All Forum Posts by: Andy More

My 2011 goal is to continue to prove that I can find property that I can purchase significantly below current market value with the intention to flip. Specifically, I want to flip two multifamily rental properties with a total of 50k+ in gross profits.

If I can prove that I am capable of consistently finding these properties then I dont see why I cant earn a good and consistent income doing this full time.

Edward, do you who purchase these properties yourself or do you wholesale them to someone else. What is your avererage profit per deal?

My first mailer was a slam dunk so just trying to get as much info as I can for my second. Thanks!

How do all of you that flip houses deal with the EPA RRP Lead Paint guidelines that we all have to follow.....

-Are you lead paint certified?
-Do you only use lead certified contractors?
-Do you not buy pre 1978 propreties?
-Do you ignore the guideline and hope you never get caught??

Do you pay less for pre 1978 property because of added regulation and cost of renovation?

I dont have any answers to your questions but was interested in hearing more about your deal. How much are you paying? What is the estimated rehab cost? What is the ARV? I'm also getting ready to send out my second mailer.

Financexaminer, can you explain transactional funding in more detail. I'm in a similar situation as James and looking for the most bank for my buck.

J Scott, thanks for the detailed reply!

What advice would you have for someone like myself wanting to do this on a larger scale?

Do you flip multifamily? If not, why not?

How long have you been flipping full time?

Did you have direct access to the MLS somehow before your wife became a realtor? If not did you have to go througha Realtor to get sale data?

Would love to hear from other flippers out there as well!

Thanks

How many of you out there are full time flippers or at least active flipper flipping 5 or more per year for at least the last few years?

I'd love to be able to do this full time someday or at least be able to generate 50k per year from this in addition to my current employment income.

I've been a landlord for about 6 years now so I'm not necessarily new to the business. I've learned that the majority of the money I have made was made by buying below market value not by renting. So, it makes more sense to me to focus on finding below market deals, buying and reselling and moving onto the next one as opposed to just buying more units and holding and renting. On the deals I have done, I've calculated that it would have taken me anywhere from 2-10 years of cash flow to equal the amount of money I made just by buying below market value and then reselling in a relatively short period of time.. I'm armed with about 300k in cash which I would use to make quick cash offers until I found that motivated seller that can afford to sell at my price. I know my market and feel that I have skills needed to take a stab at this on a larger scale. I plan on focusing solely on multifamily rental property as I feel that is what I know best.

Here are my questions to you successful full time and active flippers...

1. How many properties do you buy/sell per year?
2. Where do you find the majority of your deals? Direct mail? Foreclosures? Referrals? MLS etc....?
3. Do you finance your purchases or pay cash?
4. What is your average pretax profit per deal?
5. How volatile do you think your income is? How likely is it that something would change in the market that would prevent you from being able to earn a consistent income at this? If so what?
6. From purchase to sale, what is your average hold time?
7. How many offers do you make before getting an accepted offer?
8. How many hours per month to you devote to this?

Sorry for all the questions but would appreciate hearing from you active flippers out there!!!

My goal is freedem. I want to have enough money where I can pursue REI full time. Buying expensive cars, boats or other depreciating assetts like this will take me further away from my goal.

If your determined to buy the Lamborghini do yourself a favor and pay cash. Or better yet get a new goal that doesnt depreciate like a car. Good luck.

I would love to get another opinion on my "Sagging Rafter" post...

http://www.biggerpockets.com/forums/67/topics/55935-sagging-rafters

Here are a couple other not so great pics. You can slightly see the sagging inside the gable end.

http://www.flickr.com/photos/9192910@N05/5069155680/

http://www.flickr.com/photos/9192910@N05/5069154370/in/photostream/