All Forum Posts by: Charlie John

@Erin Silva while your waiting, start calling contractors to see availability and set appointments for them to do the bidding in 10 days. 

Also start doing any other work you can. Cleaning up the outside landscape, changing the mailbox or house numbers, various demo work, getting dumpsters on site, etc. When you are down to the final days of the project , you will be glad you did all of these small tasks in the beginning while you were waiting for the architect plans. Hope that makes sense! 

Good luck! 

This post didn't include who you are and what you are looking to do. Since the feedback is already all over the board, I'll throw my two cents in. 

I personally would invest it into direct mail marketing. First your list has to be very targeted. Also produce a quality mail piece that shows you are the real deal. 

Combine that with partnering with someone local that is already doing what you want (for example fix and flipping/wholesaling) and give them all of your leads. If you can light their business on fire, you will benefit too. 

I am currently doing fix and flip, sending out my own direct mail but am limited by budget. I am sending just over a thousand a month but if I had someone that wanted to learn and had some $ -- I would use their money to ramp up my marketing while teaching them everything I know. And then give them a profit on the deals. 

If someone wanted to get started and said Charlie, I've got 25k to play with- I guarantee you we would make that money back 4x over! 

Be creative I guess! Good luck. 

an electrician could clean that up in an hour for 90$. Or try to have the cable company do it for free. It's not a big deal but definitely annoying to see people not giving an f about their job 

@Kevin Myhre Good job! The contract part is simple really and will not be a big deal to fill out (even if you aren't sure about certain line items).  As long as you have price terms closing date and two signatures, you're ready to rock and roll. 

The hardest part is presenting it to the seller so that they are happy to sign your contract. I have been on so many appointments from my direct mail where everything checked out- seller really wanted to sell, house needed work, good location, etc etc. but then once we got into price discussion, they were shocked that I couldn't pay closer to what a realtor told them it could sell for and they didn't want to do it anymore. 

But definitely get the state contract (seller will feel more comfortable with that too) and try to understand it so that if he does agree , you can get the deal done on the spot. 

You got it! 

maybe at 40% below market value, maybe. 

@jay

This is do misunderstood by many people! A 1% rise in interest rates is essentially a 10% reduction in purchasing power by the future homeowner. Interest rates are begging artificially suppressed by monetary policy. The fed will be forced to raise those rates otherwise the market will  on its own. (Who really knows anymore since the whole deal is rigged). It all has to do with debt service. Especially on us government debt.

Jay is right.  When this happens the demand side(collapse) will overpower these low inventory supply levels. 

Idk. I'm not a doomer since I believe that anyone can find a bargain in any market, but... This is the overpowering trend that will touch the market at some point. 

@Dylan Henke 

@Scott Schultz is right and that is what I meant about a bargain. A bargain will allow you to fix up the property and list it just below your comparable listings so that your house will sell fast and still make a good margin. Most wanna be house flippers will buy something at retail price, fix it up very nice and then will be forced to list it way above market value in order to make any kind of profit. You create your profit first by buying at a deep discount. 

@Dylan Henke

There is no sacred place to flip houses man. You just need to get a bargain under contract and then fix the house according to the neighborhood/price point.

You will always make money if you buy something at 70% minus rehab. 

There are so many cities, towns, markets, submarkets all over your state. Just focus on one and start making it happen. 

at Sherwin Williams, you can ask for the contractor grade paint. ProMar200 or Sher-scrub are common. They do not market these products on the shelves to homeowners, but always have them in the back.  It's quality paint at cheaper prices. I use them all of the time in my painting business. 

A quick tip- if you are painting white/off-white over anything it will need three coats to fully cover. 

You only need to prime (with oil based kilz) if there is nicotine stains/grease stains/marker, crayons. Kilz blocks and seals over the nasty stuff. Otherwise most latex paints won't cover it. 

You do not need to prime over pink or lime green colors- it just needs another coat of whatever top coat you're using.  

I would recommend for anyone in the rental business to use the same color throughout the unit and all units. You can keep the paint going and going. When you need to turn a unit, one coat is all you need to get a fresh look! And one color just makes it easier. 

Always use eggshell for rentals. Never flat. 

When painting, work in 4 foot sections and spread the paint on the surface evenly and slightly thick. Then from left to right, top to bottom , roll it off so that it roller leaves a consistent texture. This will help give good coverage and possibly reduce coats. The one coat paint is nonsense. It's all about how the painter applies it. 

Good luck! 

@Chris M. Plenty of successful people I know smoke a little bit of weed here and there, so there's nothing wrong with it. But choosing to get high over doing what needs to be done to achieve your goals is not good. It sounds like you are starting to understanding that. Honestly dude, you don't need to say anything to anyone but yourself. It sounds like you are saying he is the one holding you back and don't know how to tell him that. That's ridiculous. You are the only one who can choose what you decide to do tomorrow and the next day. Don't talk about it, be about it man!