All Forum Posts by: Charlie DiLisio

Your welcome.  The best thing to say is "NEXT"  Every day is a new opportunity and there are plenty of deals out there for the taking.  Good luck and happy new year.

@Ludmila M.  I agree to get a qualified masonry contractor in to assess the damage.  I have built many fireplaces in Connecticut and there are two ways to build it in.  One is to tie it into the veneer of the home and that is the best way but many just butt the walls with the new chimney and it is very common to see a verticle crack where the two meet which is a minor problem.  The chimney from the roof line however is indicative of a more serious problem.  I would recommend removing the top of the chimney to the roof line and I suspect that it was not properly secured to the roof line where the flashing is installed.  All in all it doesn't look too bad unless the foundation was not adequate for the weight of the fireplace.  To top a chimney you are looking at around 2500.00 labor and materials but I have a feeling the new bricks will not match the color of the existing ones due to the age of the construction.  This can be fixed by painting the entire chimney to match.  As a flip in my opinion unless it matched it would stick out like a sore thumb and be a red flag to a prospective buyer.  Just a thought and good luck with the project.  I agree with Manolo that any challenge can be dealt with if the numbers work out and you are proactive and get professional opinions.  

Just a thought, why do you need to furr out 4 ".  I would think 2" should be enough.  1x2 with drywall and extension rings on your outlets.  Around the doors and windows would also present a problem with extra casing and trim.  I agree with your contractor.

I agree with Richard and the price is minimal for the value received.  I am exploring more avenues this year since I have more time to interact with other like minded investors.  Have a great year! 

@jim hiler i'm currently living in Lake Worth and since living here have not had any issues with utilities and enjoy being near the avenue.  They are getting more progressive and moving forward although slowly and its up and coming.  i would like to speak with you at some point about some re-habs i'm looking into.  I like the southend of west palm also but the pricepoint is much higher there.  I will be in touch.  Cheers!

Would love to connect but I only work on the weekends.  I hope you will post some info as to the discussions and information you can share.  Success to all of us for this year.  

I'm impressed, a half million grab bag.  Looks like a great deal with those numbers.  

wow, is the tenant connected to the former owner?  Cash to the tenant works well without all the hassle and possible damage that can be done.  interested in your solution and photos of a flip unseen.  Best of luck.

Just a thought Sonia, depending on your area and if its high end or not, I would talk to a noted realtor and get his/her advice for your area.  They know what is selling and what is not.  Also, it would be in your best interest to go to see like  properties in your area and see for yourself what is out there.  With today's technology you can take all the pictures you want and compare it with what you have.  Also your friendly realtor can show you the details such as days on market (DOM) and give you ideas to make your decision.  If its a mom and pop neighborhood you can design it yourself.  I always use neutral colors, re-model the kitchen and bathrooms and upgrade the property without blowing your budget.   This site has tons of podcasts and the people here will share great advice because we all want to succeed and not repeat mistakes.  Best of luck!

Where else can you invest with low money down and have full control of the asset? I personally don't care for rentals but flips, re-habs and creative financing are always out there to get started. If you want to ease into the field follow Brandon's method of house hacking. You can live in the property yourself and re-hab or update the property while getting it ready to sell. If you like rentals pickup a duplex and rent one side out and learn what its about. I have never lost money on a deal except for not making as much as I thought I would make. All in all there are so many ways to go that you need to find a niche and be aggressive with getting it on the market. I do my own re-habs but always hire professionals to do the heavy lifting. My goal is to have it ready for a for sale sign on it within 60 days. Money is out there and available with HML, JV's, family members, self-directed 401k's, etc. Build your nest egg and build your credit and you will be on your way. Good luck with your enterprise!