All Forum Posts by: Josh VanSetten

Well, we have had a busy spring/summer. Closed on our first flip and came out great! Found give good deals four of them off market. One of the off market ones we found through driving for dollars and a direct mail campaign. The homeowner and my company signed a purchase agreement back in May and we were set to close on June 20th. We went in and signed but the out of state owner has not gotten around to signing yet. She said she was going to meet with a notary yesterday the messaged she was going to have her "guy" look at it before she signed. We are even paying half of the prorated taxes which is only 800 to smooth things out in her mind. I think it will still close but was wondering if anyone had a similar experience as this and what one can do to nudge her in the right direction, which is fulfilling her responsibilities laid out in the purchase agreement. Also the day we closed on our end we got a roll off dumpster there and did a fair bit of clean up and even ripped out the carpet. The place was a mess with lots of stuff and filth left by the former tenants. May have jumped the gun a bit, but we will learn from that! Lets hear some feedback or some similar stories. Vent away

Floor scraper will get most.  Pliers for rest

What is your current living situation?  Could house hack if you are currently renting. 

ONX maps is an easy way.  Not expensive for a yearly subscription.  You can use it on your phone, like a gps map, turn on landowner information and it will list the owner.  Click on the parcel and it will bring up tax address.  Works great in montana.  Might be $30/ year.  It was developed for hunters primarily but works really well for this. Here is what it looks like on the gps view and when you select and swipe up on parcel.

Thank you all for the input.  The private investor and I came to an agreement on terms that are more on the line of what you all were thinking.  It happened a little late because this house went under contract before we got our ducks in a row.  That's ok, we now have terms set that will allow us to move more quickly on the next one.  Now I have to get to work and find a deal.  

Great feedback thank you!  I will definitely do a double check of my numbers and make sure I am not missing anything.  

Labor is figured into those numbers. Probably about 35,000 in labor costs.

I stumbled into my first rental 7 years ago and had only that one till two years ago.  We are now at 6 sfh rentals.  In the last two years the biggest thing I've taken away is to have good screening process.  The process we have set up is maybe a pain to go through fore and the tennant but it always has paid off.  Cozy is invaluable for collecting rent and automatic late fees takes any chance of emotion out of it.  We set reminders to go change furnace filters and check the unit regularly, and respond to maintenance very quickly.  Our turnover is great.  Those are the biggest things I wish I'd have known earlier.  I am out of Choteau just NW of Great Falls.  

I am looking at a potential flip project where the purchase price is $40,000-50,000 funded by a private investor and a rehab of about $70,000 funded by my company who will also be doing the work and managing the project. The construction company (us) will be doing this at cost with no profit till the end. What would be a fair split of the net profit. Looking at $170,000 ARV. Thanks for any input.

I am an investor in north central Montana and have had good luck in great falls and the surrounding areas.  Deals are a little harder to find because of low inventory.  The air force base is a big part of great falls, looks like enlisted #s around 3200-4000.  Another big thing is the hospital system.  GF has the only major hospitals in north central Montana so patients from a large area go there.