All Forum Posts by: Jim M.

You said there was a legal railing.  How did she fall and do you think you are at fault?  I'm realizing as I'm writing this that you probably shouldn't even answer that question.  Talk to your lawyer...he she will advise you.

At the 140 per sq foot mark you have a nice deal.  At 120 per sq foot you do not have a nice deal.  Don't undersell your property either.  I think at 140 sq foot your list would be about 210k, maybe try listing at 199k to get some interest?  

You mentioned the the home next door...whats the condition of the home?  If you have new construction selling for 140 sq foot then those are your comps.   

So your argument is that you don't want to make more money cause it would involve more taxes and hard work. ok.  in the 3 years you've held the property you've made 85k.  Doing two of those deals a year flipping you could have made 180k which could have been put as a down payment on roughly 600k worth of rentals.  Doing rehabs is like any other business.,,building a product and selling it.  

@Jake Thomas 

 Gotcha.  I've never had to replace a septic system before.  Looks like this is a pass for the moment.  You might find she comes down though as she sits on the house.

Did you offer to split the cost of the septic with her?  Even with the cost of the septic I'd still do the deal especially if you can get it done under 10k.  Look more into the septic cost and see if you can hammer down that expense.  Although I'd start wondering what other issues are there that you haven't seen yet.

How about a line of credit from your local bank?  Could you get something for 10-20k and use that to pay your subs until you get a draw?

I'd stick with the conventional as well so you leave that loc open for other deals or even emergency cash.

Well, you need to make sure the wholesaler knows what they're doing.  I've had wholesalers contact me but in the last four years but have only been brought one good deal I think You need to verify all numbers on your own cause you can't just go back to the wholesaler for your money back.  Find a good realtor who has experience with rehabs, then a contractor.   

Yes, unfortunately its overpriced if sitting that long.  With that small of a market that is a tough sell and that median income is tough.  Owner finance? 

There is a property here in Charlotte NC. I have 4 projects going on in Charlotte NC right now. One new build, 3 rehabs with ARV's of 550k, 850k, 1.2 mil, and 330k. I have used up my current line of credit with my private lender so looking for an investor.

Purchase-180k

Build cost-185k

sale-          500k

commissions- 30k

other costs 10k

profit of roughly 95k  

There is a current home that would be scraped and a 2200 sq foot, 4 bed,  3 bath house would be built .  I have a new build going on in this neighborhood that I just put on market last week.   

I'd love to hear from you guys on this!