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All Forum Posts by: Joe Curry

Joe Curry has started 5 posts and replied 11 times.

Post: First Flip and having a hard time finding contractors

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11

@Allen Tracy I’m not sure how to send my info on this platform. Is there a message board somewhere.

Post: First Flip and having a hard time finding contractors

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11

@Remington Lyman how do I send info on this platform? I can’t post my phone number or email. Is there a message board somewhere?

Post: First Flip and having a hard time finding contractors

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11

@Michael Bennett pm me on Facebook. Joe Curry. I can’t post my number on here. I have a crew that works for myself and investors only. We are about a month out right now not sure if that works for you timeline but I also have a cache of sub I use. I am a licensed contractor in Columbus and insured.

Post: Fix and flip property

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $2,000
Sale price: $81,000

Wholesaler brought me this house. Only light repairs needed. FHA buyer had to wait 90 days to close again...

What made you interested in investing in this type of deal?

The numbers made sense

How did you find this deal and how did you negotiate it?

A wholesaler friend of mine brought it to me. I did not negotiate. It was a solid deal, I paid the man.

How did you finance this deal?

Cash

How did you add value to the deal?

Paint, siding and roof repairs. Minor work. 3 days with my crew

What was the outcome?

Sold on the MLS

Lessons learned? Challenges?

Give me more

Post: How many rental properties do you own?

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11
10 units, self managed. I have a contractor take care of all of the maintenance and any rehabs. I also have someone place tenants and pay them a set fee. I collect the rents and handle accounting.

Post: Vacation rental info

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11
I'm in Myrtle Beach this weekend with my daughter for a softball training/tournament. While walking to a local venue I came across a 5 unit apartment complex for sale by owner. Naturally I called to inquire. He was close by and stopped to show me the place. Nice units, well maintained. $450,000. Currently rented monthly for $700-800 per unit. I asked about weekly rentals and he said he tried it but it was to much work. Running some numbers in my head I figured I could net somewhere around $1400 each unit during peak season by renting it weekly. I ran to a local real estate brokerage (JP Real Estate Experts) and talked with Jerry the owner. Great guy who gave me great insight!! Jerry is also an investor and quickly and candidly explained vacation rental properties to me. He first stated that the property I was looking at was not zoned for short term rentals (did not even think of that) he went on to layout a lot of great info for me. When purchasing in vacation locations it is often better to purchase a one bedroom unit if you are looking for cash on cash return. (Which I am) He stated this was because it is easier to rent all year round rather than having 2-3 bedrooms which rent primarily when kids are not in school. Makes sense. Invaluable insight for me. Also he talked about HOA fees. This is key. One to make sure that the HOA company running the building you buy into is on the up and up. Some HOA's are delinquent because of tenant non payment some are in litigation and others are just poorly managed. This is where finding a local PROFESSIONAL real estate agent who know investments will save you lots of $$$ from making a bad purchase. Also make sure you know what the HOA fees cover. He said some HOA fees in this area are $600 a month!! But that covers all utilities, cleaning, building care, pool maintenance and so on. He really gave me great info on vacation rentals. HIGHLIGHTS- 1. work with a knowledgable real estate agent. Preferably an investor 2. One bedrooms are good for year round tenancy 3. Be conscious of HOA's Sorry for the long post but it was great info...

Post: Share Your Success! Pics, Flips, and $$$

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11
My most recent flip was a 2 bedroom, 1 bath home in central Ohio just north of Columbus. I contracted the job but subbed out all of the work. Purchase price- $11,000 Rehab- $39,000 In contract for $69,000 Net profit- $16,000

Post: Brining in outside investors

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11
Already answered. Couldn't find earlier post

Post: Brining in outside investors

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11
I have a handful of people that have approached me about investing with me in real estate. I think this would be a great avenue for me to grow my business but I'm not sure how that partnership looks. What is an average ROI for investors? Is the % on an annual basis meaning a 6 month term would only pay for the time used? Does the % fluctuate deepening on amount invested?? Any advice would help.

Post: What percent do you give your investors?

Joe CurryPosted
  • Real Estate Agent
  • Newark, OH
  • Posts 13
  • Votes 11
I am contemplating bringing in investors to reach another level in my real estate investing. I do not know much about how to structure deals with outside investors. What is an average ROI for them? Does the % fluctuate with amount invested? Is the % on an annual basis so short term loans would only pay for the term used or is it a flat fee? Any info would help!! Thanks