All Forum Posts by: Account Closed

I have a hard time accepting all of the nonsense associated with Auction.com auctions.  Bids from the operator of the auction?  Offering assets that they do not control or possess agency for?  Renegotiating find price after meeting the reserve price?  Sounds like a very one-sided proposition to me...

@Brie Schmidt Awesome story, Brie!!  I love these kids of posts; they charge me up when I'm running down, or just plain out of gas.  Great job, and keep us posted on your next acquisition!

Curious if there are folks who cater their rehabs primarily for investor buyers, and how they believe their flipping business might differ from those targeting the retail buyer.  

Do you have a cadre of investors waiting for finished projects to buy?  How did you find them?

Would you specialize on SFH or do investors generally prefer multifamily properties?

Do you use a broker, or do you sell FSBO, to investors?

Congrats; gorgeous property!

First flip is complete and sold!  Amy, you were absolutely correct; our cost estimate was too low.  We finished over 30k in expenses, but still made a nice profit.  We are now looking for Deal #2 and #3.  Thanks for all of your comments and input!

Hi @Roy N.  Kittery Point, Maine here.  Or as I call it, Tropical Maine.

Hi @Nick Mullins.  Southern Maine here; Kittery Point; and have a daughter up in Old Town finishing up at UMO.  

We've just completed our first flip, and we're taking what we've learned and thinking about our next move.

Let me know what you're up to; would love to add another Mainer to my network.

Jeff

Thanks, Rolanda. We feel pretty good about it so far!

Amy, we're operating in the greater Brunswick/Topsham/Lisbon/Bath area. We've built in a solid contingency line for the unexpected or cost overruns. Solid roof - sans over a bay window that needs replacing. No structural issues. City water and sewer. Only big ticket item we're not 100% sure about is the boiler. Even if we overrun to $25k, we think there's still a decent margin to be had.

We see this as a learning opportunity, so our eyes are wide open...

Thanks for your posts, ladies!

Bought a 3/1 REO in a nice neighborhood in rural Maine. The market is currently enjoying an absorption rate of 3.5 months for properties in the targeted price range. (We are targeting four area codes in a growing area enjoying growth activity around military installations and other industry.) The details. Purchased with cash for $42k. Estimated rehab budget of $19000, and holding costs of $250/mo. Rehab should take 4-5 weeks. Similar properties are selling at $100k. We obtained a great inspector who validated the property condition and needed repairs. We're adding a half bath upstairs in addition to general rehab of plumbing, electrical, countertops, and landscaping. Refinishing cabinets, floors, and replacing most electrical fixtures. We have a SOW, a firm budget, and project calendar. We have contracted a cadre of licensed tradesmen we know personally, and have hired a PT carpenter to perform much of the non-licensed work. Our ARV for this 3/2 should be approximately $110,000 as suggested by our Realtor. We close tomorrow, and we expect to be relisting the property after the July 4 holiday. What do you think?

Hi folks;

I've established a relationship with a local Realtor to help us find properties for rehab in southern Maine. I'm trying to put together a process that will help us find and analyze properties without placing an undue burden on the Realtor. This is what I've put together and would appreciate your thoughts on it.

The Realtor would forward all details (a listing sheet?) for specific sold listings we request in the area of our target property. We're finding those sold properties via a Realtor Office's website that allows for a search of sold properties. (I'm not positive it lists every sold property, but have no reason to believe it doesn't.) With that data, I can ascertain a rough ARV for my target property, myself. If we feel we might have something to work with, we'll schedule a showing, do a walk-through, estimate repairs, and ask our Realtor to validate our estimated ARV if we think we're on to something solid.

Additionally, we'd request the Realtor set up his MLS system to automatically forward all new listings for properties in our targeted sales price range to our email.

Thoughts? Too big a request? Not enough? Not kosher?

Thanks for any feedback you care to share!