All Forum Posts by: Chris Johnson

Thanks for all the replies ppl. I totally agree that MLS is the biggest source of buyers. but little concerned about the public records. I just saw a house on MLS that was bought 3 months back for $72,500 and selling for about $154K after rehab.
One other reason i tried to avoid MLS because of the 6% commission. but my RE agent deserve more than 6%. She is really good at finding what i'm looking for. She has been working with me for more than 4 months even though i didn't close on any deal so far.

Hi all,
Im yet to buy my first property to do the rehab. But i want to ask this question proactively. My plan is to buy a distressed property, do the rehab work and sell it in 3-5 months. I dont see MLS as a good place to sell the property. It will show the price of this house i bought 5 months back and give buyer a chance to negotitate heavily. How do normally flippers sell their properties. Did you had any experience with the issue that im talking about.

thanks,
Chris

Hi Josh,
I just logged in to register for the seminar. but it is sad to see this seminar canceled. I will definitely attend this seminar if you open it again. I don't have any suggestions for the next seminar, but i really like webinar than teleconferencing. I would like this to be recorded, uploaded and given access to all users who paid and attended this seminar. you are doing a really good job. you have well established yourself as a real estate investor, owner of this great website. You have achieved great success so far and i know you wont fail.

shortsale, preforclosure, foreclosure, auction, REO

Which of the above properties do you prefer to flip. where do you get your best deals

thanks joshua, gregory and scott for the replies. the templates and guidelines you shared will be much helpful to draft out my contract agreement.

thanks everybody for the replies. i know some ppl want to stay away from banks and private lenders. but this is my first rehab and no one wants to partner up without seeing the track record. i have some money on my own and may be i will approach a private lender for the remaining amount. thanks again to everyone who replied.

hi flippers,
I would like to know if you do any paperwork with your contractors. Or you just hire them assign work and monitor. I am reading some books which suggest to maintain contract agreements. I think it is necessary to have the kind of work, material, timelines written on the paper. Can you share the templates if you are using any. and also how to make them legal. do you notarize these agreements

Hi all...This forum has been a great help for me. Though i actively don't post or participate, Im reading lot of your posts which is helping me to prepare for my first venture :)
Ok here is the question. Do you get your finance from Institutional lenders or private lenders. I see pros and cons with both types.
I dont think institutional lenders give loans for distressed properties. It takes long time to process.
On the other hand hard money lenders charge high interest rates. they ask for high down payment too i guess. but they are processed fast. btw do private lenders give loan for rehabbing?

thanks financexaminer and rich23s. i agree with you both. old homes should just do fine for flipping and rentals. I was worried if there is any market for old homes. i'm learning a lot from this forum. thank to you guys.

hi all,
I'm looking out for properties to rehab. wondering if it is worth to rehab 1930 single family home. I'm thinking the lifetime of a house is about 100 -120 years and no one will bother to buy this home even if it is rehabbed. please suggest