All Forum Posts by: Jeremy Davis

@Karin Crompton

That is exactly what i would do. send them a list of the work done and the name of your GC that was used to supervise the rehab. And i don't know if the GC did or DID NOT give you a break down of all the pricing.

Hmmm that is very interesting! I am working with a FHA 203k Rehab right now for one of my clients and we have to give a list of work and price quote to get the loan but the sellers have nothing to do with that. If you have already closed it should not matter as to what you spent as long as the house appraised and the FHA inspector/aprraser blessed off on the house!

First and foremost thank you all for the reply! You all kinda touched on my thoughts of this. I honestly am thinking of offering 60 and just seeing what the bank says. i know the highest and best i could go would be 75 but we all know anther 15k in my pocket would be great!

@Bryan L.

@Bryan L. Yes i am aware of the 70% rule and am following it :D i have already comped out the house. and if i get the house at 75k after the rehab i will be close to 70% into the house. i would have around 95k into the house and the ARV is 130k so i would be a little over 70% ( 73% so u don't have to do the calculations ) but as i am able to finance it with out lenders i don't have to pay points/interests so it makes my profits a little larger so i am able to move the 70% some if needed to make the deal work.

So how low is to low when making a offer on a bank owned property? some basics that i am working with right now, the property is listed at 85,000 and i know i have to get it for a min of 75k but i would love to get it for less. does anyone have any experience on this? how low do you normally go when starting to make offers with the bank? is it a % of the price? and ideas would be awesome!

@trevor rutherford In ohio you have to work under a broker unless you become one! no you don't have to work under anther agent when you are a new agent unless the broker you pick makes you. that might be something to ask them when you interview with them tho.

Hello Anthony and welcome! As a local investor in the area i would like to invite you out to the monthly meeting we just started last month at yogis bar and grill in dublin. the next one is may 12th i believe, it is free and just a group of us who network and drink a beer or two. but a lot of good people where these last month I'm sure it will continue to grow and be a great tool for you!

As far as wholesaling goes, I personally love them! sure they are going to give you the numbers they come up with but lets be honest when a used cars sales man tell you his 1990 ford escort is worth a million dollars to you trust him or do your own research? If you trust him then you sir are not going to be very good at rehabbing houses.

Tax lien buying is interesting i have read into it some but i know here in ohio we have a few more complications then some of the other states make sure you do your homework here. also the laws change from county to county.

To have a active license yes you have to work "under" a broker but you do not have to work with anther agent. As a agent you are a independent contractor you make your own deals and work when you want. your broker can give you certain rules to fallow but most everything is left up to you as a independent agent. perfect example when i go to a listing appointment my brokers general rule is we will not accept anything under 5% commission. On the other hand i know agent that will charge 7% because they feel that they are that good! I hope this helps and if you have any other questions feel free to inbox me!

Just curious if anyone uses a software the estimates the repairs for a rehab. I was at a seminar this past week for flipping houses and they gave us a preview of the software they use. Basically it was a break down by room so ill us a bathroom as an example. You would go into the bathroom look around and say yep the toilet needs replace so you would click the bathroom tab click on toilet and hit replace the program then used current home depot price for a toilet then added in the average price for a plumber to come in and install one. then you could go on and add a shower mirror vanity ect ect. Anyways if anyone uses anything id love to hear what and what your thoughts on what you are using are. good bad or indifferent.

I know a few guys who do pretty good jobs. what are you needing? are you needs a whole house redone or just some plumbing? maybe a little electrical? let me know and ill inbox you some numbers.

Awesome and Welcome! hope you enjoy the forums and reading all the great info here on BP! I am also a realtor in the columbus area if you need any advice id be more then happy to help you with some of the paper work here in Ohio. But this is a great site and a lot of really kool people.