All Forum Posts by: Kristina Inglis

For those of you who have partnered up with a contractor to do a flip, would you mind sharing what your partnership terms looked like?    Did you have a real estate attorney draft up a contract?  

Many Thanks,

@Nye Eddings, this is great! Congrats on your first property! Your determination is awesome. On your team, you list an insurance agent. How did you find one? What criteria did you use to determine which is the best one for your team? What role exactly, did they play? Also, did you put the property in an LLC?

Hi, 

I'm looking for a mortgage broker or lender in the Berkshires (Adams, Pittsfield, Lee, Lenox, Williamstown) Massachusetts. I live in Arlington VA but am looking at a few properties in Great Barrington.

Thanks,

Kristina

Hello, 

I'm looking at a few properties in the Berkshires (Pittsfield, Lee, Lenox, North Adams, Williamstown) - Massachusetts (Great Barrington) and I need a contractor to walk the properties with me, provide estimates on the rehab and ultimately, do the rehab if the deal goes through.  I'll need someone this weekend (or Monday).  Any recommendations?   

Hi @Tanya S.!  how was the move?  Hope you are settling in nicely.  No, not yet.  he is on my list.  :)  Thank you for offering to resend his information.  I have it and plan to call him next week. 

Hi,

I'm in the process of putting together a partnership with 2 others for a flip project and we'll be needing a real estate attorney (for this deal and for many more, hopefully).  Any recommendations for an experienced real estate attorney in Northern Virginia?  I've searched the forums but came up with only one. 

Many Thanks,

Kristina

Yes!  I forgot to mention that.  Finding an experienced investor friendly, experienced realtor is KEY, as @Sam Valme suggests.  I've found one and she has been fantastic in understanding the meaning of 'deal' from an investor perspective.  

I am currently in the same predicament. It is very tough to find a property that I can afford to put 20% down on here in Northern Virginia. However, I will say, if I am able to clear the cash down hurdle, there are definitely properties here that will cash flow. Maybe not more than $100-200 a month in the first few years but they are cash flow positive (and I always build in room for a property manager, even it I plan to manage it myself initially, so if I don't use a PM, my monthly cash flow jumps up another couple hundred a month). I've explored HELOC's for help with a down payment but, to my surprise, they are expensive too and would take my positive cash flow down to just about nothing. Have you read The book on investing in Real Estate with No (and low) money down by Brandon Turner? It is really helpful in this scenario - I'm about half way through and it has given me some ideas. Also, what about partnering up with someone? I would also say, talk to as many lenders as possible. I've found that I've learned a little from each one that I speak with and they do offer different rates and different financing options so I it is definitely worth shopping around. Especially for HELOC rates. If you don't have equity in your primary residence or if you don't own a home, have you considered house hacking? If you have a brokerage account, you can also borrow against that. I've never done it but have heard it can be less costly than a traditional loan.

Hi Leisa!  Welcome to BP.  As you already have found, you will love it 'here'.  I'm an investor living in Arlington as well.  Perhaps we could meet for lunch one day to share knowledge.  Let me know if you are up for it and we'll set up a date/time.   

Kristina

Hi All,  Thanks so much for your input.

The address is 6 Caveswood Lane 21117.  It is listed at $499k but my friend told me that they'd come to $475k for me.  And when I mentioned to him that I'm not seeing a positive cash flow opportunity here (I just assumed $2k rent) he said they'd consider coming down more.  Here are his comments about the condition of the home:  

Comments on the condition:

Roof- replaced roughly 10 years ago. Was in good shape last I saw it.

Siding- I replaced or repaired any damaged boards and stained the entire house 4 years ago.

exterior painting- see above

landscaping- I cut down lots of trees, planted a lawn and created a large back yard. I also planted various flowering trees and bushes, built a retaining wall, enclosed the entire 2.4 acres in fencing (part white picket, part deer fence), etc. The fencing makes it a perfect home for a dog owner.

deck/porch- I built a 750 sf composite deck with lighting and a covered bar section 6 years ago.

Foundation- great condition

Septic- never any issues. Only pumped every 2 years

Hvac- heating is fuel oil furnace. Furnace isn't new but I've been told by our annual servicers that it's a solid unit in good condition. I did have the guts replaced one year simply because it was covered on my service agreement. The house has central AC but the AC unit outside needed to be replaced soon last I checked. I'm not sure if the current renter did that already or not...they were on a rent-to-own contract and, thus, were responsible for any and all repairs/maintenance/replacement. Hot water heater is electric and was new 2 years ago.

Windows- I replaced the majority of them about 5 years ago (not all though)

Flooring- I replaced all of the flooring 6 years ago. This included hardwood throughout the main living area and carpeting everywhere else. The carpeting I put in was a lighter color, shag-type of carpet so I imagine some of it may need to be replaced or at least cleaned very well.

Electrical- no issues.

plumbing- no issues

thoughts?