All Forum Posts by: Jim Bruggenschmidt

Thanks for your input Mike.  Of the list you presented, what strategies would make your top 5?

I often read stories about real estate investors flipping 25 to 30 properties per year.  It took me 3 months to find my first property to flip.  How can I reduce the amount of time it takes to find a good property to flip?

I appreciate your feedback Charlie.  This is not a high end property but it should look very nice when the renovation is complete.  I am not sure if staging will make or break the sale of this property.  Nonetheless, I want to give myself every opportunity to get the home sold quickly.  I will do some staging because I know I will regret it if other people tell me I lost opportunities by not making the effort to stage.

I also want to thank John and Marni for their input.  This is a small 2 bedroom house with 1,100 square feet.  Therefore, a small amount of staging should go a long way with this property.  At the very least, I know I will stage the kitchen and bathroom.  I may get some input from a designer to make sure it is done right.

Thanks for your input Kellen and Jesse.  I must admit, the before and after photos from Kellen are very impressive.  I can see how a well-staged home provides extra "warmth".  I know this is important when people are touring the property.

Thanks very much for your response Lou.  Using towels and rugs sounds a lot easier than renting furniture.  Likewise, I am sure it will be just as effective.  

These are great ideas that will save me time and money.

Here is a question I have for investors that flip several properties per year: Do you "stage" the property before you put it on the market? If so, do you rent furniture for every room in the house?

I formed an LLC approximately 3 weeks after I purchased my first investment property. It cost about $83 to apply for the LLC and obtain the certificate in Indiana. I was able to accomplish this by filling out the forms online.

Regarding sheriff's sales, another option is to bring one cashier's check for the maximum amount you intend to spend on a particular property. Let's say your maximum is $40,000 and you are successful bidding at $35,000. They will take your $40,000 cashier's check and send you a $5,000 refund via U.S. mail within a week of your purchase. In other words, you will own the property the minute your bid is accepted. Here is a word of caution about sheriff's sales: It is important to do your homework before you make a purchase because the property may have liens attached to it.  As an example, there could be sewer liens or bank liens attached to the property. You should be able to find out if liens are attached by asking a title company to do a preliminary search on the property. This will cost money but it is well worth the investment to avoid buying a property that has multiple liens attached to it. In some cases, these liens will cost several thousand dollars in unexpected expenses after the property was purchased.

Investopedia does a good job of explaining the term sheriff's sale:

"A term used to refer to distressed public property auctions. Sheriff's sales is generally the last step in the foreclosure process after the homeowner has exhausted all his/her options to avoid defaulting on a mortgage. Once the borrower has defaulted, the lender will file suit in court to recover its loan loss, and if the court awards a judgement, the property will be scehduled to be sold at a public auction". 

Read more: http://www.investopedia.com/terms/s/sheriff-sales.asp#ixzz3bGeSVMaw