All Forum Posts by: Bill W

Will,

Thank you for the insight. I realize 60k is a few thousand over the 70% rule, however I just want to get something going. I will be paying cash so at this price it is plenty of potential profit for me. RE is not my main source of income, though I would like it to become a much bigger%. I love new challenges and this is new for me.

Anyone, am I off base?

Thank you for the input guys. I am looking at properties that need on avg 30-40k in rehab. I am going to flip the properties, will not be involved with any properties that will resell or more than 140k, most of what I am looking at will resell in the 100-125k range. Example of latest offer House will realistically sell for 130-135K arv. I will need to invest 35k in rehab, bank has it listed for 89k. I will offer 60K cash. My formula will allow me to go a little higher but not much. Am I being unrealistic?

Have been writing multiple offers on mostly reo properties and still have not gotten one accepted. I am not even trying to hit a homerun, but they must pass the realistic 70% rule. I am paying cash but that doesn't seem to help much. I will keep at it though

What determines if a hud is insured or uninsured? Realtor told me if it is uninsured we can bid on it right away, without waiting the 30 days for owner occ.

Do I have to 1099 every contractor I use on a flip, or is my check receipt all I need.

To keep rehab budget in tact would it be hardwood in Living room dining room, or granite in kitchen?

Forming LLC with operating agreement tomorrow.

Going to flip the house, not keep it. Will definitely keep everyone up to date on this.

Thinking of writing first offer today. Hud foreclosure listed at 70k going to offer 50k cash. Rehab going to cost 35-40k. When finished should for 147 on the high end 135 on the low. Going to cash flow the entire rehab, What do you guys think? First deal nervous, but at the same time ready to make the leap.