All Forum Posts by: Jason Kim

Hello BP members,

I'd like to know which companies make good basic entry level quality kitchen cabinets for it's price, quality and colors and around how much will it be? Kitchen size will be around 10x10.

And where do I find a good granite/laminate countertop company where I can buy it cheaper than noraml price?

Thank you in advance!

BTW.. I do agree with most of you and got the clear point on some of the reasons why borrowing money is better, but at the same time I am a little skeptical about the profit(not that I'm trying to make ton of money on my first deal) that I can make for putting all the time and money on the flip side..

Thank you!
Jason K.

Thank you all for your replies..

The loan which I can get is a secured consumer loan and unfortunately my company is not able to get a loan yet because it's a new company.

A. I've read somewhere in this fourm that there are some people who were able to get a business loan even though their company is fairly new. And how is it possible and what is the best way to approach to the bank to get an approval?

B. And when figuring out a number for MPP(Sales Price – Fixed Costs – Desired Profit – Rehab Costs), within that Fixed Cost does it usually cover the cost of the interest fees if some or all of the money was borrowed from the bank? I don't have a RE license right now and the tax is about $5,000yr where I want to purchase..

Thank you in advance!

Hello all,

I am going to be buying a house to flip within a month or two but before I start I would like to get your opinions how to use "Our Money" for investing in real estate.

Me and my wife currently have 65k in our savings and would like to use it to start our RE flipping business. She will be still working at her company(nets about 2500/month), and I will be working part time(will net about 2000/month) at my current job and part time working on RE acquiring properties and will have GC to manage the project full time.

We are going to buy a SFH(30-40k) and the cost of the rehab will be about 20-30k. I've talked to one of the bank and they have qualified me to get a loan of 30k(can be used for rehab), but I'm not sure if it's better to use bank's money with all the interest fees or just use my own cash if I have it.

We don't have any kids or debts to pay on a monthly basis except our rent and car payment and regular monthly expenses which can be covered by my wife's and my current income combined.

We are looking for the best way to get a good start of our business, therefore your suggestions or lessons or answers will be highly appreciated!

Thank you.

Hey Josh good luck with this competition and I'm #12 on this vote.

Thank you Jason for posting that up. The cost is bit more than I expected but you're saying it would be worth the money and I respect your decision. I believe adding the granite countertop can definitly be one of the fast selling reason and I would add it regardless of the competitors around the block. Good luck with the rehab and hope you would post the progress soon. Thanks.

Thank you for taking your time Brian. After reading your reply, I am understanding better and I should persue to find that agent now.

J scott thanks for the reply,

J, I can totally feel the efforts that needs to be put in order to find the right one from Craigslist(I've bought many things from it and it's always like that). Sometimes the options are just too many and sometimes it does take up alot of time to find THE ONE. I can see that there are many positives of staging the house when flipping houses but also there are extra works that needs to be pushed in order for the house to get sold in faster time. Seems like staging home is something that really helps the house to get sold and it would always bring positive feelings to the buyers. But at the same time it may need some sort of system that would make things Less Hassle because of the size and the weight which can be a burden. I guess just like any work of business, the extra effort does and will always bring a better results at the end..

Sharlette, sounds like it can be less of work if it all works out. But I'm wondering how long you can keep those in the house for. And is there fees that you'd have to pay to them? or commisions that you get for helping them to sell? Just curious if there's any..
Thanks.

Thanks for reply J,

I see... It's interesting to know how you are utilizing those furnitures to sell your homes and also rent them out to people.
Do you consider them as an expense to your company at the end? or are you actually getting your money back. And do you charge your furniture when you sell the house with it?
Thanks.

I'm in a costume jewelry wholesale business and the price we sell to business owners has always nice discount for them to make decent margin. Back of my mind I'd always think that "there has to be a place where RE guys can get stuffs at wholesale price", but guess it doesn't work like that in this business.. guess everyone pays the retail price. Good luck and thanks!