All Forum Posts by: Julia Fair

Dude, you are not going to find a deal by being a newbie and should just accept that fact. If you have 25k just buy a turnkey rental and start... If you don't you need to save more property and build your emergency savings.

Am I understanding you correctly? Are you saying that newbies can't find deals??

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@Brian Vargas , I'll definitely look into Smoketown! We'll also be looking into PRP since there are some really great pockets around there that my husband is really familiar with. I also think Okalona might be a place to look as well.

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Welcome! My husband is from Louisville (PRP area) and we currently live in Atlanta. We're looking to pick up some properties in Louisville in the next year or two. Hoping we haven't missed the boat with all the renovation in NULU and places like that!

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Well, as a newbie, it's disheartening. Not least of which, that he does 75 houses a month. WHAT.

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I'm very interested in your numbers! I'm trying to sell my house in Richmond just down the road. It's my personal house and already renovated. It's been on the market since MARCH.

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Originally posted by @Theo Hicks:

Hi Julia,

Great question. I am assuming your are speaking about SFRs. Your best bet is to list out all of the projected rehabs and have a conversation with a contractor to get ballpark estimates. it is nice to have a contractor walk the property with you prior to signing the contract, but that's not always possible. Just make sure you have a couple of contingencies in the contract so that you can back out if you find anything major during the inspection.

As you gain more experience, you'll become better at estimating the costs yourself.

So would you just gather up a list of listings your interested in and walk through the pictures with him and see what he thinks? Or do you mean talk with him after you go under contract?

I'm really just looking for a way to do all this on paper first. I'm not trying to stall anything, but I'm brand freaking new and want to work on getting the education before anything! Right now, all I have to go on is all the flip shows and I know those prices aren't real world prices.

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Originally posted by @Alexander Felice:

Originally posted by @Julia Fair:

Originally posted by @Alexander Felice:

big mistake new people make is having contractors look at houses that aren't under contract. This is a waste of everyone's time. Realtor never needs to see the house, neither do you really.

get the property under contract, then use your due diligence to check it out.

You can analyze properties all day long without contractor estimates. track your bids, then go back later and find out what they sold for, THEN keep an eye out for when they get rented/sold for. This should give a really clear picture of where you need to be bidding, what the market costs, and where the market values these properties.

Do you mean mentally put in a bid and then follow the house through the process? I assume I just do that with online records?

no I keep a spreadsheet with every house on the market that I'm interested in.

it includes the asking price, days on market, my estimate rehab, my estimate ARV, my initial bid, my final bid, and more. It also includes what the house sold for that I enter in later, and I compare that to what I offered. We also keep an eye out for when they come back on the market rehabbed and see what they rent/sell for. This is how I know what prices and margin the market commands

That's fantastic. This is the first I'm seeing of this method. I really appreciate it.

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Originally posted by @Alexander Felice:

big mistake new people make is having contractors look at houses that aren't under contract. This is a waste of everyone's time. Realtor never needs to see the house, neither do you really.

get the property under contract, then use your due diligence to check it out.

Do you mean mentally put in a bid and then follow the house through the process? I assume I just do that with online records?

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I want to practice analyzing deals before I jump into anything. But is that possible to do without involving anyone else? Do you need to actually go to the house and have a contractor there to walk through and figure out rehab costs?

I see people talking about going through 100 deals before finding the right 1 deal. I just don't see how that's feasible when you're trying to get a realtor AND contractor there at the same time. Seems to me like they'd tell you to kick rocks after the first few.

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Originally posted by @Rad Heroman:

@Julia Fair:

For basic closings they will have a flat "closing fee." They also receive a percentage of the owners title insurance policy if one is purchased. Before going to closing be sure to get quotes from a few attorneys if you are the buyer. If their is any title issues that need to be cleaned up the attorney will usually charge a flat rate for things like affidavits or lien payoff negotiations. In more complex situations they may charge hourly for things like suits to quiet title.

So I'm guessing you need a lawyer more for RE deals than your personal? I know when I bought and listed my personal SFH, I've never used a lawyer.

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Atlanta, Georgia

All Forum Posts by: Julia Fair

Julia Fair has started 3 posts and replied 66 times.

Post: How to Find a Good Deal (Even if You're a Newbie) in a HOT Market

Post: Newbie From Louisville Kentucky

Post: Newbie From Louisville Kentucky

Post: House Flipping Perceptions

Post: First Flip Almost Complete

Post: How do you practice analyzing deals?

Post: How do you practice analyzing deals?

Post: How do you practice analyzing deals?

Post: How do you practice analyzing deals?

Post: Atlanta Real Estate Attorney - Any Recommendations?