All Forum Posts by: Kathleen Heine

@Aaron Abraham that would be awesome, I'd love to know how it goes!

@Percy N.@Mitchell Pollard Thanks for the feedback!

I am curious for those of you that have been in the direct mail game... would you recommend a typical yellow letter being sent or something more professional when targeting duplexes, triplexes or quads? I'm torn because I do see where a casual letter will more likely be opened and read, but I'm also thinking sense this is a different demographic than a homeowner living in a SFR I might need a different marketing strategy to target the landlord that's tired of being one and wants to know I'm someone that can fix their problem (aka more professional to add credibility). I'd really appreciate any feedback!

@Marvin Barrera you can typically go to a local real estate agency's website and they'll have a search engine you can use to look at "for sale" listings on the mls. You can also use realtor.com.  If you're looking at buying you can always get an agent to setup a search for you that way you can get an email with new listings daily. You can't really access much else on the mls without an agent. 

I really appreciate the feedback. Unfortunately, they didn't accept our offer despite it being cash and a quick close. It's been under contract before and the buyers backed out so we'll see... As far as how much of a gut job it is - I can't say with a 100% certainty, but there was major water damage from roof leaks (the ceiling had fallen down in the kitchen).  We're in a rural area so it's difficult to find good licensed plumbers that are reasonably priced. Again, I really appreciate the feedback and it helps give me the confidence to do the next deal. 

@Dave Passey I'm curious what you ran your numbers at sense they were lower than mine?

Hello,

This would be our 3rd flip, but I'm pretty conservative as we're still "newbies" so I thought I'd post the deal here and see what feedback I could get:

Pros:

- It's in a great area with a really good school district

- Decent size and layout (2100 sq ft. brick)

- Has 2 acres so we could sell the house and 1 acre and separate the other acre for more profit

- ARV $225,000

What it needs (or what doesn't it need):

-  The foundation estimate is roughly $20,0000 and with that will come plumbing issues. 

-  I'm guessing around $10,000 in plumbing repairs as it's on a slab foundation, most likely clay pipe and hasn't been used in a few years. We like to estimate conservatively (did I mention that already) and our last flip was about $8,000 in plumbing repairs.

-  The electrical doesn't have a grounding a wire so to rewire the house $10,000

-  New roof $10,000 (assuming it's on cedar shakes)

- The foundation issues are caused by large trees growing right beside/under the house so we'll need to remove them

-  As far as interior it's basically a gut job, but I think we could salvage the kitchen cabinets ($55,000).

- It's a foreclosure and the market is crazy so it'll likely sell between $65,000-$69,000.00 

Thoughts? Do you think there's enough room for $30,000 profit (with the potential of missing something or market dropping some)? Am I estimating way too conservatively or not conservative enough?

Thanks for any and all feedback!

Kathleen