All Forum Posts by: Brad Baker

@Stephen Richerson the rehab looks great! What was the timeline from start to finish and how long did it take to fix/sell/close?

I just need to go find more deals.

@Marc Winter I would probably forgo the Inspection, but not title work. Good call on the referral lol.

I just finished meeting with a seller of a townhome who needs to get cashed out quickly. The ARV is 105-110k and it really just needs a coat of paint and light drywall work. It was about an 8 out of 10 as conditions go, almost turn key condition.

Before I met with the seller he told me that he needed cash fast because he has to leave the country. There is no mortgage on the property and they own it outright. The seller tells me he needs to be cashed out by the end of next week which is really fast for SC and he says he absolutely needs it by that time. That doesn't leave a whole lot of time for inspection and title work. Not only that but his wife is the owner on title of the property and she is currently in Florida and won't be in Charleston until Monday. I spoke to her on the phone but I have no way of truly knowing I'm speaking to the true owner.

I negotiated a price of 72k cash but did not put paperwork together because I do not know if I'm actually dealing with the rightful owners. I told them if she can come into the office and sign Monday we can probably do the deal by the end of the week.

What do you guys think? Should I try to make it work or just not do the deal because it is a little sketchy?

@Jasmine Keys

Welcome to BP! I'm also starting out with flipping to gain more capital to buy rentals. Good luck!

I'm just thinking I could move out of my current home, rent that one out, and then move into another home and us a FHA to purchase it. This way it wouldn't be a whole lot of cash out of pocket and I could fix it up while we lived in it. Then a year later I could move out of that and rent it out. If it's a SFR it sounds like I could make that happen.

@geatano ciambriello Can you get a FHA after you already have a conventional loan out? Say I want to buy a property and do any owner occupied flip, could I spring for an FHA and get the low down payment?

Hard money is very expensive which means you need to find an amazing deal to make it work with BRRRR. I'm thinking there's not enough meat on the bone with this one to make it work. If you could buy it for 30k less then you could probably make it work.

Hey everyone,

I'm a new investor from Charleston SC. I've been in Real Estate sales since 2016 and have successfully closed over 75 deals. I've been getting my feet wet in REI since the middle of 2018. I currently have one long term buy hold property in North Charleston and have completed two flips. I have one more flip in the works that will be hitting the market in July.

My goal is to acquire 5 more properties over the next 12 months. If you're a local investor let's connect up! 

Hey Cody! I'm a realtor and investor in North Charleston. Currently working on my 3rd fix and flip. Let's connect up!