All Forum Posts by: Charles Whitaker

I've heard good things about that company as well, however, the deals are not worth pursuing, Not the ones sent to me anyway. Just more lower than retail homes, priced about the same as forecloures, not low enough for me.

yeah, rehabbing plenty and getting my @#& handed to me, got in a little deep and now I'm paying for it. Another lesson learned. 2008 did seem to take alot out of me, I might have aged only 10 years this year, all in my knees.

Best of luck, take care

Our local tax appraisal office provides these records upon request.

Douglas,

In most instances a profit split will leave you less on the table then when using a HML. Suppose you purchase a 50K house with a HML, with points and interest it comes out to 12% interest overall(6K) and you make a 15K profit. Now, suppose you borrow the money from a friend and they get half of the new expected profit = (15Kprofit+6K saved = 21K split two ways)
Using the friend in this case made you lose 4.5K profit. This is not always the case, however, quite often more profit can be realized by not doing a profit split. Each case must be weighed carefully.

I have found better results with tracking and targeting residents that have an Affadavit of Heirship on the deed record. This is required when the decedent has family and the state/county/title office needs to know who owns the property or who has ties to it. You will find the owner and usually a motivated seller within these records.
Good Luck

I have yet to run into this problem, my partner is a envisionary designer. He makes all the decisions about color, design, layout, etc. The houses basically sell themselves.......so far. Do not be scared of color, keep it neutral.
Here lately we have been using two tone rooms(two walls one color, other walls another color) with good results. People are usually happy to see something other than white or beige as long as the colors are not too strong.

Hey Minna, been awhile since I've seen you around, how's everything in your neck of the woods?

Courtney,

Yes, you want to have the property in your name (or business) before you do ANY work. The closing process is simple and you do not neccesarily have to put any money down to close depending on the numbers of the deal.

Did you transfer the property from your name into the LLC? I have done this in the past and it went through FHA, however, a few extra documents and signatures were required. If you recently purchased the property then you will have to wait the 90 days, not many routes around that issue.

IMHO, flipping is a means of aquiring the buy and hold properties. Rehabbing is for short term capital gains, however, the buy and hold strategy is for wealth building. I think using one to feed the other is the best path, rather than just concentrating on one over the other

You need to be prepared to rehab in case no investors bite, this is always a possibility