All Forum Posts by: Jared Lichtin

I have been flipping houses (part time, while holding f/t job) for a few years now and would like some input on investor returns.  For instance, right now i have a 75k remodel that I have done all the research, getting quotes, talking to my contractor, negotiating w. agent, signing contract, etc.  My name is on the title, and I plan to market this one myself, show it, and sell it. I have two investors pitching in 15k each.  I would ideally like to keep 70% of the profit.  In deals where you have investors loaning straight up cash, and nothing more, what do you offer on returns?  If I offer 15% for 15k, as opposed to 18 or 20%, is that fair?  Are mine good, normal, or worse than average?  I hope to make about 20-30k on this project.  Let me know what you think.  The deal is in Akron, Ohio.

I think in suburban Midwest areas you will see a lot of baby boomers still retiring or dying and that will still leave a good inventory of houses to rehab, depending on the market. I think interest rates will stay competitive, hopefully under 5%, and a lot of first time homebuyers will pull the trigger. I work in oil & gas and can see gas prices deflated for at least another year or more. So, I think a home will become more affordable. It seems less people are going FHA, and I think you'll see relaxed regulations from them as well as Fannie Mae loans available to investors.

I just looked online. I am not familiar with this area, but it seems like a lot of inventory, so I would pull more comps to make sure the days on mkt isn't so high. Not really sure who buys around there. But again I'm not familiar with this area. I'm in negotiations on a few houses right now. Pm me and i would be glad to discuss. My last job was a 60k remodel in fairlawn heights.

Dave, I live in akron and rehab homes here. It totally depends where you are buying. What neighborhood is it in? Are you planning to sell it or rent it out?

i mean, they arent terrible, but i took them w my iphone, lol

Also, @Jorge S. @Dawn Brenengen @Sam B. , i totally realize we dropped the ball on terrible pictures.  I just got so busy at work I never got a chance to get back to the property.  We are staging this weekend and I'll update with some better photos.  Might be hiring a realtor next week.  Thanks for the advice!

The cabinets were $6300 the granite was 3600 and with carpenters and blowing out that wall it was probably about 14,000

I reduced the price to 229k and am offering a $1,500 realtor bonus.  I am holding an open house Sunday 12-2pm if anyone in the Akron/Canton/Cleveland area is  interested in coming.  It should be staged by then.  Address is 435 Schocalog Akron 44320.  Hit me up if you have any questions, I wouldn't mind showing you around and going over my costs.  

Jared

Thanks all.. much appreciated.. @Jaclyn B. , the flooring is called premium porcelain.  Its available at home depot, about 33$ per pack, 8 or 12 in a pack, i forget..they are 12x24 tiles, color- BLANCO.

Craig, I lived in Houston 2010-2013.  I am fairly new at rehabbing and remodeling, but I will tell you right now that its all about your market.  Not really sure where you can find homes in that price range in Houston that would be worth your while.  There are numerous people on BP flipping in the 150k range because their market has an abundance of outdated/cheap houses, a stable mid-level economy with low crime & low unemployment, and a premium of buyers that want updated homes.  Great markets for this price range in the midwest, & south.. places like Tennessee & North Carolina.  Listen to some of the podcasts on flipping, it will help you a great deal!