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All Forum Posts by: Dell Schlabach

Dell Schlabach has started 10 posts and replied 872 times.

Post: fix and flip

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

Here you go. The Bible on flipping houses, and estimating rehab costs. 

Better then five combined,  $ 3,995 boot camps by the gurus, all for a few bucks. 

http://get.biggerpockets.com/flippingbook/

Good luck in your flipping adventure.

Post: Back splash ideas?

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

Something like his would work. With the busy countertop, want to be careful not to get the backsplash to busy and clash.

Personally I would add some color to the kitchen walls to get a pop against the somewhat subdued kitchen.

Very nice kitchen. 

http://m.lowes.com/pd/Anatolia-Tile-Chiaro-Tumbled...

Post: Payment arraignments with investors

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Mickey Busanet:

I'm a little lost on how do you pay investors in accordance with the amounts they have invested?

 Can you give an example you want clarification for. 

Typically you pay an investor a % interest for the amount of money invested.

If investor A loans you 100,000 and investor B loans you 50,000, you could put them the same interest rate say 10%, one you would pay 10,000 annually and one 5,000

Obviously you can pay different interest rates to individuals. 

Not sure if that's what you are looking for. 

Post: When to rent vs. when to fix and flip?

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

I tend to think you rehab and flip if you need cash, you do rentals if you don't need the cash and are trying to build long term wealth. 

A lot of people do both, flip enough to generate income and do some rentals for wealth building. 

Post: Question for Cash Buyers

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Kim Ford:

Generally, how much profit do you look for as a cash buyer? Is there a minimum that you need to receive as profit in order to buy a wholesale deal? I had my own numbers but o decided to reach out and see what actual buyers are calculating.

We run all our numbers for basic rehab flips with 20,000 profit, and a reasonably safe ARV estimate. We figure this profit after figuring our cost of money.

That's for a standard rehab in the price range of 100,000-200,000 above that in price or rehab time period, we will increase our profit requirement. 

If it's a two-thirds week rehab with solid comps, in a good area we may drop to 15k.

Less than that is risky, if you go a bit over budget and or your ARV was off , you can quickly lose money if you project lower profits.

Our most recent properties profits came in at 

Millhaven 36,000

Salway 17,000

Pike 14,000

Valley Crest 32,000

These all  had 20,000 projections when we bought. Couple sold for a bit less, couple  for more, with various degrees of above and below budget. 

Post: Rental prop in twinsburg, OH

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

Twinsburg is a highly desirable area. we have a couple flips under renovation there right now. 

One of the benifits of an area like twinsburg is if you decide to sell the property in a few years it hold or increase in value, unlike most areas in Canton and Akron cities. 

Most any property in Twinsburg can be sold to an owner occupant, Akron and Canton, not likely in the low to mid rental price range. 

Post: Josh Cantwell 40K Flips

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Phillip Lanier:

Hi @Hitlen Brice,

Thanks for the information, it was very helpful.

Are you still following Josh's system since your post?  How have things been going?

 @phillip lanier curious what information you found helpful.

Couple questions for you that make help you think through the potential truth of any of her statements.

How long does  it take to close on a house after you buy it?

How long does it take to rehab a house? 

How long does it take to sell a house?

How long does it take to close on a house after you get a contract? 

She says she bought a house within 30 days of ending the class, sold it 30 days later and made 40,000 plus. 

Notice she has  has not answered any questions from anyone asking about her statements. Typically people who really have done something extraordinary will tell people who they did it.

It's not impossible, you could buy and close, do a two week paint and carpet rehab, find a cash buyer right away, close in two weeks, make 40k, not impossible, but highly improbable. 

We have done a few hundred rehabs, some very fast but no 30 day ,buy close to sell close yet, except wholesale deals. 

Odds are much more likely that she is a fake person created by Team Josh to continue their falsehoods and hyperbole. 

Be easy for her to prove me wrong, just provide a link to the house on Zillow, or the MLS, purchase and sale would go a long way to provide a bit of credibility to her hard to believe statements .

Id love to be proven wrong on this, but my observation  of crew Josh over the past few years this isn't going to happen.

He constantly uses case studies to show how much money they make on a house, many of them houses that haven't sold. 

There is one house 6709 Amsel Ave in Canton , they have had on the market for a year, as of Wed this week, Just expired on the MLS listing. Price drop during that one year period 30,000. You can Google it on Zillow, it shows some of the price drops.

Zillow shows house removed 4/19, bit different from MLS data, zillow not totally reliable.

Not to discourage you,  I have spend a lot of money on gurus early on, just be aware when people post glowing testimonials without any details, and don't ànswer any specific questions, very likely it's all made up for or by the gurus as part of their marketing .

Post: Josh with Freedom Funding

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Denise Ford:

@Dell Schlabach  Im from Cleveland and know the suburban market VERY well. The sales that he listed recently from my area were right on. That is the only reason I listened to his pitch. Which examples did he give that dont match your area? Just curious

If you type Josh Can't well in the search button you will see a series of examples that I posted, when you run MLS searches his information just looks radically different then his hyperbole videos.

Just this morning latest example, 6709 Amsel Ave Canton, noticed the listing expired today.

He put that one on the market, a year ago today, 6/2/15 today is 7/2/15 Starting price 159,900 over the past year he dropped the price six times, last drop was Dec/28/2015. 129,900

For a fellow with state of the art marketing, selling expensive programs to teach students how to sell house at lightning speed for top dollar. 

I think hyperbole, is an understatement. 

Yo can search Josh Canwell in the search button and you will find numerous other threads where I have documented exaggerations and outright untruth. 

Using houses as case studies of how much money they made, numerous houses that had never sold. 

Good  case study in marketing but not in rehab sales and profits. 

Looked up the house on Zillow, info is lacking, shows it was pulled a few month ago, not accurate according to MLS. Hard to get reliable data from zillow, numerous examples of houses we sold that, yellow dots show what we purchased it for, not sold, seriously messes up comps. Zillow can get you close but always be wary if its important to be accurate.

Post: Horrible work or not a concern? (Rubber roof)

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

I am not an expert on rubber roofing, but have hired a few to do roofs for us.

The bubbles seem fairly typical for a new install in my experience,it's not something I would worry about. It also seems to be standard practice to glue right on a wood subsurface. 

I was watching a video recently from a manufacturer of edm roofing, and they were showing it being installed on a wood surface as well. I have also seen it installed over foam, I know they use this when they are trying to get a bit of slope on the roof not sure if that is the only purpose for it. 

Maybe a roofer will chimein, but this does not look abnormal from my experience. 

The part that concerns me is the shingles with the caulked edge, if there is no step flashing under the caulk, you are almost guaranteed to have problems when the caulk releases, cracks typically within a few month to a few years depending on the sealant used. 

Post: Newbie Question

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

Good questions to ask are always the ones you really want to know.

What is it you want to know?

Do you want to know how to find deals, how to flip one or two houses a year, how to flip 2 houses a month, how to find funding, how to become a top agent, how to quit your job in 5-10 years and have enough income from rental properties to live on, or do you have a great job that you love and you want to know  how to build a retirement fund with rentals?

The answers to these questions require are very different. 

When I meet with new people, the hardest part is giving advise to someone who doesn't know what they want to do, or someone who wants to be a realtor, wholesale houses, flip houses, and have single and multi family rentals and they want to do it all at once without any money or experience.   

It is typically easier to figure out how to GET what you want then it is to figure out WHAT you want.

I would clarify your objectives and then ask questions about strategies how to achieve them.

Other then asking specific questions about achieving an objective, You could ask about more generic things, their best deal, their worst deal, the biggest lessons learned, what it takes to be a successful investor , what their portfolio looks like today, what the most important skills or traits are, what training education or experience you should get, how long you should expect it to take to achieve certain objetives. 

 A few thoughts you might find helpful.

Good luck, define as good as you can what you really want to know, then ask those questions, no matter how stupid you may think they are. I would rather answer stupid questions, all day,  that people really want to know then vauge general questions from someone who doesn't have a clear objective.