All Forum Posts by: Bob Catalano

Yeah, any update on the summit this year? I am a new investor and I am totally going to the next summit.

So I'm looking for my first deal, I have been talking with 4 realtors and looking at tons and tons of properties. Well I found one last night that I think may be the one I want to do. Here is the breakdown.

The property is a 47 yr old single family home, 4 bed, 3 bath, 3100 sqft. foreclosure, bank owned. List is $260,000 comps are between $425-450.

Great School District, neighborhood and location.

High taxes, $8500

They took everything they could when they left. Toilets, tub, moulding, carpet.

Needs new kitchen, room, rugs, spackle paint, driveway, 2 whole bathrooms and 1 bathroom updating.

My concern is the two upstairs bathrooms have this gaudy italian tile which only certain people would like.

I am thinking if I took the low comp, $425 *.70 that equals $297 - $100 in estimated repairs, that an offer of $200 is where I want to be. It's been on the market for 26 days. I am in the Philly suburbs.

Looking for some feed back, and I can offer more info if needed.

It sounds like we may have attended the same seminar. My partner really wanted to go to San Diego, I almost had to drag him out of there. During the first day they had him raise the credit limit on his cards to $50k, what a coincidence...

Ty, this is exactly what I have been thinking, I need education before I do anything. My partner almost got sucked in by one of the Guru's, luckily I stopped him at the last second. That almost cost our business $40k before we even started. I told him we could do this without the guru. So I have been doing a ton of research and trying to get educated. I have read a bunch of books, reading the forums, attending meetups and listening to podcasts. I am trying to learn from the others mistakes so we don't make them.

My partner and I have decided to pull the trigger and start flipping houses. We have $100,000 liquid funds to start with. My question is, should we start a company first? Should I register an S Corp before I really get started and making offers?