All Forum Posts by: Eric Stifel

The very first thing I would do, is pull comps. Are there at least 2 to 3 houses in that general area, .25-.5 miles radios that have sold in the last month or two? If so, what did they sell for? Did they sell for cash or where they financed? If I saw similar properties, in close proximity, that have sold in the last few months, especially if they were not on the market for very long and sold for cash, I would be all over the deal.

The flip side is, if nothing has sold in that area for the last 3 years, I don't think I'd like to be the guy blazing the new trail, so to speak. There is always the concept of a turning it into a rental or doing a lease option on it if you bought it and couldn't sell it quickly.

I personally am a huge fan of Wholesaling, provided I can find a worthy property to wholesale. It just tends to be easier, granted each deal presents its fair share of problems, but in the end, when closing does happen, you get paid and walk away and look for the next deal.

Rehabbing, now that is a different ballgame altogether. They day you close on that property, that is when you really start to do the work. I just transitioned from wholesaling to rehabbing and am on my first rehab project.

Competition in my area is pretty fierce, so the true wholesale deals are getting more challenging to find, so when I came across my current deal, I realized the price I had to go in at would realistically be the price I should be selling it to a "cash" buyer.

I did the only thing that made sense to me, found some money guys to partner with, and threw caution into the wind, and now I'm doing my first rehab project, I was always told, "you learn by doing".

As a wholesaler at heart, I am and will continue to try and sell this property at each and every stage of the remodel, raising the price with each new update/upgrade. I'll either sell it before I complete it or sell it when it is done, either way I sell it.

Anyone know of an investor friendly roofer in the Gainesville FL area? I have one now that is close to needing to be replaced. It is a house we are flipping, and it would certainly be more appealing if it was replaced. It is a 7/12 pitch and about the same squares as Zach's roof.

If your intent is to wholesale, don't bother. My partner and I took the course about a year ago, and I bid daily, from one end of my state to the other. We have been awarded one house, back in April that was a money maker. We did really well on that house, but have not been able to get one since. We have been awarded houses, but they were junk at to high of price, even following Johns strategy, so we had to pass on them. That first deal inspires me to bid daily, but I'm basically wasting my time. If I don't bid, I will certainly not get another deal, and if I do bid, I will probably not get a deal.

This was a fantastic strategy once upon a time I'm sure, but John and every other REI Guru push it in thousands of in boxes daily, and with all the people doing it now, they drive the prices up way beyond profitability. The one excepting to this is, if you intend on buying to hold and rent, then it may be worth your time to pursue it. I see properties in bid results constantly from the 81% to 95% range. This does indicate a discount to the listing price.

If you wish to buy and hold in the state of Florida, contact me, I can certainly help you get some of these properties. I work with other investors helping them get these HUD properties.

@John Moore

Thanks for the suggestions, I have already run comps, they are from $165K on the low side to $180K on the high side.

The color expert I had not considered, great idea, I just might have to look into that.

Thanks Dan, really appreciate your input as well. We were over at the house on Sunday and did discuss doing a chemical wash on the garage floor and then painting it, so that is right on the money.

I agree, all the bushes need to be cut back and perhaps some of them removed, if for no other reason, so we can pressure wash and paint.

Once again, thanks for sharing. I really appreciate it.

Thanks for sharing your thoughts. I have been looking online at comps that are for sale, but agree I need to go and walk through some of them in person. Kitchen and Baths are a must, paint in and out also. It has hardie board siding which is sort of a cement fiber mix, so it will be staying, just becoming a different color.

The windows are in great shape, other than the rear slider which needs to go.

I have several different thoughts as well, but curious to hear other input from more experience person than myself. Thanks again for sharing, I really appreciate it.

One final thought, in your market, how much to you think you would have to spend to get it to a ARV?

I have a property I originally got with intentions of wholesaling, but as fate would have it, I found some "money" partners who have agreed to back me on this adventure. So my wholesale deal is in the process of turning into a Rehab project.

It is in a very nice neighborhood southwest of Gainesville. I don't want to over improve it, but likewise I don't want to under improve it. Here is a link with a ton of pictures I've taken of the property.

https://www.dropbox.com/sh/nps80nh9scil5uh/9KkyHNboCt#/

I would love to get some feedback from any of the more experienced rehabbers out there.

Thanks in advance.

I've been on bigger pockets for a little while now, and decided it is time to get a bit more active in the community. I'd really like to know if there are any like minded people out there in the Gainesville-Jacksonville FL area. I work both areas and many others throughout the state.

I like to start networking in these two areas, since they are both geographically user friendly for me.

One and the same, as I have always understood it.