All Forum Posts by: Chris Sackinger

Have you tried BBT? They are very creative these days. Try Maxx Smith at branch at Publix on South.

Hi BP

I need a CPA that focuses on real estate and corporations in Charlotte NC. Please dm me if possible. Thanks in advance.

Don't limit your options. I bought 2 in Washington Heights last year for $40k each. With 20% down I have a $220 per month mortgage on each. They rent for $515 each and minimum headache. One sizes does not fit all but deals are everywhere.

So a quick update. House is under contract at full asking price!! Close is set for 8/16 and I could not be happier. A few things were asked for before close: Repair a small knick in the kitchen Fill trench from well to house that was open and needed final inspection Install gutters All reasonable and cheap. Buyer asked for home warranty paid by seller which I countered saying that all appliances were new and I services the HVAC. They agreed and I saved $560. I also gave the buyer to use my home inspection saving them $400 and me headache of the new inspector finding problems. Big savings. Final numbers (upon close) Purchase $65,000 Rehab $30,000 List 124,900 Commissions / Closing $11,370 Profit $18530 Total time close to close 105 days. First one complete and looking for more.

Thank you Alex for the kind words about the house and yes I do have some stories and lessons from this first flip. 

First of all, I did not read a ton of books or have a detailed plan on how to do this flip. I work in the building products industry for my W2 job and coordinated a lot of the work my self. I used a GC contact for the electrical and plumbing and he was a defacto consultant on the job. I was able to bounce ideas off him and get general questions like "do the floors get finished before or after paint?"answered as the job progressed. The project was completed in 52 days and I spent about $27K on the rehab. The house was covered in 60 years of cigarette smoke and wood paneling so we had some challenges. I do think that the guys on the Bigger Pockets podcast have the right idea encouraging people to jump in once they have a feel for what they are doing but people should know that you are not going to be perfect on the first project. Here is what I learned:

Understand rehab cost. I did not understand what these cost were as well as I should have when this started. I originally thought that the rehab would be $20K and we went over. That was not a surprise but I see things in houses today that would have been overlooked 60 days ago. 

I will make detailed work orders and keep log books with a camera on future projects. This project had a couple items that had to be done twice because I did not communicate well. This cost me time and money. Each trade will have a section in a binder and will be required to sign in and take pictures of work once complete moving forward. This protects everyone. 

Lastly, my next project will be more hands off. I put in the new sash window kits, painted the deck, landscaped the yard. This was a great help as I saw a ton of this house, but I cannot work 2 jobs anymore. Also, there is an emotional attachment to this house because it has so much of my sweat in it. 

Overall, I had a blast working on this project and can't wait to start the next one. I am exploring different financing and partners so chapter 2 should be interesting. I am working to make this my new career and just enjoying the ride. 

Let me know what you think and if you have any pointers.

thanks so much Julie. We actually have it listed at $124,900 and our realtor is very diligent with f/u. I was more curious about the time and your 2.5 weeks makes a ton of sense. Thanks again. 

So i have finished my first flip and it is on the market in Mount Holly NC. I am biased but I think it looks great and hope it is snapped up quick. That is the problem. After running the comps there is a nice one at $115K and another at $122. I priced this one at $125K and have had a lot of buzz on Zillow with views, but only 1 showing. The feedback from the showing was that it looked great but was priced too high. My questions are:

How long do you wait to reduce the price? House has been up for about 5 days and we just went through the 4th. 

If you reduce the price, how much do you reduce? 

Any feedback would be great and a link to the home is below. Thank you for any suggestions. 

http://www.zillow.com/homedetails/101-Abernathy-St...

Thank you Naseer.

Hi BP- I hope this is the right forum for this question. I am partnering with a GC on a flip and wanted to ensure we both hold our ends of the relationship. I will be purchasing the property and the GC will do the repairs. I am not expecting anything out of pocket except for the funds to purchase. The question is do we need a contract explaining the roles of this relationship and what is expected? Should closures be stated for performance? Should separate scopes of work be completed for each phase of the project (i.e. Kitchen has cabinets and appliances). How should we protect each other in turn protecting the partnership? Any pointers are appreciated. Any articles would be wonderful too. Thanks BP.

Hello Bigger Pockets Forums!! Just joined up a few days ago and starting to navigate through all the information here. Wanted to introduce myself. My name is Chris Sackinger and my wife and I are almost complete with our first property flip. I will post information about how it went in a few weeks when we are complete. This should be a great record for when we have more projects under our belt to look back on and chuckle about what we did not know.

We also have 2 rental properties that are cash flow positive and (knock on wood) doing great. We look forward to adding to the discussion and learning all we can.

We are also interested in meeting up with groups in the Charlotte (28209) area if anyone can share what they have going on. We would also be interested in networking with wholesalers, contractors, vendors and investors.

Again, great to be here and look forward to adding to the wealth of knowledge here. Feel free to reach out.

-Chris