All Forum Posts by: Kenneth Croisetiere

Good morning!  I’m in the process of locking in subcontractors for my latest project in Sparrows Point, MD and was wondering if anybody could recommend an HVAC company to install a new heat pump (or mini-split) system in a single family house.  I’ve pretty much got the rest of my team in place but am having a hard time finding a company that is willing to give a fair price for the job.  The contractor I used on my last project wanted $11,000 to install a new 3 ton heat pump (brand new system, new compressor, air handler, run duct, etc) in this house.  

Thanks in advance everyone!  

Good morning fellow BP'ers!!! I've stumbled across a slightly distressed SFR within a few miles of my house. I'd like to use the BRRRR strategy and turn this into a rental. It could also turn into a flip if needed (multiple exit strategies possible). The house is on a septic system, and the septic system needs a little TLC. I'm not too worried about this, I've got a great septic guy in my area. Due to the septic issues, I'm sure I couldn't finance through a bank and therefore it would need to be a cash deal. I live in northern VA, which is an expensive market. I should be able to get the house for $170k, and the ARV is **conservatively** $280K+ (Probably closer to $290/300). I've got a little money to invest, but not the full $170k. I have used hard money in the past to fund my flips and I'm trying to avoid that if possible due to the initial cost of the loan (my hard money lender charges $1500 in fees at closing ($500 for appraisal + $1000 in "legal fees", I've never gotten clarification on exactly what that is) Plus 2 points at closing. Also, I would be paying the monthly interest until I could refi into a conventional loan (which I'm assuming would be around 6 months). I do have a HELOC, but I would need to max that out plus come with a large amount of cash in order to come up with the $170k. I'm basically trying to find out if there is a cheaper version of a hard money loan, which in this example would cost me $8500 ($3500 at closing plus $5000 of interest assuming I refi out after 6 months). If I do come across a private lender, what is a fair fee to pay them for using their money for 6 months until I refi into a conventional loan and pay them off? Thanks in advance!!!

My first one has an estimated profit of $25-27k ( which was determined using the BP calculator). The purchase price was $93k and has a conservative ARV of $185k. However you will learn a lot of valuable lessons on your first one. Always find a reputable GC to bring with you, and make sure he gives you an “all-in” full reno estimate. I am pretty good around with house regarding handyman type work, and I’m good at crunching numbers, however I missed my reno budget by approx $15k and therefore I only stand to profit approximately $10k when we sell in a month. It’s a blast though and the education you gain will ( most likely) be worth way more than what you will profit on your first 2-3 properties. Have fun!

Heather- I’d like to attend. Can you send me the details? Thanks! -Ken

I could be wrong, but I also believe all payment methods listed in your original post are reversible. The only exception is wire transfer, which is typically the only method accepted by title companies when bringing cash to closing due to the fact that it is not reversible.

You can rent the Ozone machine referenced by Sue K from Sunbelt Rentals. I work at a location on the east coast and we carry them in this area. The larger version we carry is a Nilfisk Oasis Plus, and they rent for $100/ day + taxes and fees. Good luck!

Thanks @Linda Weygant! I just sent a friend request to @Brandon Hall.  I appreciate the quick response! 

good morning fellow BP'ers!  Can anyone recommend a good CPA who specializes in working with real estate investors?  We are located in northern Virginia and are looking for somebody in the washington, DC area.  Thanks in advance everyone!  

I don't want to stray further than 1 hour from DC in any direction. I do not have a particular area I am confining myself to. Thanks Gregg!

Currently looking for fix-and-flip properties (condos, townhouses, or single family) in northern virginia, DC, or Maryland.  For our first few flips, we want to keep our total budget under $200k (including both purchase cost and approximate renovation cost), however once we have flipped 5+ properties we will start to increase our max budget in order to flip closer to the city.  Thanks in advance fellow BPers!