All Forum Posts by: Dave Gibson

Flipping houses has always been a intriguing career for me but my "day" job has never allowed for it. I was recently laid off and have the opportunity to flip a family members home. I'm seeking some advice as to how to best handle the situation. The couple is getting divorced they have already agreed husband is getting any profits from the sale of the home. He is in financial crisis and is having a hard time paying the mortgage as is. The property is worth roughly 200k as is and they owe about 190k. So he's basically washing out and not making any money upon selling. The husbands son approached me wanting see what interest I would have in remodeling and flipping the house as they can bring into the upper 200's with a similar model selling for $305k. Loosely it has been proposed to pay the mortgage as we work on the property, list and sell it. The husband is also looking for a cut of our profits and I am curious as to what best solutions others have had on the site????? I am not taking ownership of the property but I am investing some money and carrying the mortgage while rehabbing the home. I think I can sell the home quickly after rehab (45 days total) for $260k. What is a fair offer for the husband?

I just wanted to finally introduce myself to the BP community.  My name is Dave Gibson and I came across BP around a month ago when I started looking into a few vacation rentals.  I have been reading and reading for the last few months and I have to say I am extremely impressed with the amount of knowledge and overall kindness of some of the people on this board.

A little about me and my REI background. I bought my first house 12 years ago when I was 20 (currently a rental property) and for the last 14 years I have been in the automotive finance business. I am fed up with the instability in the auto business and looking to venture into other things. My wife and I bought our first flip in December 2013. A 2400 sq ft 2 story SFR on .4 acres in Arlington Heights, IL. We completely gutted the first floor and reworked the whole floorplan while not having to do to much to the 2nd level. Sure enough we did it right and created plenty of potential profit and sure enough we over did it! My wife liked the house so much that we now live in it and now that we are settled we are looking for another home to begin our REI lives together.

I have plenty of questions that I will start posting in some other threads but for now wanted to get my name out there and I look forward to meeting some of the other Chicago REI experts to hone our craft!