All Forum Posts by: Ezra Henderson

I have a pretty big budget. I plan on painting the whole house, and replacing the doors. But I’m wondering if there is anything else I should do… like building a roof over the door or something. 

Thank you @Jay Thomas, I am completely remodeling the inside. It’s the outside I am asking about as it’s pretty drab and I’m not sure what to do with it. Oh, looks like the picture didn't upload:

Have you ever brought on a guest to the podcast but after starting to record with them decide they weren’t a good fit and the content wasn’t valuable enough? 

There are a few more things you need to account for then just purchase price and repair costs.

Closing costs: around $2,500

Realtor commissions: around $6,000

Property taxes, utilities, financing costs, etc. are going to be additional costs as well. 

So if you have a $100,000 ARV, you are probably looking at about a $29,000 profit if everything goes right. It never does :) just make sure your rehab budget and ARV are accurate!

I have not had any flips so far this year that went bad and I had to turn into rentals, but I know a bunch of people in my area who have. Primarily investors who were way to tight on their numbers, and did a terribly sloppy job on the rehab, and are now stuck with their properties that won’t sell. 

It varies a ton based on what all needs rehabbed, the age of the house, whether you hire out the work or do it yourself, how many of the big items need replaced (roof, windows, HVAC, etc.) the the location, the ARV, etc.

I have tried using the price per square foot method, but honestly my numbers are always far more accurate when I actually look at the scope of work and estimate the cost based off of what needs done. But using price per square feet can be an easy way to get a quick rough estimate. 

Gotcha. Thanks, that is helpful. 

Thank you guys! @Shiela R. do you ever offer to sell their property on market if they aren’t interested in your personal offer?

I am assuming some of you wholesalers/flippers out there are also real estate agents, or at least have an agent on your team… so this question is directed to you. 

When you are marketing (be it direct mail, cold calling, online advertisements, etc.) do you offer both your services as a cash buyer, and a realtor? I understand this can get a little bit messy, but I also feel like a large part of the audience my marketing reaches may not be interested in selling off market, but would possibly be interested in listing their house on the MLS. Part of me feels like ending the relationship because they aren't interested in an off market offer as a wholesaler/flipper is leaving money on the table.

If you don’t do this, why not?

And if you do, how do you do it? Do you advertise yourself as both a cash buyer, and a realtor? Or do you just wait for them to tell you they aren’t interested in your cash offer, and then tell them you would be happy to list it for them if they would like?

Thanks BP!