All Forum Posts by: Jeffrey Turner

@Keith Bloemendaal@Karen Margrave@Brad H.

Thanks for the all advice! 

After this thread, we plan to require 3.5% ($10,000 on 279K) down and then money upfront for upgrades. 

We are going to list it ourselves for a few weeks and see what type of interest we can generate.  If we do not see traction, we will list with an agent. Drywall should be finishing around that time as well. 

In the meantime we plan to scout out potential agents in our area for this and future deals.

@J Scott

Thanks for the insight, I guess was thinking like an investor, not the everyday buyer we are targeting who uses traditional methods to find houses. First investment optimism might have played a part too, I think we are building a great property and someone driving/walking by will fall in love and buy it...might need to come back to reality before the house is sitting for months. 

I will definitely reevaluate my selling strategy. Thanks again.

We are trying to keep as much of the profit as we can to put into future deals this fall, we also don't have any strong relationships with realtors at the moment ( this could be an opportunity to interview and build those relationships.) What made you form the fsbo is not optimal opinion?

@Skyler Smith@J Scott

Thanks for the quick responses guys. We are pretty comfortable with the construction side of the business, we are about to learn a lot real quick what it takes to close a deal.  Our plan is to sell it buy owner...so we are in for some on the job training.

Hopefully through this site we can minimize our mistakes!

Thanks again!

Hey BP, My first investment property is an empty lot that my partners and I our building a new construction SFH.

We plan to list it prior to completion, within the next week or 2. It is currently framed out, windows, doors, and shingles will go on early next week.

I am looking for some guidance on how you would structure the sale prior to the home being complete. What percentage of the sale price should we require down? Or should we structure the deal with a percentage down and then additional payments as items get complete? Others ideas?

Thanks in advance!

Jeff

Thanks everyone! I will be sure to check out those links.

Hi BP! Names Jeff, I'm a newbie investor from Lockport, Illinois (About 35mi SW of Chicago). I have been thinking/reading about REI for a few years now as a way to earn additional income. Last year I jumped in the game and bought an empty lot (with my brother and father in law). Currently we are in the framing stage, roof is going on today.

Our plan is to focus on BRRRR, followed by Fix and Flip. New construction is always an option if the right deal comes along.

I work full time in the Oil and Gas industry (Construction Management). My father in law has built and rehabbed homes for 30 years, so we have a pretty good handle on the construction part of the equation, but there is always something to learn.

We are lacking in knowledge around finding/analyzing deals, structuring deals/creative financing...etc So that is where I plan to focus my time right now on BP while we are still under construction on our first deal. Knowing how to rehab doesn't do us much good without a deal! 

I have been listening to the podcasts on the way to and from work, very informative!

That's enough rambling for right now! I look forward to making connections here at BP and learning as much as I can via the BP platform.