All Forum Posts by: Jim M.

I don't like the term either but I don't chastise others for using it. I like to call it rehabbing or renovating cause flipping sounds like you do nothing to a house and make money. This guy had something else than milk in his Cheerios this morning.

The stock market has done well the past couple of years and people's portfolios have seen some growth. Margin loans are at an all time high and I'd bet there being used for real estate.

Hasn't sold yet. Listed today

Purchase was 67,500 and list is 289k. I don't like posting budget numbers but I'm happy with the numbers. If you're I'm Charlotte we can grab lunch.

Walnut house.

This is a home that is one of the more aggressive deals I've taken on. This was a short sale that I got under contract last summer. BOA took their sweet time getting it approved and we closed just before Christmas.

The home was built in 1948 up against the rear property line for some reason. I had a home mover move the home to the front of the lot in line with the neighboring homes. I also added about 300 square feet onto the rear of the home bringing it to slightly over 1500 sq feet. There was also a full interior rehab.

The house is finished and I have to go in and take some more pictures tomorrow after the cleaning is done. The house took quite a bit longer than planned due to weather and moving the home.

I'm a Buffalo transplant down in Charlotte and would love to network with some fellow Buffalonians. I'd love to hear about what you guys are doing up there. I follow buffalo rising and all the mixed use and condos going up in the city.

I look at like this. Say you own the properties for 15 years and you are getting $100 per month each home so $200. If you put that towards the mortgage thats a total of 36k. Now if you invest that money and get a 10% return over the 15 years that money will turn into more than 83k. What would look better to the banks? Especially if say you invest the money with one of their investment advisors. Which way would also pay your mortgage down quicker? Also, if ever you need cash for a major repair you can take a margin loan against the investments so you don't have to sell them and then you pay that margin loan back with the monthly cash flow. If you can get a better return investing the money than what your loan rate is at its a no brainer decision.

It is a sellers market right now and I'm sure you are seeing it when you go to sell one of your rehabs. In years past you would have accepted any offer inside 10% of your list whereas today I bet you are seeing full price offers on your rehabs. I'd bet that any buyer that submitted an offer on your property below list price only to be countered is saying the same things you are saying about the banks. They have an obligation to their shareholders and now that the banks are sitting pretty with cash reserves they can afford to wait on a buyer now. It's a different market.

You may not be able to tell but in the before picture the house is up on blocks. The home was built in the rear of the lot so we made the decision to lift the home and move it to the front of the lot and line it up with the other homes on the street. We also added 250 square feet and did a full renovation inside. The house is going on market tomorrow.

Nice little flip I did last year.