All Forum Posts by: Chuck Redman

@Larry P.

That is a FACT!!!  I tell all my clients that. It isn't a matter of will it have foundation problems... it's a matter of when!!

@Kenneth Sok

I understand the rule to be: ((ARV - desired profit)-70%)- Repairs = Max allowable offer

ARV - $130,000, Desired profit - $30,000, Repairs - $10,000

$130,000 - $30,000 = $100,000 - $30,000 = $70,000 - $10,000 = Max offer of $60,000

Please correct me if I am wrong on the formula.

I personally would pass. If the numbers don't work for me I would keep looking. Sure the deals may be fewer but I wouldn't risk taking a loss. JMO

I agree that generally a home inspection will identify a lot of things that are meaningless to an investor in a FLIP where you are doing fairly major renovation.

I think if you talk to your inspector and let them know what your plan is for the property they will focus on the items that could be potentially expensive to repair if you didn't factor that into your budget. In my area you can get an inspection for under $300. That is cheap insurance.

I also agree with the idea of having a general contractor view the home with you. They are able to spot potential problems and can also give you a cost to repair.

So that brings me to the question of which one should I hire?

IMO it would depend on the amount of work you anticipate putting into the property and whether you intend to hold it. If i were to purchase a fairly new property for a rental that needed simple updating (new flooring, paint, etc.) I would hire the inspector. I would want to know all the "little" things that should be fixed. If I were doing a major renovation I would hire the general contractor as I would want to know my repair costs.

I am looking to start an informal REIA group for RE investors in the Pearland, TX 77584 area. I would like to meet up once a month to network and learn from each other.

If you or someone you know would be interested please contact me so I can see if there is enough interest in our area.

Thank you

@Robert Hidrogo

The agent is being very upfront and honest with you. I am a realtor in Pearland, TX. Our current inventory is down to 1.9 months. We like to see 4 months. What does this mean for a buyer? It means there are very few homes available to purchase. It also means bidding wars on most properties. 

Does this mean you can't find a deal? ABSOLUTELY NOT!!!

FSBO's, driving for dollars, wholesalers, etc. are viable opportunities to find deals.

i would also suggest you find a local realtor that works with foreclosures and short sales.

Don't get discouraged!

You have to DO the things that others will not, To BE the person that others can't be, to HAVE what most people only dream of!

@Shanequa J.

Are you close to Pearland?

@Sharon Shields

Welcome to BP and Pearland!

I am a real estate agent in Pearland and have lived in this area for over 40 years. I would be more than happy to help you and your husband however I can. I have a wealth of resources that can help you with your journey. Shoot me a message if you have any questions.

Much success to you two!

I am a real estate agent looking for investors to partner with on flips and buy and hold SFR properties. I prospect daily for sellers and buyers. If you are looking to amp up your business I would be interested in TEAMING up with you to help make that happen!

I am going to replace the complete A/C system upgrading to a 14 SER. I have gotten a quote on both an American General and a Trane system. The Trane is about $200 more. 

Does anyone have any experience with these brands?