All Forum Posts by: Wayne Fisher

Pretty much everything is a risk including just letting your money sit in the bank. The interest rate hike will have a effect on real estate to what extent who knows. If the housing market pulls back a few % not a big deal. When it is a big deal like 2008 a 600k home is now worth 350k thats a problem. I don't think that kind of thing is going to happen again any time soon. I think the only people that would have to worry are flippers using really tight margins. looking to make 15-20k on a flip. But i think real estate is a safe bet until the next black swan event anyway.

I have recently just finished my first flip and i learned a ton. One thing i will say most of the deals REO/Short sales that are really deals need A LOT of work. Most of the easy stuff will be bought very quickly and wont be sitting for long. I think for a newbie as long as you have the budget, tackle one that needs a ton of work. You will learn a bunch and there is more room for error. You will also need to find more contractors and learn what things cost. And when you budget for the rehab figure worst case for everything. If you think the flip will take 4 months figure 8. On flips things do tend to pop up that you didn't expect. And figuring worst case will allow you to still be ok if it does. If the home needs a lot of work holding cost will add up. Plus when you sell it 5-6% for realtors , lawyer fees , taxes to swap the deed over cost me 2k. If you add everything up and it doesn't make sense walk away you will be glad you did.

I was just wondering what would be the best way to go about learning more about sheriff sales? I have read some books on them ect but i was wondering if their is a online course or a class i could go to? Just trying to learn the ins and outs before getting my feet wet. Any help would be great thanks!

Hi steve,

I am planning to GC the whole project myself. At least for my first few flips anyway. Later on if i could get the deal for the right price, and have someone else GC it that would be great.

I am just wondering how much would i save myself GC my own job? Say the rehab will be around 30-40k. how much more would a GC cost me on that kind of work 10k? I plan on trying to get to around 7 or so flips this year. So having a good GC might be better down the road for me. And again thanks for the response.

-Wayne

I'm about to close on my first house to fix and flip in the next 2 weeks. I was wondering how to go about finding good contractors. Or if anyone could recommend a few that would be great also. I need a good carpenter , plumber , roofer ect any references would be great. Thanks

-Wayne

 Yeah i would agree that is a lot but look at the situation. If he was calling her about 1 house i understand. Just give the lady some time but we are talking about a BIG deal. Not many people take a 7 figure deal as a casual thing. Like i said if she doesn't know what she wanted to do why not just say it? Just because she is a mother doesn't make it ok for her to waste other peoples time. If she really is that busy just say it not really hard to do. 

I don't understand why people are saying the OP was harassing her? All she had to say if she didn't know what she wanted to do was " i need time to think about it". But instead she yeah that's a good price lets do it. The OP did his part got the money together then she changed her mind. IMO if she doesn't know what she wants to do then she should of said something. We are not talking about one house either its a 7 figure deal.

Also how do you think it makes the OP look when nothing happens with the deal. It makes the OP look stupid or that he doesn't know what he is doing. That alone would piss me off. I say move on to the next deal this lady isn't worth dealing with IMO.

Just wondering if anyone knows of a good home inspector in the somerset NJ area? Thanks!

-Wayne F

I was just wondering if there was a way to bid on a few foreclosures at a time? Reason im asking is because i give low bids and most of the time the bank doesn't accept. Would i be able to give bids on different properties to save time? Or is there a different way to go about it? Thanks!

-Wayne