All Forum Posts by: Justen Johnson

@Zachary Betters

Thank you for the words of wisdom Zach. We are now scheduling the inspection for the same day as the appraisal later in the day. Our contractor just came back with a bid 20,750 - a bit higher than we expected so we are not to happy about hat although he is doing quite a bit for that cost from a value perspective. Since he said the place mostly needed cosmetic rehab I didn’t expect it to be this high especially considering the place is only 1,100 sq feet and built in 1995. Does anyone know a contractor in Charlotte I can get another comparable bid for?

@Jill Speth @Laura Yates @Christopher Giannino

Thank you for the input. I wasn’t thinking about the fact that I would be paying interest for those 9 days without being able to start any work. I will be paying 30 dollars a day in interest from my loan so that will be a waste of around 270. It is better to just close on 10/9 as planned. This in combination with all the points and potential head aches you bring up Laura make it a clear decision. No agent on the front end since we are closing through a title and escrow company with attorney oversight.

Thanks again!

@Laura Yates

Hey Laura. Good to hear from you. Yes that is correct and this was not in the original agreement however the seller is willing to do this for me to lower closing costs. He would then continue to live at the property until 10/9 at which point he would transition into his new house. Thoughts?

Hi Tommy, 

That makes sense. Thank you for your in Before purchasing my rental properties I have gotten a home inspection. Is this the same as a structural inspection? Also we now have the option of closing on 9/30 through the lender. The only contingency is that the previous owner needs to stay in the house until 10/9. Any thoughts on allowing him to do this? The reason I was thinking about doing this was to save on the interest and taxes by closing at the end of the month vs the beginning. Any advice either way or risks from the investor side? 

@Tommy Cangelosi

@Chris T.

@Zachary Betters

@Zachary Betters

Hi Zach thanks for reaching out!

Just secured financing. They are offering 90% of purchase price and 100% of rehab (70% ARV). You are very correct in that there is no room for error. My next deal I will be sure there is more meat on the bone. I'm glad to hear that you have done flips and I would like to connect with you. We are ordering the appraisal tomorrow and they are not requiring an inspection. Should we get one anyway? My wholesaler has advised me to pass on it since we are having a GC do the rehab. Feel free to pass anyone my way referral wise that you are comfortable with!

@Chris T.

Hey Chris! Thank you.

Yes I am planning on fixing and flipping this property. I have an estimated rehab cost to do the following but I am getting a firm bid this week:

My plans are to do vinyl flooring, new paint, fresh carpeting, mostly cosmetic things. The roof is in good condition, HVAC just serviced.

House size: 1021 sq ft, built in 1995.

Hi All. 

Being new to bigger pockets I thought it would be a good idea to start this thread and update it through the different phases of my fix and flip (Charlotte). With all the experience that BP has I think I could greatly benefit from the cumulative 2 cents of the platform. With that being said, I am interested in acquiring as much feedback and knowledge I can along the way. Hopefully this will also help with anyone newly getting into real estate investing as I am. Just got a property under contract here in Charlotte, NC (from my wholesaler). I put my earnest money down (5,000) and I am set to close on 10/9/19, so I am currently in the acquiring funding phase. The contract is non-assignable and my intention is to fix and flip. I have done a fair bit of research already and have conglomerated a spreadsheet with a list of around 15 lenders comparing interest rates, %ARV funded, points, minimum credit score etc. So far I have seen that the financing options are all very similar, especially for a new investor and just wondering if you all have run into this as well? What are my potential pitfalls along the way?

Need to know's: 

Purchase Price: 111,100

Rehab estimate: 15,000 (This is my estimate, I have a GC that's going to give a bid on Thursday)

ARV: 160,000 (Pulled from comps in the area through Real Estate agent, also Zestimate)

Intent to Close under LLC

Hi All,

I just started getting into Real Estate here in Charlotte NC a couple years ago. In the past I have ran the numbers on the deals and split the work between my partner from the deal finder/analyzer perspective. Recently I have been seeing a lot of traction on Real Estate software (REI Robot, deal finders etc.). I've also heard that nothing beats the old school way. Just wanted to reach out and get a conversation started.

1. Thoughts on this type of software?

2. Has it been helpful for anyone out there? If so, any recommendations on which ones?

Thank you in advance!!

@Scott Patterson Duly noted I am canceling both of my policies ASAP on this. It originally sounded like a good idea for investment properties and I saw mixed reviews on BP but I am not happy with the experience!

Thanks for input!

@Raul R. Thanks for the input! I will def take your hvac contractor if you wouldn’t mind!