All Forum Posts by: Yinan Q.

@Serena Sun, I would sell the house before the capital gain tax benefit goes away, which means to sell in less than 2.5 years.

Whether to sell now or later depends on your financial situation. Do you need the money for down payment? If not, I'd wait until the lease expires next summary. Maybe the house will need a little bit of fresh up to get you the best sell price.

If you do need the money for down pay, I would either refinance or take a HELOC.

Interesting report. Anything about US?

I don't see why not let the roofer install a new roof first and pay him at closing. However I don't think any roofer would do that.

Maybe you can talk to some local banks and explain your concerns. They could be more flexible than large banks. 

Another option would be to pay all cash, replace the roof, and refinance.

@Jack B., have you considered the situation where you finance your 64k property and run your numbers? Then you can buy 5 of them not just one. 

With all cash purchase, you miss the benefits of leveraging and some tax benefits.

Nice done @Tarl Yarber! The results are really great for 46k for a 1,700 sf house. That's less than $30/sf. Is this the typical number you see with your gut out rehabs?

My wife is working her way to get the RE license. We will only use license to do our own deals so should be only a few transactions per year. So we would like to find a brokerage with low fee or no fee and high agent commission. 

Which brokerage would you recommend in the Washington State in the Greater Seattle Area? 

@Mason Anderson, that's a good question.  I guess there is not straight answer to your question. 

I believe there are millionaire wholesalers, RE agents, landlords, flippers, developers, note investors, PMs, etc. As long as you know what you are doing and do it well, it's not that hard to have a net worth of one million if that's what you mean by millionaire. Or maybe you are talking about one million dollar annual income?

You might want to check out the book "Millionaire Real Estate Investor" by Gary Keller.

@Shawn Connors, thanks for sharing your experience. I wanted to say something but Robert already said it for me.

“Only those who dare to fail greatly can ever achieve greatly.” - Robert F. Kennedy

I do have one piece of advice that might be helpful to you. This is the technique I use for showing my rental properties and I think this apply to your potential wholesales as well. 

I always group the prospective tenants for showing during a 1-2 hr window. This does two things: it cuts down your trips to the property can create a competing atmosphere for the prospective tenants (investors in your case).  

@Evangeline Dardouni, welcome to BP! You will find answers to all your questions here.

I think this is a good place to get you started. Also, check out the flip forum and the BP podcasts. There are quite a few of them on flipping houses.

@Bryan Blancke, there are several things you can do.

Other than rentometer, zillow has its own rent estimator. It's not always accurate but it gives you the ball park. You can also search on zillow for properties for rent in the area your are interested in and get a sense how much they are renting for.

You can use craigslist or some other for rent websites the same way.

If you want to take one step further, you can talk to property management companies in the area. They are usually on top of the market rents in areas they serve.