All Forum Posts by: Derek T.

Thanks Mark.   Yes primarily PG County and this flip was in Upper Marlboro. 

No problem Jonathan, just sent. 

As long as the check is coming in,  I wouldn't mind too much.  There's a grace period so in their mind it isn't really due until that day.  

On a separate note,  I wouldn't have them delivering the check to my house in the future and personally wouldn't disclose my address.  With the other stuff that,  that's what comes with the territory really with rentals.  You could hire a property manager to be a step removed. 

Thanks Henry,  Darnell,  Sri,  Kevin and Neema. 

Kevin, yeah I didn't price it beyond the comps just right at the top.  If I would have priced it at $325k I would have found a buyer eventually but might have had a problem with the appraisal.  As I stated earlier,  either me or my assistant meets all of the appraisers and we give them a list of comps that we think they should use.  We never had any issues with appraisals and 9 times out of 10, they use our comps.  We do the same for BPOs on short sales and I firmly believe it makes a difference. 

Thanks all! 

Jonathan pm me and I will send you what I used. 

Thanks Andrew and Fene.   I only took 30 professional pics and most are on this thread but if you want pm me and I can send you the address of more pics.  The only other pics I have is the during rehab pics. 

Thanks Mike. 

No problem Robert.  Here are the answers.......

$140K and sold for $300K?            Yes I bought it for $130k and sold it for $300k

You mentioned finding it on the MLS....I find ALL of my flips on the MLS. Was it bank owned, estate, Fannie, Freddie, HUD? I bought it as a REO from Freddie. Someone backed out because of major foundation problems so the agent called me. The major problem was a $500 rotted out column that supported an overhang. Replaced it and sistered the joists and certificate signed off that it was good to go.

What was the original list price?           $150k

How many days on the market before they accepted your offer?        I can't remember exactly but it was only a few days, maybe a week.

Is $300K at the top of the market for the neighborhood?          For that style house it is, however colonial houses go for low 300s and new construction houses for 450ish. 

Do you feel like you made your money on the purchase price or value you added?....or both?         On the buy.  Even if I would have done a more inexpensive rehab and sold for less the margins would have been similar. 

The one way I know to change her mind is to show here!  Do want you want to do (its your money you saved it up), then when you start bringing home checks, she will get on board.  Happened with my wife.  Now she wants to design, decorate, runs my errands, and everything.  

Disclaimer.......Don't waste away the money.  Do you're due diligence.   You'll never hear it down!!

@Jared Lichtin You are right.  I'm not a big social media guy (just got on Facebook last year primarily for my investment stuff).  My FB page and websute needs help but that's not my cup of tea. I'm thinking of having my assistant do it or bug me enough to update or blog but she's not into it much either.  But that's a great idea and something I have thought about.  Definitely need to find a way to get more of a web presence. 

Thanks Nikoletta, it will come soon.  Keep learning and grinding.