All Forum Posts by: Charlie DiLisio

You can also seal the walls with drywall compound and Spray on a knockdown or orange peal finish then paint it.  i'm going to assume the blocks were filled with insulation which would take care of the moisture coming thru.  solves the electrical problems extended all of the outlets and plumbing issues as well and less costly to finish.  good luck.

I don't like auctions much because you are bidding against everyone else.  I find the best way is to drive by the neighborhoods you like and look for tell tale signs that it is either vacant or is disrepair.  Make them an offer and see what happens.  Off market properties I believe are the best deals to pursue but I'm sure lots of others like other strategies as well.  You will find what best works for you by doing them and see what works best for your area and what you like to do.  Good luck in anything you decide but don't wait until the interest rates go back up.  Now is a great opportunity to buy and hold or flip.  Just my two cents.  Play to win and help others to win also.  If you are willing to work seriously at it there are many exit strategys to employ to move forward with your goals.  All the best to you and your brother!

Sounds like you are both motivated to get in the game full time. my opinion is to use OPM and finance your properties in your companies name for a safety net. as for the two properties you have you could get a HELOC on them and finance your rehabs keeping your liquid cash for financing thru other lenders. typically they want to see 20 percent down and they will fund your purchases for short term loans of 6 to 12 months until you flip or refinance them as buy and hold properties. family to me is the most important thing but if you want it bad enough I would go all in or not at all. focus on your area and I'm sure there are deals around for rehab properties u can find there. bigger ppockets is a great resource to find wholesalers and u can flip them faster by managing the work yourselves. J Scott is a great source of information as well as Brandon Turner's BRRR SYSTEM. I wish you great success.

TY John but here in Lake Worth they monitor the property when the permit is applied for and love to fine you and delay you even more.  Also the procedure here in Palm Beach County is that when the city issues you the permit then the contractor has to go to the county for a notice of commencement to post on the property.  Only then can you begin the work and call for inspection.  I realize its about the money and I would be happy to pay more to expedite the procedure.  It goes to planning and zoning which took 1 month and now is in mechanical!  I have called and get the same response.  They are working on it.  Its a 1000 sq. ft. house, 2 br. 2 ba.  I could look at the specs for 10 minutes and pass it.  Pray for me!  lol

I plan on listing on the MLS when the air is in but its been sitting in the building department for 6 weeks now. I don't want to show it without the A/C. I agree the MLS is the best way to go but the first look is the most important. Ty for the input.

Procedure for real estate listing contract as far as time duration and the ability to sell myself thru the internet.  Is flat fee listing a better way to go and what is the best way to save on commission and expenses.  I also would like to have a mortgage broker who can pre-qualify buyers on the spot in palm beach county, Florida.  Any recommendations are appreciated.

I have a realtor who will list on the MLS for 1 percent and of course who sells it gets 3 %. Not sure if this is negotiable (assuming everything is negotiable). I would also like to add that I may sell it myself FSBO and with online ads. Thanks for any help with this. I want to minimize the cost and the market is very good here at this time. I am waiting for the A/C to be put in and want to start marketing myself while waiting for the permit to come thru. Not sure I want to list with MLS without the air being installed yet because its summer in Florida. Hope to get some responses soon. Ty BP

U didn't say what ur interest rate is now but why not get a HELOC or home improvement loan to finish the house up. Getting a new mortgage is costly and time consuming. Just a thought. 203k loans are difficult to deal with, require a GC who adds on costs to his sub contractors prices and you have to get draws from the bank as the work gets completed. There are many ways to do it for much less hassle and paperwork. Good luck.

More than likely you will have to update your electrical system to accommodate an HVAC system since it didn't have one before.  I think your service should be at least a 200 amp service and you can opt for the European style wall A/C and heat system which mount to your existing walls without the need for ducting systems.  As for your windows your local building department has minimum requirements for your area depending on your local conditions.  here in South Florida they would have to be impact resistant due to our hurricane seasons.   Get multiple quotes for comparison and make sure they meet your local codes. Good luck and congratulations on your new venture.  You are on the right path just check and re-check the requirements thatwwill pass the local codes.

You didn't mention the size of the driveway Lisa.  If it's not that long I personally would put it in rather than lose the curb appeal.  Kind of like painting the exterior of the home and not shining the windows.  The first look is setting up the sale.  I think many would think negatively about buying the house because of it not being done.  Just my opinion!  Good luck with your project!