All Forum Posts by: Jim Cran

@Jeff Brower: house is in Lakewood as all our flips have been so far.

@Ray Lai @Henry Omenai: absolutely! Always looking for good deals. Starting flip #5, this time in Bay Village. Not sure how to add you as a colleague (newbie-ish) but will do my best!

Thanks @Brett Snodgrass!

Purchase: $84.5k

Reno budget: $52.6k

Listed @ $189k; 10 offers in 24 hours = bidding war!

Sold @ $201k

BEFORE/AFTER PICS

Kitchen:

Living room:

Dining room:

Looking for a good real-estate savvy CPA in Cleveland. Flipped 3 houses in Cleveland and sold CA rental in 2016. Please and thanks!

@Sandy Pinali Thanks Sandy!

@Eric P. this will be our first full year of flipping so the tax question is hard to answer with 100% certainty at this point but on average, pre-tax $45k; post-tax we've been calculating about 35% for the IRS. From acquisition to sale (including buyer escrow), turnaround has been 5-6 months. I have a full-time job so I expect that to come into play in terms of tax write-offs. Wife manages the day-to-day of the flips. Does that answer your question? 

@Eric P. Thanks Eric! SFRs are relatively quick ROI; we are trying to buildup MFs to establish cash flow. Would love to divorce the corporate world on my 50th birthday. :-) Why do you ask? I'm very open to suggestions from the ultra-knowledgable BP community.

Hello BP Cleveland, OH community! My wife and I are in the middle of flipping house #5 and so far, so good (knock on wood)! We've purchased most from a RE agent/friend off the MLS to date which has been profitable but not quite as good as we we'd like.

Also, we have begun to establish cash flow by purchasing our first duplex (in Lakewood).

Jim & Mehri

Before/after of our 2nd flip: