All Forum Posts by: Ethan S.

Fair enough, thanks for the help guys. I think 1-2% is typical around here for financed offers.

Thanks for the replies. You're basically all right, I'd like to wholesale REO's and have as little liability as possible. Of course, I fully intend to find a buyer and close all contracts.

Anyway, I was using "cash" as interchangeable with hard money, which is how I make my offers. Is 10% EMD not required with hard money financing?

I'm seeing 10% EMD required for cash offers on REO. Thoughts? Properties in my area can be pricey. REO flippers, what strategies do you guys use to get around this?

Hi all,

Hope you're having a good and profitable January. Got a call today from a nice woman looking to sell her family's farm. Has two well maintained houses in it. 25+ acres not too far from DC. She's offering it first to the current tenants, but otherwise to the open market.

Anyone have experience with this? She said the land can't be further subdivided, because of drainage issues. How would an investor find a value for a cash offer on this?

Thanks!
Ethan

Hi all,

Been a somewhat of a lurker here for a while, but plan to start posting with more frequency. I'm transitioning from fix and flip to wholesaling, and would like a recommendation on an investor-friendly title company in the DC area. A company that's comfortable with the various transactions a wholesaler would need and can conduct them in DC/VA/MD.

Thanks in the Advance!
Ethan

Great post and idea for a thread, I'd like to hear more!

Sure, it's HMLCapital, check their website for contact info.

Ethan

Thanks for the continued discussion of the investment, perhaps that really should be the focus. I can back out, but would lose the 1k deposit.

I'm not surprised 7003 allison isnt flying off the market it's a decent flip but only has one full bath and no basement. I came up with 195k after subsidy with my hard money lender based on the solds in the 180s with significantly smaller floor plans. I do agree going into nov/dec wont help but my GC is ready to get his side done in 30 days and maybe we can list early oct.

Thanks for the tips, I like being challenged.

Wow, you do know this neighborhood, and thanks for the points! Maybe I'm crazy, but I see a couple advantages my property has that will get it sold for atleast 200k. First it has a well done, 500 sq ft addition as a living room on the back. 4110 72nd ave is the standard 960 sq ft model where the front door walks into the only main level living space. Furthermore, the plot is ideal, flat and all useable space, whereas the comps here in landover hills can, ostensibly, be a little steep or narrow.

I totally agree on the next door neighbor being overpriced by 100k.

I'm curious why you say 7200 taylor not being a good comp, is the cape cod a more attractive model? Their 1500 sq is different than tax records, and may be less than my target's confirmed 1434. I

Thanks for the conversation, if anyone has some thoughts on colonial style rehab, that'd be cool too.

Hey guys,

I'm new to fix/flipping with only two rehabs completed, but just got a new project under contract I'm really looking forward to. It's a 3 bed/2ba colonial and needs extensive cosmetic work, and would like some tips on how best to restore it properly.

Here's a few pics:





New tile idea:

The plan is to do this as a standard flip but include some colonial details to keep with the standards of the neighborhood which is mostly this exact floorplan. What details do you find are good bang-for-the-buck in colonials? I plan to complete and fix the wainscoting and chair rail in the dining room/foyer and finish with a two-tone pain of white lower half and off white or cream above. The bathroom floor tile will be black and white pattern. Kitchen cabinets I think should definitely be white with some stylistic details. I don't think these items will add much to the rehab budget, but will give the house that colonial flavor a buyer will be looking?

Further ideas? What's a good resource for particular housing styles? Sorry if this isn't much interest here as purely an investment, but I think keeping upgrades in line with the style architecture is important to maximizing resale price.

Ethan