All Forum Posts by: KIran K.

@KIran Kaur to see you’re not giving up is so encouraging. I’ve made quite a few unwise decisions turning a property too. These lessons you learned will serve you. Best wishes in your next investments! Do

Thank you :) Hopefully you're doing great now!

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Originally posted by @Joaquin M Dugan Jr:

How did you find this contractor if you dont mind me asking and what caused you to select them over any other contractor?

He was recommended by a "friend" in real estate, cheaper, fake photos of his work, fake references, and a sweet talker. FOOLED US FOR SURE. Like I said before, it was his bad for fooling us and our bad for letting him. Man made his money and ran... we ended up learning lol.

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Originally posted by @Alex Jones:

@KIran Kaur

Electricity and plumbing? There is a problems with both for just not fixed accurately or? I ask because I’m about to finish my first flip house by the end of this month. I have had work with various contractors and some come and go. What was the issue with electricity and plumbing? You also just remind me about smoke detectors and stairs handler for basement, backyard and front door steps. It easily little details can be overlooked by rookie like myself and you.

IDK what he did but literally our whole house was leaking...literally everywhere. AT this point i think he did it on purpose.

Wires were ripped out and none of the outlets or lights worked. Don't forget to cover the water heater lol

1 Vote

Originally posted by @Andrew Syrios:

That sucks, sorry to hear that. Yes, contractors can be a big problem, unfortunately. But we all have some bad ones so worry not. Just learn the lessons and move on. Best of luck on the next one!

Thank you so much! will do :) hopefully you'll see another post by me soon talking about a huge win because of the lessons from this loss lol

1 Vote

Originally posted by @Austin Yamamoto:

I think the fact you could sell the property for more than you bought it for even after it was in worst shape says a lot on your ability to find deals.

Thank you for your kind words :)

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Originally posted by @Kapena Otare:

@KIran Kaur , I feel you bro sorry about the loss, my first contractor was a nightmare but I learned a lot from that ordeal ,I have several flips under my belt, New builds from the ground up, and wholesale deals, I always preach to my students to get your hands dirty and to know each trade, The more you know, the less they will take advantage of you...........

HELLO FELLOW DUMMY (JUST KIDDING OFCOURSE) LOL. I ASPIRE TO REPLY TO SOMEONE LIKE THAT IN A FEW YEARS NOW THAT I AM OVER THE TRAUMA.

Aloha from hawaii.

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I did not know this post would help so many people! I am so glad none of you came at me with the obvious (insults) and thank you for everyone's words of encouragement. I have never been a quitter so I take it as a lesson but if you get discouraged easily_ see below.

Few tips:

1) Interview as many contractors as you can- get bids and references (then call those references) . Also, check thier credentials (if they are licensed- they are easier to sue). Take photos of everything and keep receipts of everything as well. Put everything in writing.

2) Do the work yourself.. Alot of stuff like painting can save you over 2k easily if you DIY.. Youtube videos can help you learn how to install new doors, paint, paint/replace cabinets...etc.

3) Ask the professionals for advice.. attend your local investors meeting and get in touch with the right people

4) Even if you are stuck in horrible property, know that there is always a buyer out there for the right price. I sold mine by calling every wholesaler/investor in the area lol

Since this incident, i am less trusting of most people (professionally)- I prefer to do my own extensive amount of research before diving in. I have bounced back by paying off the loans and saving for the next deal. I am a mortgage broker now and when my clients purchase investment (flips), I can offer more than just financing.. I can evaluate the deals for them to give them advice. IT WAS A BLESSING IN DISGUISE. Noone was here for me in those days and i felt like i couldn't get out but i turned out to be more tenacious and resourceful thanI gave myself credit for. If anyone needs help on reviewing the deal before moving forward feel free to reach out - I would love to help or get you in touch with someone who can help.

6 Votes

@Alex Jones

If we went through conventional financing- the lenders require the house to have certain things (safety measures) to be intact I.e smoke detectors, water heaters, steps to in and out of the back yard, electricity, plumbing. They would require us to fix soo many things that we would have ended up spending close to 20k more if we sold it to a buyer with conventional financing.

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@Scott Sherin

Oh I meant to say that’s all I am looking to invest.. plus rehab costs .

ofcourse comps need to make sense for me to purchase the property.

Sorry about the confusion.

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Aside from checking the mls.. what websites or ideas should I implement to find my out of state flip?

Looking primarily in Indianapolis, IN.

Numbers:

Property needs to be under 60k

Sfr

No fire damage

2 Votes

All Forum Posts by: KIran K.

KIran K. has started 5 posts and replied 45 times.

Post: Worst FIRST FLIP: LOST OVER 100k

Post: Worst FIRST FLIP: LOST OVER 100k

Post: Worst FIRST FLIP: LOST OVER 100k

Post: Worst FIRST FLIP: LOST OVER 100k

Post: Worst FIRST FLIP: LOST OVER 100k

Post: Worst FIRST FLIP: LOST OVER 100k

Post: Worst FIRST FLIP: LOST OVER 100k

Post: Worst FIRST FLIP: LOST OVER 100k

Post: What do you guys do to find out of state flips?

Post: What do you guys do to find out of state flips?