramming down our throats and blowing up our *** at the time. 

I was eventually able to find some decent employment opportunities in the government sector but nothing that ever really paid decent money. The ROI of attending college was terrible. To make a long story short, I eventually grew so disenchanted with this reality that I opted to create my own. I walked into work one day, quit, and never looked back. I got my real estate license, started my own company and have never looked back.

My advice to you is this; a college degree isn't going to harm your chances of living your best life. However, study something that is going to help you get a leg up in the workforce (i.e. business?). Instead of paying 100K for some fancy program, consider attending a two year community college first. Live at home, get a real estate license and earn sales commission while finishing your degree and figuring out what you really want out of life. Then finish up your degree in-state for a fraction of the cost. I always tell people, "Find a way to make it PAY!". Exploit these existing societal structures to further your own lot in life. College is a multi-billion dollar a year BUSINESS. The important thing is to realize this and proceed with caution. Find whatever makes you happy in life and fight like hell for it!