All Forum Posts by: Jim M.

Generally figure 10% off the top which includes sales commissions, insurance and other closing costs for the property. I usually come out a bit better than but thats a safe bet.

FHA requires two appraisals on a property sold within 90 days of previous sale. There is a 180 day rule if the property is sold for more than 100% of the previous purchase price. Appraisers are tough these days so when you take down a house you need to make sure there are comps in the immediate area that support your exit price.

expensive...145k and I got a good deal. I'm tearing down the existing 700 sq foot house.

About to start a new construction project and looking to come in at $85-$90 per sq foot. Sales price should be in the 475k range at about 225 per sq foot or so.

I use them quite often. I wish you lived a bit closer and I'd make the drive to get it! I make it the focal point of the master baths I do and they really are beautiful.

It depends. Houses are getting listed very high here in Charlotte right now. I'll put in offers where comps have sold in the past 6 months and with the offer there is an explanation. A couple of the houses the offer was accepted and the others got bid up by owner occupants who don't mind not having a profit margin. So, a list of what similar properties have sold for justifying your offer is what I would do. Start with your highest and best or very close to it.

Are you saying this is a duplex? Or two houses on one lot...one single family and one duplex? What do single family homes go for in this area? Like Bill said you could have a nice new build opportunity if the single family homes.

I zillowed it real quick and it looks like 225-250 per sq foot is what single familes are selling for in that area. I'm not familiar with Chicago building prices but if you're near 100 bucks a sq foot you could put up a 3000 sf home and be all in with the existing mortgage for around 450k or so and could sell for above 700 if done right or even higher depending on the location and lot.

I have a property under contract here in Charlotte and looking to see if I can attract a private lender.

This is a 850 sq foot home that I will be adding 1400 sq feet on to the home or more than likely demo and build new. The final product will be 2200 sq feet with 4 beds and 3 baths.

I am doing the home next door already which is a similar project but there was a larger existing footprint of about 1400 sq feet and we have added more than 800 sq feet up stairs and it will be a 4 bed 3 bath home when complete with detached garage(garages are rare in this neighborhood) We are almost framed up with shingles going on roof tomorrow and siding next week.

I have already done one home in this neighborhood one street over which was a total gut rehab. It was 2500 sq feet 4 bed 3 bath home with purchase to close under 6 months...the home was built in 1885 so it was extensive which caused the rehab to go a bit longer then we thought.

148k purchase price
190k budget
338k all in

arv 460-470

compt 5 doors up 2200 sq feet with 3 beds 2 baths closed 4-25 at 458k 2 days on market under contract 1k under asking price. With my house next door and two other homes on the street being renovated we believe we can push into the 460's.

I do have a hard money lender who would close but I am looking to see what private money is available here on BP. I have the home next door going and two others all funded by a private lender going right now. I can show before and after pics of other houses I have rehabbed over the past year.

Let me know what you guys think.

clawfoot tub and obviously a separate stand alone shower is what I do in my houses. The women fall in love with them.

Well if he is the executor he'll have to go down the the county courthouse and take care of the estate. Place the home in the newspaper and attempt to find heirs, creditors etc. If he won't go to the courthouse then you need to find the heirs.

500k is a big budget. I saw the end of one of the episodes and was shocked he spent 65k on landscaping. I guess he's taking the loss for this one.