All Forum Posts by: Chris Battaglia

@Michael Ealy thank you for your input! I'm not very familiar with wholesaling specifics or the option yet but I'll definitely read up on it. 

Well, it wasn't what I was hoping for, but I looked at my first house for a potential flip or BRRR today. The home has been on the market for several months, which in this hot market was my first clue that it may be extremely rough. There were no pictures of the inside as well, my second clue that it was going to be rough. The house is a 4 bed/2 bath 1800sqf in a good school district and on the edge of what I would call a rural area. Built in 1890. List price is $65,000 and it is public sewer/gas/water on just over an acre. Pulling up to the house it is quite rough on the exterior. The soffits are rotten with large holes in them, there's an addition on the back that was never completed and basically looks like ancient ruins. Inside there are holes in the roof upstairs with water coming in, very questionable flooring and sloped/uneven surfaces, mouse droppings everywhere, etc. It was honestly sad that a house could get as bad as it was, especially since it was still fully furnished with someone's possessions (senior that moved into assisted living I believe). The whole time I'm there, I'm wondering to myself if there's a way to make it work. Is there a contractor that can fix this mess at a number where it still makes sense? Can the house be demo'd and then sell the lot? Could the acre be subdivided to make it two lots? From someone with no real construction experience, it appeared beyond repair (compared to knocking it down and starting over). But to a GC, maybe it's not as scary underneath all of it? These are the thoughts running through my mind right now. The sellers are open to any offers, but not sure if there is a price or a plan where it makes sense. No matter the outcome, I'm glad I looked and feel like it's progress in my investing journey (that hasn't technically begun yet). Anyone been in a situation like this or want to offer up some thoughts/suggestions?

@J Scott thanks for the input! I'm actually about 85% done with your book right now and have learned a lot.

Hey Everyone,

Curious to hear what people are paying contractors on average ($/Sqf) for complete, worst case scenario down to the studs renovation/flip? For argument sake to set a baseline for the quality/buyer/finishes, an 1800sqf house with ARV of around $150,000. I know this is a very blanket statement with lots of variables, but just looking to get a range from people that have been through it. I'm in upstate NY but wouldn't mind hearing from people in other parts of the country. Please feel free to share your stories and real life scenarios. Thanks!

Congratulations! How much did the refinance cost you and how much did your mortgage payment go up by? I feel like this part of the BRRRR strategy is not often talked about and curious to hear how it impacted your monthly cash flow.

Can anyone here that owns a vacation rental in a remote area please chime in? I have a property I'm interested in that I think would make a great rental due to the various outdoor recreation activities available locally. I looked at vacation rental sites to get an idea of how many days rentals in the same area are booked and it was pretty encouraging.

The major kicker, the home does not have a power supply! It is wired to be hooked up to solar or a generator, but I'm not sure 1) if this would be costly to set up and maintain in the long run and 2) if these setups can consistently run everything needed for a 1500 sqf house. Please chime in if you have a similar rental or perhaps just a camp of your own that does not have power available. Thank you!

Hey Everyone!

I'm an aspiring real estate investor in Syracuse, NY (Baldwinsville specifically). Like many others, I read Rich Dad in late 2018 and found BP shortly after. I travel a lot for work, so I've been crushing BP podcasts during the commute and reading BP books in my spare time. I'm still learning as much as possible, but my goal is to have a SF or duplex under contract by end of June 2019.

I currently own a home with my wife Meghan in Baldwinsville, NY and it was the second home I purchased (July 2018). If I had been more educated on REI, I absolutely would have kept my first house for a rental! Not knowing it at the time, I house hacked my starter home for about 6 months with a roommate before I met my now wife around 5 years ago. Real estate has always been interesting to me but now that I'm learning more about it I can't wait to get started!

My education is in accounting and I worked for a CPA firm and private company doing that for 4 years but decided it was not for me. I worked as a sales rep for 2 years after that but have since transitioned into being the Director of Operations for a large scrap metal recycling company. For any flippers or rehabbers, do not give your metal away for free!! You are missing out on what could be a substantial amount of money in scrap metal. Any questions on metals and how to get the most money for your materials when bringing to a scrap yard, feel free to reach out to me in a message.

In my limited spare time, I enjoy spending time with my wife and our 5 year old German Shepherd. My hobbies include anything with an engine, especially cars, and mountain biking. I look forward to interacting with everyone and hope to meet anyone local to me in person soon.

My first post on BP! I listened to your appearance on the podcast today and thought it was great info. I'm finishing Brandon's book on investing and plan to start your books next. The discussion on flipping had me wonder, have you ever or did you ever consider tailoring a flip to a specific buyer? I.e. you purchase a house to flip and then work with a realtor who may have a buyer in the market for a home. This way, the future buyer can provide direction on the paint colors, flooring, etc that they want as you complete your flip. It seems like you could command a premium for something custom tailored to someone's desires while also saving them the hassle of dealing with contractors.