All Forum Posts by: Matthew A Rodriguez

@John Underwood

Thanks John. That's an incredible profit. What,s the ARV on that property? Also on the insurance I'll at that rider to my insurance. I really am worried about lead time for these contractors and availability of material. I'll be getting estimates from 2 different contractors after I receive the inspection report and add a 10% buffer to their estimates. I really would like to make more profit but at 30k in repairs I really don't see me in the project for more than 3 months. I allowed 5 months as worst case scenario. I would love to find a 50%-repairs deal if I can to find more profit but I also understand I may need to walk before I run. In terms of cash reserves for unforeseen issues I was factoring in a 10% buffer into my 30k. How much would you recommend for those unforeseen incidentals? Thanks for your help.

@Michael Glist

Thanks. Thats great news for us.

Looking to do my first flip in Greenville, SC. I have reached out to 30 hard money lenders found here on Bigger Pockets and have narrowed down to 3 or 4 lenders. Talking to area contractors about lead time on getting work started. I have brought on an equity partner for the money in conjunction with mine. I am currently a real estate agent and know appraisers, inspectors, and a good real estate attorney. We still need a good CPA. I am needing help on analyzing an example deal. This is the type of deal we are looking for from local wholesalers. Can anyone tell us what we are missing. Thanks. We expect this to be a 5 month flip. 

After repair value (ARV) $ 175,000

Offer (70% LTV-Repairs) $ 92,500

Repairs $ 30,000

All In $ 122,500

Hard Money Loan $ 98,000

Down payment (20%) $ 24,500

Points (3) $ 2,940

Interest (9%) $ 8,820

Closing (3%) $ 5,250

Realtor Fees (3%) $ 5,250

Miscellaneous (inspections, appraisal, surveys) $ 2,000

Holding cost (5 months)

General Liability Insurance $ 875

Taxes $ 1,100

Water $ 250

Electric $ 500

HOA $ 175

Total cost of flip $ 149,660

Profit $ 25,340

@Marcus Crawford Message me. From Greenville and looking to get my first mailer together. Im currently a real estate agent with MLS access.

Ok, so everyone has heard of Tom Krol. From the interviews and the activity on here from Tom I've always taken him as a stand up guy. I am looking to ETHICALLY get into wholesaling. Full disclosure to sellers and avoiding a bait and switch situation. I recently listened to a podcast by Vincent Polici where he played a recording between Tom and a student who questioned Tom in allegations to mail fraud, misrepresentation and other crimes. There is also a class action lawsuit against Tom. I do not take a stance on any side but the ethical side and I'm also playing devil's advocate. I am a licensed realtor with the state of SC and am beholden to the Code of Ethics of the National Association of Realtors so ethics in all my business dealing is of utmost concern for fear of licensure revocation and other legal repercussions. Is Tom's system a system that you can ethically abide by? Not can you make money with it but can you ethically abide by. Thanks. 

Welcome to the BP family!!!! Let us know what your up to and if anyone can be of help. Setting keywords for Greenville is a good idea. See you around the site. 

Won't be able to make it. My little girl is running a 102 fever. I was looking forward to the Meetup but family comes first. You guys have fun!

Won't be able to make it. My little girl is running a 102 fever. I was looking forward to the Meetup but family comes first. You guys have fun!

Welcome to he BP family. I recommend attending the Greenville REIA if you haven't yet and as always ask any questions here on the forums. We also have a BP Meetup this Thursday at Coffee Underground around 7. Get connected.

2002 dodge ram. Guzzle gas like a drunkard. I won't be getting me a nice car until I can easily pay 300k cash for it. I will buy a personal jet in my lifetime as well. Guaranteed.