All Forum Posts by: Guillermo Oyola

Thank you all for the responses and feedback. I definitely want to build relationship with trust, honestly and transparency.  Luckily, my realtor knows the contractor very well so she also is helping me with working with him and to get job done in time for listing. 

Another option to finding heirs is using skip tracing like IDI core. It will list names of all the owners (heirs) and you can get phone numbers, emails and addresses. Something else to watch out for on blighted homes in N.O. is code enforcement liens as well as back taxes due. Make sure you due your due diligence before even contacting the owners. 

Right, I see what most of you are saying about possibility of compromising quality and rushing. I think I will not mention about bonus or incentive before hand. If he does finish early and not go over budget, then I will consider some sort of bonus or gift of gratitude. As I mentioned, I want to build relationship with trust and transparency. I want to eventually have the people I like work exclusively for my flips. 

What are your thoughts on giving a contractor a bonus for finishing a job well ahead of schedule and not going over budget? This is someone that I want to continue to work with and build a relationship. They also are vetted and highly referred by trusted realtor close to our family. I really want to motivate to finish earlier on a flip, so we can start looking for next property.

It's been awhile since I started this thread and I just realized that I have done it lol... I recently closed on double cash out refinance on both of my rental properties. I'm glad I waited till now, since interest rates came down much lower than when I posted this. I did cut my cash flow nearly in half from 818 to about 415. Thats okay, because the cash I took out of both properties I will use on fix and flips. 

I highly recommend cash out refi if you have good amount of equity as I did. Use the cash grow your REI.

Happy Holidays :)

For me, my goal for 2021 is to make 100k in profits by doing 3 to 4 flips. Currently have my first flip under contract and should be closing this week. 100k in profits might not seem like whole lot, but its perfect for me because I have full time well paying job. 

Wishes everyone the best for 2021. May all your goals be reached and achieved. 

Hello BP, could anyone please share with me some tips and advice on what should be included on a GC agreement? I'm getting into my first fix and flip and I want to be sure I get the work done in a timely manner and all is covered. This will be a single family home in central Florida about 1446 sq ft. It will need full rehab and maybe even new roof. Property is distressed. Thanks and Happy Holidays. 

Be careful with New Orleans. Just be sure to get with someone who really knows the local area and neighborhoods. The city is really block to block. Two houses on the same street, but 2 blocks away can sell for drastically different prices depending on the block its on. I'm sure @Braden Smith can help you find something to work with. Also, keep in mind this part of Louisiana has extremely high insurances because of flood elevation. It can really play a role if you are flipping or even BRRRRing the property. Due diligence is key. 

I've read and also heard people talking on BP podcasts that finding a deal where the numbers work is critical.  Depending on the market, it could be one of the hardest parts about REI.

How much equity should the person that found and brought the deal to closing, get on a fix and flip or even buy and hold? If only finding deal and putting up no money, what is reasonable percentage?

Originally posted by @Brett Murdock:

@Bob Norton I find many here in south Mississippi

What part south Mississippi? Gulfport-Biloxi?