All Forum Posts by: Jason Davis

I am on the island with Manesh. You learn by doing. For $12k you can mess up several times and still save a lot of money.

$12,000 ???

I was thinking the same thing. Make sure what is there is in decent shape. The blast could have shaken everything loose. Make sure the city or county will allow you to use what's there.

I agree. You learn so much just being there. A few years ago I would never have done the things I did on my flip. Now I am looking at trailers to carry all my tools. Loving it!!!

I just networked with Realtors.

I am not sure how I met the buying agent. The house was not listed on MLS. The city of Richmond owned the house.

There had been a fire in the bathroom. The owner had already moved out and moved to Baltimore. Her two late teen sons were living there and I am told were involved in drugs. The fire started hen the boys were " cooking " drugs in the bah room. Per the neighbors. After the fire the mother got the insurance money and instead of repairing the house she took the money and went back to Baltimore. Whn I first had the house, the sons were still parking out front at night selling out of their cars.

I have a hard money loan on the house.

When I bought it the bathroom was gutted. So it was a 3 bed NO bath. It's now a 3 bed, I bath. My agent who also flips thinks we will be fine. Comps are higher and not as nice.

22 days on the market.

I bOught it for $31k.  I put $6k as  down payment 
Used HML and got a 10k construction loan from HM lender. I owe the HML 37,500.

I have an extra 3 or 4 in it.

Listed it for $100k, ten days later lowered it to $94,900.  At both listing prices I offered to pay $3500 in closing cost.

Offer was $94,000 and I am paying $3,500 in closing. She asked for additional shelving in the laundry room and a new peep hole.  Think I can do that.

Profit should be $40+

I am very pleased.
:lol: buyer is pre approved for loan and grant money

You know my flip is in south Richmond. You will hear nearby streets on the nightly news. When I was looking for my first flip had a realtor give me directions I was nervous. But remember you make your money on the buy. I can say I now fully understand this. I would have no problem buying a rental on my block. Three blocks over it's different.
I have learned from my Lender, buying realtor and now my listing agent, it's the deal. I bought it right.
I worked my neighbors for lack of a better term. Two have my home number and they watched my property for me.
Good luck, contact me if you want to get together.
Jason

I believe there is a definition of a Real Estate Investor from a tax point of view. I believe it involved number of hours of works as an investor per week.

My own opinion:
I have owned 4 personal residences. This does not make me an investor.
I have one completed one flip and have it on the market. I did this for a profit. I think I am an investor based on this.

Not sure I will fit the tax code definition.
.

Vic, I agree. I got this house for 31k. I will make more profit on this house than it cost. That and knowing I turned an uninhabitable structure into a wonderful home for a grandmother and two grandchildren is a great feeling. I had a budget and well I stand on budget but I did over improve for the area, it was wonderful to hear her experience when she first visited the house.

I enjoyed my experience in the area.

I will post about my sale after I get the contract in writing.