All Forum Posts by: Chris Marshall

I understand the concept of putting in 100 offers In a month then ten might go into negotiations and 1 might be purchased. What I'm unclear of is if I'm a new investor how do I do that but protect myself from getting locked into multiple purchases when I'm only looking for one at a time without ruining the reputation of a broker or myself, or getting into legal problems? My agent is asking her broker if she can do this but is worried about legal ramifications and potential reputation ramifications. Any advice?

Yes as far as I've been told I should be able to separate the properties I will just have to pay for it. Also the renovation cost I figured on paying someone else to pay for the whole renovation not realizing that I will be paying myself to do them since I'm doing most of the renovations.

So here's the situation. One deed, two homes back to back to each other. First home 988sqft 3bed 1 bath. Second 747 sqft 2bed 1 bath. Asking $87900. I don't believe that I will get more than $65/sqft after repair. I will be lucky to only put 30k into both of these properties. Currently both are rented out the three bedroom for 550/month and 2 bed for 475/month. Neither tenant is on a lease they rent month to month. And each pay electric themselves. I can have financing with a variable 6% initial interest rate at first I think it'll be locked in for three years. And financed out for 25 years. Payment might be under 700 with taxes and insurance. This is my first deal. What do I do? They have at least four more investors looking at the property by Sunday the 12th it is Friday the 10th right now. It went on mls this morning. I think I should offer around 70k giving me hopefully 10k profit if I flipped and sold both. Please give me advice!

Instead of refinancing my house to pay off all my debt and then have an additional 60k to start investing in my first property, the bank is paying off my debt and giving me a letter of credit. They say it works the same but I don't know anything about this letter of credit they want to give me.

Flip 3 properties

Kevin Siedlecki yeah for sure there is a limit to the market and there is a little more than just a sink, they need hair dryers and wash stations and things. But as far as how many chairs, the salon she is leaving has 8 in it. And Kevin Allen dang! That's a great market for hair! Here local the average is 150 a month so she is going 125. But 100 a week is awesome! You guys could put in one of these and kill it probably. I feel like it would be a good chain store to create. Like I said I have done zero number crunching and I know nothing about the hair industry but the rent for a chair is what interested me, I love thinking of new ways to do things and discussing them :) Also if something is misspelled I apologize my phone is breaking and it is hard to type.

Alright so I don't know how many of the investors on here are hair stylists but check this out. My wife is opening up her own hair salon and She will be renting out a chair inside her salon to someone for $125/month. So just that one chair covers her electric (at least most of it). So I'm looking at the area you need for a single chair its like a 4 foot by 4 foot area. You could just build a big room put chairs everywhere and rent those bad boys out and be killing it! Now I realize there are a lot of numbers to crunch and I have not crunched a single one of them but the idea intrigued me and it is something we are going to look at in the future as a way to scale her hair salon business. I just found it a interesting idea and thought it might make for good conversations. If you have any comments or any weird ways you have thought about renting something most people would never think about renting Id love to hear about it. I find this entire animal (investing) just so amazing! It consumes every single waking thought! It gets very hard to think about my work while I am there because this is what I want to be doing so bad. Just finding new and interesting ways to make money and change the world! I think that's one thing that is super appealing to me, is the fact that everyday its something new, I love trying to figure out new problems. Anyways sorry for the little rant! Have a great day!

So first, a real fast update on my story. A few months ago I posted on here something about how I was refinancing my house for enough to pay off my debt and give me 100k to invest. Well we are finally almost done with the loan process and it looks like after everything is paid off and closing costs are paid and escrow is paid, we will get about 60k. My wife was bummed and didn't know how we were going to be able to pay for the flip and everything. I know a lot of you are thinking. If you can start investing with 60k there is something wrong with you. Not sure if it was smart, but that's what i told my wife as well.... A few days later when I was able to come back inside we started talking about how we can invest and it looks like we are going to take out HELOC against the flip. So numbers we are hoping for are. 40k-ish purchase price. 20k-ish estimated cost of repair. and 80k-ish ARV that leaves room for 15% Profit and 10% room for play with the cost of repair, purchase price, holding costs, closing costs, and commissions.

So now on to my actionable steps that I have been taking in preparation for the first flip. First off I have been to a CPA and we are getting and LLC worked up and getting all of financial files in order. the most important step is I have been finishing out the interior of my wife's new hair salon ( she is opening up her own salon). This is allowing me to brush up on some skills that one i haven't used in a few years and two learn some new skills in the construction filed, like dry walling. So I did the insulation work and the dry wall and I'm going to do all the trim and i learned how to wire in some lights and plugs, I learned about plumbing and all sorts of things. Sop that is where I am at now, just waiting for the loan to close it looks like it should be closing the first part of January so I'm pretty excited about the new year.

Done, hello everyone!

Glad to have you. I'm from Farmington but I also want to invest in Cape Girardeau.