All Forum Posts by: Corey Wogtech

@Brie Schmidt Can you explain your $1k/unit yearly breakdown for Cap Ex? Where does this number originate from for you?

I have heard it stated anywhere from $250-450/unit yearly. Curious why your number may be larger. Thanks!

Welcome to the site! You're definitely in the right place for a solid education.

Rick,

Thank you for your help. I'm new to BP, and I figured that there were a number of great forums on these topics, but I was struggling to find them. Your suggestion to use the "Resources" tab was extremely helpful. There are so many great resources on this site; finding them can be tricky for a new member. Thank you for your help!

I am looking to establish a more systematic approach for my REI. As everyone knows, the buying, rehabbing, and selling process has a lot of steps; efficiency and organization are key!

Does anyone have recommended smart phone aps, lists, spreadsheets, website links, etc that they feel give them a competitive advantage at any or all stages of the flipping process? If so, are you willing to share? Where did you find them? What do you like or dislike about them?

Here are a few items I would like to find resolutions to:

1) Estimating/organizing rehab and material costs during a walk through

2) Creating scope of work time lines and schedules

3) Organizing/compiling a "TO DO" list from start to finish of each project (including submission of financials, estimating ARV, creating a budget, getting keys made, a list of subs and inspections to schedule, etc, etc, anything and everything that might be important and potentially forgotten)

4) Recommendations - anything that you use that you think helps save time and increase organization, helps budget, etc. Tricks, lists, phone aps, iPad aps, website links, you name it!

I've previously always done all of the rehab work myself. Current cash available ranges between 30-100k. That number is a combination of cash on hand and open lines of credit; so it ranges based on how much I'm willing to leverage/use open lines of credit as cash.

I have a track record with smaller fix n flips, which is nice. I'm down to only one rental property though, so collateral might be weak. Any advice on creative collateral outside of my current cash on hand and/or my current rental property?

I'm not ruling out conventional lending, but I'm looking to speed up the buying process. Conventional loans usually lead to a slower close, and I am hoping to create the ability to work on multiple properties at the same time.

In my experience, conventional lending requires the property to be inhabitable at the time of purchase, ie. roof, plumbing, etc. Most of the rehab properties in my area do not either qualify for or accept conventional loans.

I've recently moved into a much more expensive market, and I am no longer able to compete by making all cash purchases. I am a small investor with limited business structure to date. All of my previous purchases have been small cash deals, so I am looking to educate myself on the financial side of borrowing deals. I would like to begin developing private money lending relationships. Any advice on this matter would be greatly appreciated.

Expected interest rates? Things to avoid? Ways to approach lenders? Ways not to approach lenders? Necessary paper work to prepare before hand? Etc..

Active links to BP threads already addressing this issue would also be extremely helpful.

Thanks in advance for all of your help.

Thanks Anson. I've sent you a colleague request in order to send PMs. I'd love the opportunity to get together at your convenience. My wife and I are beginning to research/plan for direct marketing, so I'm sure your expertise would be highly welcomed.

I noticed your name in previous posts about a Denver meetup. What exactly do those entail? Any on the horizon?

Hi, my name is Corey Wogtech. I'm new to BP. I'm currently living in Denver, Colorado, but my previous investment experience has taken place in St. Louis, Missouri.

I'm a former pro hockey player, and I dabbled in real estate each off season to keep myself busy. I've done fix-n-flips, as well as buy and hold rentals, most of which I purchased cash, worked on by myself, and sold. I'm down to one rental property, located in St. Louis.

I'm looking to transition to real estate investment in the Denver market. This is a much more expensive, active market than I experienced in St. Louis. Although I have invested in a handful of properties, I'm still quite inexperienced considering I was using a realtor, purchasing cheap MLS listed properties, working on them by myself, etc. I'd like to economize my workflow to begin finding non listed properties to wholesale, fix-n-flip, lease buy option, etc.

Denver's lowest prices are much higher than I am used to, and my wife and I have recently spent most of our liquid cash to begin living debt free. We still have a decent down payment, but not enough cash to play the MLS in Denver. I assume I will be seeking creative advice on how to finance my first few Denver homes, the best local banks to use, how to find local wholesalers, etc. I'm looking to develop partnerships/relationships, attend meetups, anything I can do to learn from more experienced parties and individuals in regard to all aspects personal real estate investment.

My wife and I are working diligently to establish real estate as a full time career over the next 3-5 years, and we greatly appreciate your time. Thanks in advance for welcoming me to the site. Any advice/help you might offer is greatly appreciated. All the best.