All Forum Posts by: Jon Franke

Looking for a quality exterior painting recommendation in the Cincinnati, Ohio / Dayton, Ohio area that you have had paint a house and find to be priced very well.  Thanks for the help!

I am beginning a property evaluation (flip) for a 1900's home that is foreclosed (4 bedroom 2 bath 2 story farm like house with 1.25 acres). The home has been on the market for a year and a half in a good market, so my guard is up already. That being said, the initial pictures looks manageable and the house on the outside looks decent. My question is this...the listing says the house is cistern water and septic tank. I usually equate the two, especially with the age of the home as negative. The numbers still seem like they pass the initial eye test. Current ask is $60k, which $50-55k is probably realistic. I haven't run comps, but using Zillow (which yes I know is a ballpark) the house is worth up to $160k in a solid school system area. Even at $135-140 ARV and assuming $25k renovations before considering the sewer and water line...that leaves a solid profit for me. Assuming after further research the city water and sewer are options...would this be a smart property to pursue? This is a possible large undertaking so looking for experience and/or advice. Any help is appreciated!

I am beginning a property evaluation (flip) for a 1900's home that is foreclosed (4 bedroom 2 bath 2 story farm like house with 1.25 acres). The home has been on the market for a year and a half in a good market, so my guard is up already. That being said, the initial pictures looks manageable and the house on the outside looks decent. My question is this...the listing says the house is cistern water and septic tank. I usually equate the two, especially with the age of the home as negative. The numbers still seem like they pass the initial eye test. Current ask is $60k, which $50-55k is probably realistic. I haven't run comps, but using Zillow (which yes I know is a ballpark) the house is worth up to $160k in a solid school system area. Even at $135-140 ARV and assuming $25k renovations before considering the sewer and water line...that leaves a solid profit for me. Assuming after further research the city water and sewer are options...would this be a smart property to pursue? This is a possible large undertaking so looking for experience and/or advice. Any help is appreciated!

 Sean:

So is financing limited to Craftman's properties only?  

Just to throw out a little bit more beyond my initial post... I am really interested in investing and like I said I had to change the direction of my first home from foreclosure.  I have a finance degree and full time job as an analyst and have always done my own stock investing, so numbers are my thing.  I spent a year and a half, before closing on this house doing market research, lining up contractors (have good ones for everything but general and electrical...didn't have the best experience with the two I used on this house), and making offers and luckily closed on this 4 bedroom 2.5 bath two story after missing out on 4 previous homes.  Have discussed investing in southwest Florida with family, but they are taking way to long to be ready and any attempts to line up a partner(s) out of my close trusted circle (who have funds to actually invest) fails whenever I have found a property and needed them to commit.  So....I am in the infancy of trying to find alternative funding, and found BP.  I am picking up how important it is to network, and learn from those that have been in the trenches longer than me.  I learned a lot from my first house, but still have a continual education to get.  So funding, partnering, learning, etc. is where I am at.

 Sean:

I sent a connect request.  I think i may get your emails from Craftsman Properties right?  Would love to chat more and learn.  Especially any tips on finding funding and/or partnering on flips.

 Sean:

I sent a connect request.  I think i may get your emails from Craftsman Properties right?  Would love to chat more and learn.  Especially any tips on finding funding and/or partnering on flips.

 Ben:

Would love to connect and pick your brain...learn from you...and the types of off market deals you find, etc.  I will send a connect request.  I more than likely can currently fund any rehab of a property, but am working on finding funding sources for the buy.  

 Thanks Chris!!  Much appreciated.  I will check out the podcasts!

I am somewhat new to investing.  I have one home I currently use as my home that I purchased from foreclosure in an upscale Greater Cincinnati neighborhood.  My intention was to flip, but the birth of my first son changed that plan for this house at the moment.  I am looking to get moving on further properties and was hoping to pick the brain from other investors in the general area of what experiences they have had getting started, what struggles they overcame and how, along with any general current market information that would be helpful.  What has been your best way of finding homes to flip or rent (where you are not at full market value from day 1).  Any networking is welcomed as well!