All Forum Posts by: Julie Cadman

Awesome group with great people! Many great ideas and stories to share. It was a pleasure to meet everyone. I know I missed a few people also, but hope to see everyone in March!

That's great Mark, congrats!!

I'll be there! Looking forward to meeting all of you!

Is there a Meetup group for this, or just show up? I would love to attend.

I should add that I'm also thinking of partnering with another investor that has better access to money. I am not sure how that would work, as I can bring sweat equity into it (remodeling and updating are something I actually really enjoy doing lol) and my time finding the right property, but I cannot bring much money for the deal.

I was about to ask the same thing. I realize I could ask for 100% seller financing, but there are other things, like updating and repairs, closing costs, etc. That is where I am stuck. You could possibly flip the first few houses for quick cash, borrow from family/friends, sell anything extra that you have, funds from extra part time job, secured loan on vehicle, even offer to seller to split profits with them. If you have something to barter, that could help. My ideas are pretty much all obvious ones, I can't wait to hear what our more experienced members have to add!!

Thank you Jon and Brandon. I think my next step is to talk to her again, and see what her bottom price is, and try seller financing. I did my best to estimate the ARV, and I believe it is pretty close. I only used the most recent sold houses and 3-plus bedrooms, also the same style/age for the most part.

The "Maximum Purchase Price formula" makes a lot of sense, thank you. What things do you initially consider in the "fixed" or "holding" costs? Payments to her, non-owner occupied insurance, costs with recording contract... (I am very new to this, and will have to learn how to do that part still, thanks for your patience!!) I think I will just put this one in my name as long as it is a flip, also, instead of creating an LLC. An LLC would be more if I was hanging onto it long term, correct?

Welcome! I am in Windsor, just moved here last year from Michigan. This site is my #1 go-to for information. Everyone on here is so helpful!

I am looking for my first house to buy and hold or flip. Here's one that is really standing out, tell me what you think.

Lady wants to move March 1st. Very motivated, just stressed with moving and wants things to be easier for her. Realtor told her to list for $270,000 to sell quickly, she is asking $223,000. She is not listing with realtor yet, but might later this week. She bought it in 2001 for $197,000 (I know this is not really relevant though).

House built in 1994, 5 bd, 2 3/4 ba. Nice neighborhood, close to town, fenced in yard, finished basement, ranch style, attached garage. I have used 11 different websites to determine comps, averaging about $263,000 (ARV), conservatively. New furnace and water heater, roof looks good, foundation looks good... the only thing I can find wrong is it needs updating and some newer flooring in most rooms.

I am trying to figure out what "number" would be my max offer, and where I should start. I'm guessing a budget of $10,000 should be more than enough for updating and any other little things that are bound to come up. (I realize this could be more if something big comes up, but I don't see anything as of yet.)

Now, if my estimated ARV is $263,000, 70% would be $184,000. Minus updates/repairs ($10,000), would equal $174,000. Would that be my max offer?? I am thinking that I will flip this one, to give me more money to invest in more properties. I have a realtor that I would like to talk to about selling it for me also. It is a little farther away than I would like for a rental anyways.

I have talked to her and she is very motivated. Would I offend her if I offered less than what she paid for it? I am also going to be asking for seller financing, but making everything as simple for her as I can. I think that is the big selling point for her. She wants to get into her new place asap and is stressed with moving.

Thanks in advance for all your help!!!

Hi Doug! I am a newbie in Windsor.