All Forum Posts by: Chris Nerio

Quote from @Russell Brazil:

Quote from @Chris Nerio:

Hoping to get some help with an issue regarding access to a neighboring property in DC. We have basically completed the permit process to begin rehabbing a row home in DC. In order to complete the rehab we need to extend the neighbors chimney. I have spoken to the neighbor already, who seemed fine with the work, but when I sent him the access form to his property to sign to give us permission he has no longer been responsive. We have tried everything from FB messenger, email, phone, even process server and no luck. 

Does anyone have any other idea on how to get this signature or a way around it? Thank you.

 Certified letter w return envelope prepaid

 The owner would still need to sign the document correct? We sent a process server to get the access form signed but no luck. We will try that also. 

Hoping to get some help with an issue regarding access to a neighboring property in DC. We have basically completed the permit process to begin rehabbing a row home in DC. In order to complete the rehab we need to extend the neighbors chimney. I have spoken to the neighbor already, who seemed fine with the work, but when I sent him the access form to his property to sign to give us permission he has no longer been responsive. We have tried everything from FB messenger, email, phone, even process server and no luck. 

Does anyone have any other idea on how to get this signature or a way around it? Thank you.

I have a property under contract that I need a contractor to do a full remodel on, kitchen, bathrooms, paint, granite, etc. This is for a flip. Please DM.

Hi, my partner and I are looking for HML/private lenders in the DMV area to connect. We are currently seeking a partner for funding. Please DM me.

Quote from @Bob Stevens:

Quote from @Chris Nerio:

Quote from @Shane Kelly:

Quote from @Chris Nerio:

Hi, are there any members of Martel's new FlipSystem program that can share their experience? I know his turnkey business is good so I imagine this program may be good too but out of state fix  and flipping is a lot different than turnkey rentals. The program looks to set you up for success with an experienced team, deal acquisition, and coaching. 

Some of my concerns are:

1. There is no cap on members so how will all of us get good deals? Will we end up just stepping on eachothers toes?

2. Is the estimated $10k-20k "profit" likely on a property that you are all in $100k (buy + rehab) likely in Cleveland or Detriot?

3. The idea is to flip these properties to out of state turnkey investors? Is this a practical business model with rising interest rates and prices still high?

4. Are these midwest markets saturated with investors?

5. Is it wiser to flip locally with way more expensive homes but where I can have a little more control and know the market right now?

Any advice or help would be great from anyone. Thank you!

 I can only speak on the questions I would have an answer for, as I know nothing about this turnkey provider.

2.) There SHOULD be some amount of equity into a property you buy that requires work to be done to it if it's actually a good to decent deal, but you'd have to know that by running numbers and estimating rehab, not just going off of a gut instinct as nothing is given for free in that manner. And to get to the 10k-20k equity figure on a property as cheap as some of the ones in Cleveland, you're likely looking at a large rehab project.

3.) Usually turnkey companies get so many properties in large quantities that they get a bunch of mediocre to good deals that pan out well over the long term. It's economies of scale in essence. How a market shift would affect their model is to be seen, but the market is still steady here right now.

4.) Short answer, yes. There are still deals, but there are more people fighting for them than ever.

Thanks Shane. Yeah I know the numbers would be key. I'm trying to guage how practical it would be to leverage the program to my benefit. Success is still totally up to me, they just provide the pieces such as team (agent, lenders, contractors, etc.), the "deals" plus coaching. There's upfront cost I have to pay and then the money I need to invest so I want to make sure it is practical. I've flipped before and I'm a bit concerned it doesn't leave much margin for error. 

 You are working much to hard. ALL you need to do is connect with those that provide properties and allow them to handle all. The chances of you getting a great deal in Cleveland without cash is not going to easy, nearly impossible. Not trying to discourage you I just tell people what they need to hear vs want . Cleveland is one of the most competitive markets in America, all cash buyers as is, close asap vs a loan, inspections appraisals. Do you have the 100k cash to even start ?   

No, I planned on using a hard money lender which is what the program suggests I use. From what I understand, the prospective properties are found on MLS and rehabs that cost between $20-30k so it's not full gut jobs. Its more cosmetic and anything major that would show on a home inspection would be repaired or replaced. No worries, I rather someone not sugar coat it. Thank you!

Quote from @Shane Kelly:

Quote from @Chris Nerio:

Hi, are there any members of Martel's new FlipSystem program that can share their experience? I know his turnkey business is good so I imagine this program may be good too but out of state fix  and flipping is a lot different than turnkey rentals. The program looks to set you up for success with an experienced team, deal acquisition, and coaching. 

Some of my concerns are:

1. There is no cap on members so how will all of us get good deals? Will we end up just stepping on eachothers toes?

2. Is the estimated $10k-20k "profit" likely on a property that you are all in $100k (buy + rehab) likely in Cleveland or Detriot?

3. The idea is to flip these properties to out of state turnkey investors? Is this a practical business model with rising interest rates and prices still high?

4. Are these midwest markets saturated with investors?

5. Is it wiser to flip locally with way more expensive homes but where I can have a little more control and know the market right now?

Any advice or help would be great from anyone. Thank you!

 I can only speak on the questions I would have an answer for, as I know nothing about this turnkey provider.

2.) There SHOULD be some amount of equity into a property you buy that requires work to be done to it if it's actually a good to decent deal, but you'd have to know that by running numbers and estimating rehab, not just going off of a gut instinct as nothing is given for free in that manner. And to get to the 10k-20k equity figure on a property as cheap as some of the ones in Cleveland, you're likely looking at a large rehab project.

3.) Usually turnkey companies get so many properties in large quantities that they get a bunch of mediocre to good deals that pan out well over the long term. It's economies of scale in essence. How a market shift would affect their model is to be seen, but the market is still steady here right now.

4.) Short answer, yes. There are still deals, but there are more people fighting for them than ever.

Thanks Shane. Yeah I know the numbers would be key. I'm trying to guage how practical it would be to leverage the program to my benefit. Success is still totally up to me, they just provide the pieces such as team (agent, lenders, contractors, etc.), the "deals" plus coaching. There's upfront cost I have to pay and then the money I need to invest so I want to make sure it is practical. I've flipped before and I'm a bit concerned it doesn't leave much margin for error. 

Quote from @Bob Stevens:

See my responses in bold 

1. There is no cap on members so how will all of us get good deals? Will we end up just stepping on each others toes? YOU cant, get the great deals, I can as I have a team there for years. Also nobody is going to give away the great deals as we are doing all the work. Good 10% - 14% net caps ( based on cash purchases )  sure but the super great ones no. 

2. Is the estimated $10k-20k "profit" likely on a property that you are all in $100k (buy + rehab) likely in Cleveland or Detriot? Yes or more. I just sold a 3 br , I was all in about 63k, sold for 105k, rent will be 1400, value about 125k so win win right. YOU cant ( highly unlikely) get deals like that. 

3. The idea is to flip these properties to out of state turnkey investors? Is this a practical business model with rising interest rates and prices still high? Do you have out of state buyers? Again, nobody in Cleveland ( I know most of the " players " ) is going to give away the super great deals, why would they? Though many believe 10-15% net cap with equity IS a super great deal and are happy. 

4. Are these midwest markets saturated with investors? I can only speak about the Cleveland markets, A LOT of investors from around the world for years and years. However still going very strong, there is simply little inventory and none for MF, litterlly nothing out there. I can get them you for the most part cannot. 

I hope you appreciate my direct responses, 

All the best  

Thanks for the direct responses Bob. Looks like most of these deals would be coming off of MLS and yeah I assumed there may be some good deals but didn't expect great ones. Good to know that that profit is possible. My goal would be to scale the flips and do more volume as active income and then purchase buy and hold. I do not have out of state buyers so I would need to use a service like Roofstock or another turnkey focused site that take a commission.

Hi, are there any members of Martel's new FlipSystem program that can share their experience? I know his turnkey business is good so I imagine this program may be good too but out of state fix  and flipping is a lot different than turnkey rentals. The program looks to set you up for success with an experienced team, deal acquisition, and coaching. 

Some of my concerns are:

1. There is no cap on members so how will all of us get good deals? Will we end up just stepping on eachothers toes?

2. Is the estimated $10k-20k "profit" likely on a property that you are all in $100k (buy + rehab) likely in Cleveland or Detriot?

3. The idea is to flip these properties to out of state turnkey investors? Is this a practical business model with rising interest rates and prices still high?

4. Are these midwest markets saturated with investors?

5. Is it wiser to flip locally with way more expensive homes but where I can have a little more control and know the market right now?

Any advice or help would be great from anyone. Thank you!

@James Webber Lol yeah I hear you. Yeah I had assumed he was talking about an investment property and not a primary.

@James Webber No I don’t, our area isn’t good for that. Not too many distressed sellers in one of the most affluent counties in the US. For our area Sterling and Leesburg have more opportunities. You can always do a house hack, that works in any market when funds are limited.