All Forum Posts by: Frank Caputo

Darren, 

Thank you for the fast response. I do like the idea of a cost not to exceed clause, I have never actually heard of this before and I was a contractor for over four years. I would love to offer 10 to 20% under but the bids close at 12 PM Eastern time this Wednesday and they already have two bids in. The house came on the market last Friday morning and bids started going in Monday morning, so now they're calling for final and best offers.

I will certainly keep the BP family up-to-date on how this project goes.

I came across a VA foreclosure in my area a couple of days ago and wanted to gets some opinions on it.

Myself and a close friend wold be purchasing it together. The VA is asking for $55k and we want to put in an offer for $50k. The comps in the area are anywhere from $104 to $112. We would price it aggressively at $102,500 for a fast sale.

The house needs some repairs and depending on how far we go it could vary from $10k to $25k. I expect no more than $20k and I feel like that's still a little high. It's in a descent school district and close to Fort Bragg, I will be meeting with a contractor there today to get a more accurate assessment of the repair costs. 

By the way this would be my first fix and flip so any tips are appreciated.

Thanks

Frank

Wow, thanks everyone for your insight. I just got back a short time ago from looking at the property, and it was not as bad as I had expected. I have seen much worse where I grew up which just so happens to be in the Baltimore area( Ned ),Pasadena to be exact. All of the units had a new EPDM roof, and most had newer floors. All were 2 bed, 1 bath living room and kitchen. The owner only bought it last year, so that makes me a little leery in and of itself. Why would he want out, the agent said he is moving and is to old to deal with it.

Mr. De Guzman, thank you for those calculations, not sure how you came up with them but I'm sure the formula is on the site somewhere. I'll be on the look out.

Mr. Owens, I could be leaving as soon as 2 years or as late as 5. By the way it would be without a retirement, and you are right it would probably take more time than I can offer it.

Mrs. Elizabeth, thanks for the thoughts concerning the commercial side of things.

And Ned, if and when I get out I may wind up in good old B-More, who knows maybe we can work together some day.

I think I'll pass on this particular offer and focus more on a few of the foreclosures in my area. There are several single family and town home foreclosures available once again thank you all for the info.. 

Hello Bigger Pockets.! 

This'll be the first question i have asked on this website and boy is it a doozy. So I just moved into the Fayetteville NC area about a month and a half ago, I'm in the military but looking for a means to exit through real estate investment. I do have some experience in residential housing, I worked as a project manager for a residential builder and have seen the construction process from the first  shovel in the ground to delivering houses to customer.

Today a possible opportunity was presented  to me. I was speaking with an agent in the area (who I have not actually met in person) and she informed me of someone she is representing. They have a 6 town houses so 12 units total in a low income housing area that is up for sale for $350,000. They each rent for $450 a piece and all but 1 is currently rented. This is not section 8 housing but it is in a low income area. As of right now I have not been to the development to see the property but I was told that there is enough room for at least two more sets of duplexes. I will be visiting development later this evening or sometime tomorrow. Can anybody give me any advice as to what I should be looking for (in general) on my first visit to the development.

 Additionally, what else should I be asking? What kind of paperwork should I ask to see regarding this development. I am completely clueless when it comes to this complex. In my opinion this probably is too much for me at this time, but I don't want to let a great deal pass if this is one.  

I'm sure I can find a lot of these answers on this form, unfortunately I am computer illiterate. I have been fumbling around the site aimlessly doing my best to try and learn how to navigate it. I will continue to look around but if anybody has the time to lend me their opinion I would truly appreciate it.

I do realize that this is a very open ended topic, but I'm just looking for a general direction to try and focus my energy so that I'm not spinning my wheels.

As I stated earlier I do believe this maybe too much to take on, but I am not afraid of 12 units nor am I afraid of low income housing. 

Thank you in advance,

Frank Caputo 

 Welcome to the site, I am in your area let me know if you ever want to link up. I don't have all that much experience but I do have some and I'm always going to learn.

Jay,

I'm new to they fayetteville area and looking to network as well. Realestate is something I have always wanted to be involved in. So I'm looking for any advice I can get   

Thanks 

Frank 

Thank you both for responding to my introduction. I look forward to exploring the site and learning from the pros.

What's up BP, I am in the military and have recently relocated to Fayetteville North Carolina. I do not have much experience regarding buying and selling real estate, but do however have experience with the building side of real estate. I look forward to learning as much as possible from the fine people giving out information on Bigger Pockets, and ultimately would like to have a sustainable income from the real estate ventures I intend on embarking upon. I wish you all nothing but the best.