All Forum Posts by: Jarett Cory

Found out what's going on. I had a chance to to crawl around a bit and the foundation is completely trashed and the house is going to have to be torn down. On to find the next possibility!

Frankly, it's likely to sell for $280k. The $250 is really me padding for worst case scenario.

Also, with the repair figures, I'm trying to account for surprises. I know it will need two new full baths and a new kitchen. The partner I'm working with is going to do most of the interior work himself which will help reduce costs.

So I've been looking around for properties to start getting into flipping and came across one that is very intriguing. It's bank owned that I may be able to pick it up for $100k. I'm looking at $60k to $70k in repairs and expect it would sell for between $250k to $280k.

I have a contractor that I can go in with as a partner to do the work/manage subs.

Would anyone have recommendations for lenders as well as any pitfalls I could run into?

Thanks!!

Not to hijack the thread, but I'm curious what you all would think of the turnkey options against a specific situation.

I'm working part time and getting ready to go back to school so my income is limited. Three years ago I lost my house to foreclosure in CA and moved out to Austin. With the foreclosure on my record I can't get a loan until May at the earliest based on the foreclosure and with my lower income from going back to school could be tough even after.  That plus the cost of real estate in and around Austin make it difficult to get a foot in for investing.

All that said, if I can pull out $13k from selling stocks, should I consider buying a property in St Louis (neighborhood depending) for around $30k - which would net $500 a month (after tax,ins, capx) - putting the difference on balance transfer credit cards?

Thanks in advance!

I figured there's a reason the prices are what they are but hoping to get an idea of neighborhoods that may be on an upswing.

Thanks for the heads up!

Hi,

I'm interested in looking into Cleveland and trying to figure out the areas. 

Does anyone have feedback on the Hough, Fairfax, and Central neighborhoods?

Thanks in advance!

Wow, Shane, sorry to hear that. That's crazy. Not dealing with the same guy it sounds like, actually talking with an agent up there.

Jason, thanks for the input. I'll have to look into Kansas City. I'll message you.

Hi folks,

Just wanted to see if anyone has experience in Emporia and could give some insight as far as do's and don't's. Or if you have experience there if you might have good contacts with contractors.

Any info would be GREATLY appreciated!!!

Thanks for the reminder! Factoring in capex at 10% the monthly income should be $439.

Does this look like a good opportunity to you?