All Forum Posts by: Michael Furey

I occasionally find some good deals from wholesalers, but it’s usually a good distance away (3-7 hours). Would love to do it but wondering if anyone else has ever done it?  Is it really difficult?  I can picture just going and living there for a month or however long to get things done!  Thoughts?

I’m looking at a flip that’s located in flood zone AE. I’ll be doing it with a fix and flip loan and plan to be out of it in about 3 months. Do I need to buy flood insurance on it?  

@Michael Baum makes sense. The problem is that I'm having a hard time coming up with an ARV because the closest comps, have a STR permit. I'm wondering if I can still use those comps at face value or do I need to adjust slightly for that?

Im trying to decide which way to renovate it would be best. It could be rented as a STR if the owner lived in the main part (main is 2bed 1bath, rented area is 1 bed 1 bath and it's all connected). Or do I Reno as a SFH as a 3bed 2 bath that's a decent size and just market it as such?

Again, biggest issue I'm having is ARV. Can I use those comps that have a permit if I sell as a SFH? On the other hand, would those comps be more reliable for ARV if I renovated and sold it so it could be used as an owner occupied rental?

FYI, long term rentals are allowed. 

I’m looking at flipping a house that doesn’t have a STVR permit. An ordinance was just passed that there will be no new ones issued. The area as a whole is very touristy and lots of STVRs all around. The area this house is in though is more so considered permanent residents and there are some houses with SVTR permits that are grandfathered in. I’ll be looking to market and sell this as a normal house (could still do long term rentals, or live in one part and do STVR on the separate part). Just trying to figure out a value on the house after renovations. Does the fact that it doesn’t have that permit hurt?  I would think not so much if it’s not going to be intended for that use. What are your thoughts?

How does that work with the 2020 tax assessment? The 2020 assessment is like 1/4 what it's listed for. I have an idea of the range and it's pretty well over the listing, but just having a hard time narrowing down the ARV

I'm looking at a house to flip but I'm having a tough time finding some comps to come up with a decent ARV. The problem is, it's a beach town. The house is sort of in the middle where there's some people who do STVR and some regular owners. I'm trying to flip it and sell it as a regular house and not STVR (it doesn't have the permit for it). Just not finding many houses in its general area that are similar and sold recently. There's maybe 1 and 1 under contract. That's it. Any ideas on coming up with ARV?

@John O'Leary all excellent info, thanks!  I guess what I was also asking is I was wondering what things specifically to look for with the plumbing and electric since it’s such an old house. The cosmetic stuff isn’t an issue and I can tell just by looking at the roof and AC, but not so much the plumbing and electric. 

I’m getting ready to purchase my first fix and flip in the Savannah area and found something that could be good. I’m going to look at it tomorrow and was wondering what are the main things I should look at to know if it’s worth it?  I have fixed up a few of my own houses before so I do have some experience with that, just not doing it as a flip. I don’t know much about the house yet except it was built in the 1940’s. Right off the bat I’m assuming new roof, but what other major or even minor things are there that I might not think to look at?

My wife and I are looking to do our first flip and we were just wondering if right now was a good time or not to do this. It seems like home sales have slowed a good amount, but we weren’t sure if that’s effect us too bad if we did a flip. We’re in the Savannah area and assuming we find the right deal and don’t go crazy over budget, do you think we would be ok?  Should we wait to do a flip?

My wife and I are looking to purchase our first condo near Disney to put on AirBnB.  I'm hoping to find someone on here to bend your ear and that would be willing to help us out with the whole process from financing it to finding something and getting it up and running.  Please send me a message on here if you think this is something you would be able to help with, it is greatly appreciated!