All Forum Posts by: Account Closed

I used rowlett real estate school.

You can typically put a buyer's list together quickly by looking at the local sheriff's/tax deed sale. Anyone there will buy a good deal that can flip. Never your best return of course, buy/hold guys typically pay more. If you get in a pinch and want to partner on a good flip, i'm up the road in spring hill.

My little misfit was born 11-24-2006. I've had a license since 7-20-2007. It's a fun journey, not an easy one of course. Then again nothing worth doing is ever easy.

I for one have bumped heads with Scott in the past, and to be honest if it wasn't for him I doubt i would continue posting on this board (so you can blame him i'm still here).

I've seen some of my posts disappear/threads locked but nothing i think that the overall community benefited from by having it lay around forever.

Maybe I'm naive, but i think most of the new moderators are "above" using their new found power to win a petty argument. Besides, most should realize the people that challenge us are the only ones that allow us to grow. If they abuse their powers then they are the ones who really lose.

MLS... or direct to smaller banks

Congrats J Scott, I can't even imagine the amount of money people have made because of the knowledge you share so freely.

Would almost seem like a reit would be a better way to get some type of average for the country.

Ugh, 50 different states, 50 different PMs.... Some people's dreams are other people's nightmares.

It would be my expectation that any flipper could accommodate that request. FL rentals right now are typically around 1.5%.

You can buy at foreclosure sales, you just can't pick your assets ahead of time. I think i did a few dozen over the years, maybe average was 1 a month? At that time, maybe 5-10 a month were selling out of the 500-1000 properties. My typical thought was 1% of homes sold at the sale. You end up researching 100 homes to maybe buy 1.

I went for a number of years, did this flip for a client.
http://216.255.243.135/DEFAULT.aspx?Key=835226&YR=2012

75k in, 140k out. Cash sale closed in 14 days. We did nothing to the home. I also think we priced it too low as it turns out, since we had multiple offers.

Deep margins happen at the sale because everyone is scared and typically they don't know everything about the homes they are buying. This particular asset we bought 100% blind. I honestly didn't even know it was on a paved road till one of the other investors told it to me during the bidding. I almost backed down from winning till he told me that. I only knew what the property appraiser was telling me. We gambled at a lot at the same with deposits.

I could get into all the different problems we faced, all the struggles we had to overcome. I'm not saying its not possible, i'm just saying it isn't worth the risk. I rarely go to my local county sale now. I must of made that choice for a reason.

What country, state, city, zip code are we talking about?

60 miles to the north of me the market is tanking, 30 miles to the south of me it is getting stronger. 50 miles to the east of me the market is stagnant.

Unrealistic expectations for a flipper to get sinkhole insurance in my area. I think you can get insurance at a heavy cost, but it won't cover everything.

I could be wrong.

I was just thinking about loaning hard money in my local market, then i realized I couldn't handle it.

For starters, what if something happens to the house like fire/sinkhole/major vandalism/aliens land on it.

The flipper walks away and leaves you holding the bag. Flippers typically don't carry insurance to protect the asset.

Not sure what else I can say to help determine value.

Ran it at a 30% drop.

1000 $35 $35,000.00 $47,250.00
500 $25 $12,250.00 $47,250.00
500 $17 $8,575.00 $55,825.00
500 $12 $6,002.50 $61,827.50
500 $8 $4,201.75 $66,029.25
500 $6 $2,941.23 $68,970.48
Average 20/sqft

I gotta believe the extra 1000 sqft from 2500sqft to 3500sqft is worth more than 10% to someone.