All Forum Posts by: Chris Keator

Hi everyone,

We just went under contract on a flip in Ahwatukee with a pretty large diving pool that has been sitting empty for around 2 years and needs resurfacing and the deck has some cracking and needs to be sealed / painted. We don't know yet if any of the equipment works either. I've gotten 3 quotes and they are all in the 20k+ range.. I budgeted 10k. Can anyone recommend any Arizona

pool people that works with flippers and doesn't charge an arm and a leg?

Thanks for the feedback! @J Scott I clicked on the links at the bottom of your posts and it says the page isn't working. Is there another way to get those forms?

After about 3 years of listening to podcasts and reading books, I finally got past my fear and closed on my first fix and flip 3 days ago. Had to write about 12 offers before I got this one. It was on the MLS. It's a pretty light job, needs new flooring, interior and exterior paint, resurfacing the kitchen cabinets, counter tops, landscaping and a few other minor things, doors, trim, broken toilet, ect. Bought it for 199k, estimating about 25k of rehab and it comps for about 262k and hard money will be around 10k. Hoping to net around 15k after commissions and closing costs. I've been getting quotes on all of the work and getting close to making a decision on which people I'm going to use. I want to have a contract signed before any work gets started so there is no miscommunication and the expectations are there.

My question is:

Does anyone have any standard contracts they like to use? And how do you work your draw schedule?

I've heard stories of people getting burned by paying their contractors up front for work, so I'm definitely not doing that, but I'm curious what everyone on here is doing? Keep in mind this will be my first time working with these people so I just want to be smart and fair at the same time.

Thanks in advance!

@Jim Adrian I would be managing it myself but good point to pay myself for doing it. I think I'll pass on it. A similar one next door just hit the market this morning for 12k less so I'm going to write an offer on that one :) Thanks for the feedback!

@Chris Tabanico

I actually included all of that info if you want to click "view report" above my original post

Originally posted by @Derek Janssen:

Meets the 1% rule. What's the HOA dues? Are there any assessments coming soon? What are the property taxes?

The HOA is 127.50 a month (lower than most HOA's in this area) and it covers Exterior Mnt of Unit; Roof Repair; Roof Replacement; Blanket Ins Policy; Garbage Collection; Common Area Maint; Street Maint. Taxes are $296 for 2018. I included a link above my original post to view all the details if you want to look there also.

View report

Hi Everyone,

I'd love some feedback on this deal. The sellers just countered at 90k and I'm not sure if I should accept it. This would be my first deal. It's cash only so I have to use hard money to get it. Current tenant is paying 940 a month until March 2019. I would have to spend roughly 5k to get it ready to rent after that and then would refinance it to a conventional 30 year mortgage with 20% down. Any thoughts would be awesome!

Thanks for the help! I'll definitely look into those :)

@Cisco Hood just a thought, if interest rates keep going up, your lender might be more inclined to call loans that are in breach of contract to lend that money out again at the higher rate. But I've never heard anything over 1 year for staying occupied in the house.

HI Everyone! My wife and I have some money in our IRAs and was thinking about using it to invest in real estate. Looking for any recommendations for custodians in AZ that specialize in self directed IRA's for real estate. Any suggestions would be great :)