All Forum Posts by: Lee Schram

@Marvin Balibrea

purchase to sale took 6 months.  

thanks everyone for the information. 

On a 1031 exchange when an LLC owns the property and one member of the group wants a return of profit and capital, will that void the 1031 exchange tax rules if the member is paid at closing and the proceeds do not go back to the LLC account?

Thanks!

Hi BP,

Is anyone doing direct marketing with postcards or yellow letters in the Chicago suburbs, specifically North Shore suburbs.  Does this strategy work in this area?

thanks!!

I wanted to share my first flip success story with everyone. The ROI was 44%. I think the key here was that the property was purchased from a motivated seller (lost job) which led to the great ROI. I've read and heard time and time again (thank you Bigger Pockets) that you make your money when you buy. This proves that saying to be true.

Purchase price 285k

Improvements 99352

Residence related expenses 5651

Closing 6955

Interest on $ borrowed 6393

Real estate tax credit3105

Total 400,246

Sale price 510,000

Closing expenses 35,648

Real estate tax credit given to buyer 7,611

Net sale price of 466,741

Gain $66,495

ROI 44%

Here are some before and after pics

thanks Rob.  I purchased and read Jay Scott's books on flipping.  My next read will be Brandon Turners, "The Book on Investing in Real Estate with No and Low Money Down"

thanks everyone for the responses.

What is the typical skin in the game requirement? 20%?

I've come across a few articles on hard money lending on BP.  Does anyone have one that discusses the process?

Thanks

Hi,

I've been doing my reading on hard money for fix and flip investing and have 2 questions.

1. How do you show proof of funds when using a hard money loan

2. What name is the contract written in? 

thanks