All Forum Posts by: Millie H.

Purchase Price: 95k (Includes assignment fee)

Rehab: $68,400 (estimated w/our contractor- buyer must do own due diligence)

Resell Cost: $8,799.99 (3% agent commission $7,599.99 + $1,200 title)

ARV: $253,333

Profit: $81,133.01 (32%)

Below is a bid we received from our contractor (buyer is responsible for their own due diligence)

§$5500 - Roof replacement including decking where needed and all neglected areas

§$9,500 - Siding tear off and replacement including all insulating and moisture barriers

§$6,200 - Window replacements for all windows with similar replacements custom fit

§$1,300 - Doors, replace all exterior doors and hardware

§$5,000 - 1st floor bath, complete removal of all existing and rough in of new and furnishings and modify

§layout

§$12,500 - Kitchen, complete removal of all existing and rough in of new and furnishings

§$400 - Electrical, remedy any current issues and replace most receptacles

§$12,500 - HVAC all new and removal of all existing

§$2,500- Demolition of majority interior finishes and disposal

§$9,500 - Finishes throughout including new, fixtures and flooring

§$3,500 - Replace retention wall in front yard and install fence in backyard

§$68,400 - Total

Hi @Michael B.

Couldn't agree with you more about the property manager being crucial. I will hear often that an investor was able to get their property manager's fee down from 10% to 7% or something of that nature. I personally would not ever negotiate my manager's fee down as I want them to have me at the top of their priority list. It's important to choose the people you do business with carefully and to treat them right. 

Hi @Alexander Coventry and @Ian Kurela,

We have worked with quite a few hold properties that have all been out of state for us (we are based out of CA). We are in a similar situation, in which we feel very fortunate to live where we do, but hold properties just don't make sense. We also flip out of state but I would caution that you must have SOLID teams in place and the wear with all before getting into something like that. 

The holds for us have been quite a bit more comfortable. We choose to keep solid property management in place on our holds which helps significantly. 

In my opinion, if an investor lives somewhere like NY or CA, it makes complete sense to invest out of state. 

Please send me info on this property [email protected].

My number is in my signature line as well. 

Hi @Patrick Bruske, welcome to the Bigger Pockets site. 

Hi @Hai Loc, Please PM me with their information. We appreciate the referral. 

We have been flipping and assigning contracts in Columbus, OH and are looking into development. 

Here's the situation, we are in the process of taking down a property that also includes a neighboring vacant lot. The parcels are located in Franklin Park and border Olde Town East, so it's a VERY hot location. 

One of the many positives is that the lot was previously developed and still maintains municipal city service connections. 

Insight from other investor's building in the Columbus area would be greatly appreciated. Furthermore, contractor referrals would also be great!

Hi @Dan Jones,

You can find quite a few post on investing remotely here on BP. Are you looking at flip or hold opportunities...or something else. My husband and I flip and wholesale remotely. If you are looking for a hold we have one in Cleveland now that ARV's at 157k, your cost including the wholesale fee would be 101k, and rent is $1,760/month.

Hi @Stephen Warnock

It's great that you have your goals written out. My husband and I live in Southern California and work in multiple remote markets. Indianapolis has been a good market to us. We both wholesale and flip Indy. If you want to talk areas and/or if you are ready to move forward on a project, give me a call and we can chat. 

Hi @Nick Michaels,

That's great that you are taking steps toward creating a more financially life. The world of real estate investing can be very lucrative! 

My company does both wholesales and flips in the area. We currently have two properties available (Penn Hills & Baldwin) available for wholesale.  Just let us know if you would like more info? We have a good group of people we work with in the area and kind often help with referrals. 

Best of luck to you!