All Forum Posts by: Brice Bishop

@Vinh Nguyen Under the right situation it’s not bad at all. If the property has gone stale on the market and you have viewed it in person there’s nothing wrong with low balling. If you’re firing off lowball offers left and right and waiting on them to get accepted before you ever see the property I think that’s where the unethical side comes into play. Basically wasting the sellers time by not checking out the property beforehand.

@Jorge Ydlibi I’d definitely recommend all the material on BP. I really enjoyed J. Scott’s book on house flipping. I use a free app called Deal Check for my flips. It also has features for rentals, BRRRs and wholesale deals as well. This app helps you see fully loaded costs a little bit better. From my experience newbies rarely calculate purchasing costs on both ends of the deal.

Spring EQ is a conventional mortgage lender. They were strictly doing home equity loans but started 2 weeks ago doing HELOC's as well.
Just google Spring EQ. They lend to 40 US states. Their interest rate is higher than most but they are also willing to lend more than most.

@Forrest Faulconer my wife and I bought a deeply discounted house that needed some work in a high demand area. We bought it 18 months ago for $155 with 3.5% down ($945 monthly on a 30 year). We’ve put in roughly $10 into it so far. It’s appraised for $216.

2 things to note:

1. Our monthly payment is very affordable

2. We bought extremely well

Yes I did put affordability above buying well because margin is key to successful investing. Don’t ever be house poor.

@John Page thank you John. My ARV range was 90-93 so 91 is spot on with what I'm thinking. There isn't room on the inside to add a bath. There is room on the outside to close one in with minimal new plumbing lines. However, I'm not looking to do that on my first flip. I'll connect with you if I end up buying this one.

I'm currently going through the process with Spring EQ. I'm looking to get 90%LTV. The loan officer told me they might be changing that restriction to 95% this week.

@Nick Troutman thanks for your input. It’s a 31907 address.

I need help with determining an ARV on a house in Columbus, Georgia on Woodland Dr. It's a 3/1 1300sqft. I had a wholesaler reach out to me and the numbers seem good to me but this will be my first deal so I need the numbers to be rock solid. I won't post what I think the ARV is to avoid skewing other's opinions. The house will have all new VLP floors, new exterior/interior paint, refinished cabinets, countertops and appliances, new HVAC and roof, fixed siding.

This is my hometown. I'm starting out there because I have more connections (wholesalers, realtors, subs, etc.) there than where I live now in Birmingham, AL.

The rent figure looks fine after looking on craigslist and zillow (coming from someone not super familiar with the area, double check school zoning difference in rents). I would make sure to get quotes on insurance and property management. Possibly bump up capex % depending on how old everything is. Double check the street its on isn't super busy. Make sure the property doesn't back up to a gas station or other undesirable commercial property. Check to see if there are any vacant or abandoned homes on that street. All in all looks like a solid deal from a quick and dirty numbers stand point.

@Carnet Williams I’m sure this is a little late but I use Andy Patellaro for interior painting. I’ve had good success using Home Depot’s pro referral site when I can’t get a word of mouth referral.