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All Forum Posts by: Ben Gibson

Ben Gibson has started 3 posts and replied 7 times.

Post: I need help with an my first deal

Ben GibsonPosted
  • Saint Louis, MO
  • Posts 9
  • Votes 1
Originally posted by @Engelo Rumora:
Originally posted by @Ben Gibson:

So recently I have come across a property in Saint Louis mo. The property was appraised at 187k as is. I do not know how to do the arv but the appraiser that i have gotten to know well recently told me that I could do a light rehab and put in new carpet and sell it for close to 200k. I have got the people to agree to 128k for the house, but I just lost my job so i cant get traditional financing now. I need help with what I should do with this. I would love to rehab it if i could. I have a wealth of info on contracting as i have been a contractor for 15 years. Does anyone have any ideas of what the best way to do this deal would be?

Ben

 Hi Ben,

Just a word of caution. The best way to confirm what the property would be worth after a rehab is to see what the most recent and closes comparable sales are.

I don't trust anything or anyone unless I see some comps within close proximity.

Just my opinion.

Thanks for reading and have a great day.

So i ran the comps. The thing is that everything in the area is 300 sq ft smaller becaus this house has an addition of an extra bedroom bathroom and dining room.all of the ones i found within 2 miles  in the last 6 months hadno updates, linoleum, particle board counters. old bathrooms and they were comping out at about 174 to @1050 sq ft up to 189 @ 1120. the home i have has an addition but it was done with brick to match the original home and it was done well so the house is about 1400 sqft. so i feel like a 187 valuation is a very conservative.

Post: I need help with an my first deal

Ben GibsonPosted
  • Saint Louis, MO
  • Posts 9
  • Votes 1

Where can I get a contract that I can sign with the person so that I have the deal under wraps so that i can start talking to some people about the specifics of the deal? Or how should I proceed to get them so they can only deal with me. I just dont want to tell someone about the deal and them try to take it out from under me.

Post: I need help with an my first deal

Ben GibsonPosted
  • Saint Louis, MO
  • Posts 9
  • Votes 1

So recently I have come across a property in Saint Louis mo. The property was appraised at 187k as is. I do not know how to do the arv but the appraiser that i have gotten to know well recently told me that I could do a light rehab and put in new carpet and sell it for close to 200k. I have got the people to agree to 128k for the house, but I just lost my job so i cant get traditional financing now. I need help with what I should do with this. I would love to rehab it if i could. I have a wealth of info on contracting as i have been a contractor for 15 years. Does anyone have any ideas of what the best way to do this deal would be?

Ben

Post: I need help with a short sale!!!!

Ben GibsonPosted
  • Saint Louis, MO
  • Posts 9
  • Votes 1

I have found a short sale house in Shiloh il. The house appraised for about 155 they are asking 126. How do I get the best deal on this short sale? Should I offer less than 126? The house is really dirty and will not show well. It is not move In Ready but it basically just needs carpet and paint. How can I find out how much is still owed on the house. Should I offer what is owed? Are there any strategies for getting the best deal. Btw I am not flipping or selling this one. I'm gonna live in this house. I have never bought a short sale home before.

Samantha. Miller:

What kind of deals have "right of redemption" on them?

I know that he did tell me that a lot of times he will keep properties and use them as rentals. I was thinking about making him an offer. Essentially adviser shares to guide me through the process. Does 10% sound like a reasonable offer to pay him? I would be asking for help in finding the property then just maybe a few strategy phone calls after that. He did say if you were going to put less than 20k that I had to do the labor myself So that may clear up some of it. I know that he `does like to keep some of the rentals himself too.

Hello all,

I am in the Saint Louis MO market. I was speaking with a gentlemen who flips houses and he said that he never pays more than $10,000 for a house that he is going to flip. He says that he puts between5-10k then sells them for 40-70k. Has anyone had any experience flipping in the "worse" neighborhoods around here. This is my first flip and I have a lot of construction experience. I have no problem with doing the work. Additionally I own a business that fixes structural/waterproofing in basements. Is this a good idea for my first property?