All Forum Posts by: Dell Schlabach

Where is the furnace, is it off the hallway, can you make the furnace room a bit wider by stealing a bit of space from the center bedroom/walkin closet to create a bigger utility room for furnace snd hot water tank, making the walkin a bit smaller.

Dont know how huge the holes are, but a 4'x8 'sheet of drywall is under 10.00

This part seems like a minor issue, even if you have to bring a drywaller in to replace or patch the holes, cost should be minimal, maybe I'm missing something. 

@David Wurzel

 that was a bit tounge in cheek too :-)

Agree with @Joel Owens

I have five, they buy all the deals I find, I sell 80% of my wholesale deals to two of them.

Not sure why i would want a bigger one when I can have my buyers in extacy because I can fulfill their wants and needs, while the people boasting the biggest ones rarely satisfy anyone.

So true.... Reminds me of my nephew... in Va. He is his early 20s, started flipping early 2015, on his third flip now. His houses are selling very fast, hevdid an exceptionial design and material selections on his first one. I asked him about other rehabbers in the area, said there are plenty, but their houses look like crap.   Oak Lowes cabinets, formica, vinyl floors, boring colors and inferior work. 

He uses maple cabinets, granite, bamboo floors, neutral colors with some punch. 

I have seen numerous first timers do a better job on there first rehab then some of the old timers. 

My nephew did have some help, from his wife who had never done a rehab either. 

Good luck on you ventures!

Congatulations on your first flip. Well done!

I suspect you handle yourself as well with bad contractors as you do on the forums. 

They may or may not be getting the best deals at at 10-20% acceptance to offer ratio. 10-20%  tells you nothing about the value of a deal, our acceptance rate is about 29%. Our rate has increased because we have become much more selective in the offers we submit and use multiple strategies to get profitable deals. We rarely win on new listings in multiple offer situations, probably - 10%. 

We wholesale houses to rehabbers that have much lower acceptance rates to offers then we do. 

It is easy to throw low ball offers in on the mls and have a really low rate of acceptance. That is in no way indicitave of  getting a good deal. There are plenty of properties where 30% discount is a bad deal, and other times where paying above list is an awesome deal. 

@angela berrere

My advise, crunch the numbers and make sure you have a good deal. That's the important component. Just know it may take a while, especially when you are new and competing against a bunch of experienced people... Mls is tough, lot of competition, good luck.

Not sure what the numbers were when we started, but this is what our numbers look like for the year.

407 potential deals physically inspected analyzed, numbers crunched. 

110 offers submitted

29 purchases

We write offers on a little more then 1 in 4 of the properties we analyze. 

We have just under 1 in 4 of our offers accepted.

I know our acceptance rate is much higher than it was years ago, the main reason for that is we have become much better at offering only on properties that we think have at leat a remote chance of getting accepted, and we have become much beter at prescreening properties before we do a physical analysis of them, we also dont blanket low offers. 

We do buy the most all our houses from the mls, we rehab about half and wholesale the rest to other rehabbers. 

@Jay Hinrichs

I believe this happens a lot, couple examples locally of the bp/podcast excited newbies maxing out credit cards to do yellow letters, never doing a deal. 

@Account Closed we have rehabbed and sold quite a few foundation issue houses. When we did our first one, I was very concerned about the saleability, my agent assured me that at the price range ( 120k)  we would not have any problem selling it if we had a transferrable warrenty.

The first one we did sold in a couple weeks, we have rehabbed a dozen or so with foundation issues in the past four years, we recently did a 280k house in Hudson, 14k in foundation work, including straps, house sold within a week. We have sold the houses for full price without taking any discounts because of foundation issues, I would not be worried about it if you have a reputable contractor that can issue a transferrable warranty.