All Forum Posts by: David A Spagna

I'm fortunate to live in an area where it's still possible to make money at the buy but it is getting tougher. In other areas experienced flippers need to get a little more aggressive at the buy stage. When the bidding starts pushing you into the zone of (I think I should walk away) You need to start thinking footage. Additional living area, bedroom, bathroom or even a pantry off the kitchen. Of course this is where your knowledge of your market comes into play. Can it sustain those type of improvements and sell in a reasonable time frame with a price that fits. In my experience if you can give  more without spending to much more the prospective buyer will bite as they have most definitely previewed other homes in the area and that extra can get them to focus on you. Of course this isn't the end all be all but, It will keep you in the bidding a little longer and may even increase profits and reduce the amount of hunting.   

Thanks  Marshall Downs, sometime it pays off to start out in the trenches :)

Really nice score!

Before you think of any of the above. Have you created an LLC and have acquired unsecured credit for that LLc? Have you seasoned it and maybe applied for a home improvement contractors license and liability insurance? This and some other strategies will put in the proper position to GC your own projects from a place of authority and not at the mercy of a GC or Subs. Then you go after your projects and if you decide to borrow you are fully prepared and maybe you have used that LLC and created some experience to show future partners, investor and lenders.

Investment Info:

Single-family residence other investment.

This is my most recent. I have been in and around construction my whole life. My expertise is in underground utilities, excavating, grading and paving. I excavated and set grades for footings and prefab walkout basement. I installed city sewer service, city water line, widened city street and installed street curb with driveway opening, back filled, installed driveway, finish grading, and installed lawn. The house is modular. We chose interior to be blank so we could finish on site.

What made you interested in investing in this type of deal?

Always looking for a new adventure

How did you find this deal and how did you negotiate it?

My daughter is a local realtor so she keeps an eye out for me.

How did you finance this deal?

Cash

How did you add value to the deal?

GC'd the job

What was the outcome?

Happy

Lessons learned? Challenges?

Fight the urge to use the cheapest sub.