All Forum Posts by: Doug W.

At the very least these updates do inspire us and I am sure that many find help in them as well. Great job on this flip. 

Try contacting these groups of real estate investors in your area.: 

http://upstatecreia.com/

http://www.meetup.com/GreenvilleREIA/

Or use www.postlets.com and list it as FSBO.

Well said. Congrats on pulling the trigger and jumping into the deep end of the pool Scot. My first flip was a flop. I lost $2,500 on paper but it was a really good learning experience that I couldn't and didn't get from any book, course, or REIA meeting. I just put an offer in today on another house and I was much more confident with why I was offering the price that I did. Like you said... the purchase price is where you have control. It's where your money is made (or lost). That was my mistake on #1.

Here's to your 3rd, 4th, 5th, and so on. Cheers. 

Sounds like you dodged a bullet.

If I were in your shoes this would be a big red flag for me. Sounds like you are bringing in a pro to have a look.

I also agree that if I was the end buyer seeing all of that would bother me. If it ends up not being a big deal and you can get a report from a pro that says so you might be good to move forward and help make your buyer (and his home inspector) feel better about it.

If it is indeed bad enough to require a professional to fix it then adjust your offer price accordingly. If the seller doesn't accept I would walk. 

It's one thing when you miss an item that ends up costing an extra $2k that you didn't budget for. It's another when it's potentially $10's of thousands to fix a foundation. 

Awesome deal and job well done @Tarl Yarber. 

Hi @Mimi J. - It sounds like Robert has a solution for you. I was going to throw out that just across the river here in Virginia I was able to get a Vacant Home Insurance policy from Farmers (the policy was actually underwritten by Foremost Insurance, which I first heard about here on BiggerPockets) when I did my first rehab. The cost was $138 per month and was based on a value of the house (not the property, aka land + house). 

I was very clear with my Farmer's Agent as to the fact that it was a vacant home that was going to be extensively renovated. FWIW, Farmer's was the only one of the major insurance carriers who offered such a plan when I was researching it. Things could have changed since last year.

This is HUGE! Where I live (Northern Virginia), specifically in my neighborhood, some houses are under contract within 2-4 days of going on the market. I'm currently looking for a new home and by the time I see them on Zillow they are already under contract (per my Realtor when she sees the comments). So we don't even ask to see the house at that point because what's the point? I'd get this fixed ASAP if I were you. And per my last comment..... get a new Realtor! :)

I don't understand why he hasn't given you feedback already. When I did my rehab I got a nice list of comments via my agent from the agents who took clients through the house. It can make a huge difference if multiple comments are about the same issue. Also, how long are you obligated to work with the agent for? I assume 180 days since you signed his contract? You might want to consider changing agents either when the 180 is up or for your next sale. Hopefully it sells long before 180 days. My fingers are crossed! 

I just read this entire thread, start to finish. Any new updates @Todd Whiddon ?!