All Forum Posts by: Brent Cullipher

It depends on texture.  If there's texture and trying to match, you'll could replace.  If minimal patch work, why waste the time and money?  On the other hand, drywall is cheap and is a quick demo and quick replace.  If questioning, just do it.  Pics?

Id recommend getting your license as well.  The positives outweigh the negatives.. (what negatives?)  You can always suspend your license.  The extra networking, guidance, tools available far outweigh any perceived cons.  Go get it!

Another way to do it would be to find a motivated seller and purchase below market value.  generally, motivated sellers cant wait 30 to 45 days for traditional financing.  If you have the capital or can attain capital, you can find these deals well below market value, purchase, rehab, refinance cash out with a traditional loan, and have the funds for your next deal and move out in a year and do the house hacking thing again while being able to fund yourown deal privately.  The options are endless.

Your insurance company should give you that info.  Have them look at your policy.  Why did it go up?  Maybe build a fire station next to your multi?

If youre doing this part time, Id recommend house hacking.  Buy a home to live in, fix it up, sell it after a couple years.  Rinse and repeat depending on market at that time.  Of course, youd want to get a good price on it in the first place.  Also, this answer depends on how youd like to buy said condo.  Finance? Cash? combo?  Just an opinion from another noob.  Good luck

Ive seen it done a few different ways, but ultimately keeping in mind that there has to be enough meat on the bone for the rehabber so they may make a profit as well.  Ive seen some wholesalers mark their prices up to where theres almost nothing left, Im sure they'll stay in their inventory, though.  I've seen from 5k mark up to over 100k mark up.  It all just depends on the deal the wholesaler got vs the projected arv, keeping in mind somebody else's hands have to fit in that same cookie jar.  Im sure more experienced people will chime in here.

You can also find the hands off brokerages where you wont have that support, but pay no monthly fees, no splits and just a fee per close.  I mention this as you said that youd be doing it solely for access to mls.  But, be warned... without proper guidance which youd get from a traditional broker, youd possibly flounder.

Definitely read the pros and cons and see what feels right for you.  I am taking my exam in a few weeks and plan on doing the same thing.  Not acting primarily as an agent, more so an investor in any capacity, but would have that license in my investor tool belt.  Disclosure seems to be the biggest turn off for those who object to getting licensed.  For me, it adds to my arsenal, I'd imagine.  It will be personal preference and you most likely wont see the true benefit or burden from it until you've reaped its rewards or been dealt a swift blow such as offers not being accepted just because you have a license.  Hope this helps.

Joe,

It seems that both you and Jim have the same business model, no?  Id imagine your partner is a wholesaler, though, and not a rehabber.  I couldn't imagine tying up a decent amount of money for around or over 2 months for 5k.  peanuts.  I can make that working a f$10/hr job.... after taxes.  At 5k a flip, that's only 60k if you do one per month.  Couldn't imagine netting that little on 12 deals.  Id be starving.

@Jim P,

I, too, am in San Antonio.  Also a noob!  I must ask, though.... Is a 5k rehab over a 2 month period worth it? 

I have been recently wondering the same thing as of late.  I have a couple private investors willing to lend. Two part question... 1:  I'm not sure what to offer.  for example, one might lend 30k.  They wouldn't be doing any work and involved in no way.  Would I simply offer them say 10% annually?

And part 2: They also want to know what they will be investing in.  Would the simple numbers suffice? Purchase, rehab, arv comps?  Cheaper than hard money however you cut it.