All Forum Posts by: Nicole Pettis

welcome aboard @Pat Parrillo !

Let's meet, greet, connect and network! Meeting venue is still to be determined. Once we find a place I will let everyone know! If you have any questions, feel free to contact me.

Nicole

Basically turn-key business are set up for those real estate investors who either

A. Want to get into the buy and hold game, but don't want to deal with the grunt work that it entails and doesn't want to deal with renters or property management. They just want the cash flow. 

B. For the out of state investor that can't invest in their own state. Building a relationship with a turn key company is a great way for them to be an investor long distance. 

The mission of a good solid turnkey company is to find great deals to sell to investors, so they can make solid cash flow and not have to worry about their investment. But like all business there are good one and there are bad ones. Just make sure you do your research and educate yourself on the areas that you are looking into and the company you are working with. 

Great job @George P. 

yes! definitely needed this...been trying to figure out a way to keep track of all the properties I look at. Great idea! Thank you!

J Scott's book on rehabbing costs does a great job of listing average materials and labor and then he has excel worksheets on his blog. 123flip.com that are free to use. 

But other than that, you just have to build your own data base. I mean there are calculators that do help with square footage. But basically you just have to educate yourself on what supplies you need for the jobs, so you can figure out average and go from there. 

You can set something up like you are needing in excel.

But I have yet seen a program that can do those things for you.

Hope this helps!

@Takira Smith You will have to get pre-approved first to find your answer. If its going to be your family home. You need to know how much you can afford and then go from there.

You need a strategy as well. Are you going to flip or is it going to be a buy and hold, because depending on your direction will help you base your price. 

For example, I want to flip, so when we bought our house it was a foreclosure, then I used the flip formula to put in an offer price(ARV X .70 = amount - rehab cost = offer price) however the offer price had to fit the amount we were pre-approved for. We also used a 203k reno loan to help with the expense of the rehab.

If you want to do buy and hold. Then you might consider a multi-family or duplex. Something you can live in for a little bit, while others pay part of your mortgage. Save yourself a little nest egg and then move onto your next property after a few years. 

Because of all of these variables, that is why its difficult for you to get a straight answer. We don't know how much you can afford, only you know that answer.

Hope this helps!

Love it all. Very nicely staged and put together! Great job:) 

Thank you @Engelo Rumora ! 

As I have learned people follow a "why" not a "what" and without building those relationships of trust, then it is very difficult to move forward in any business.

I know you are busy and I know you didn't have to even acknowledge me or take time out of your business to speak to me, but you did and I truly appreciate it.

Thank you!

Have a fabulous day:)

Is the kitchen open concept? If so, then I would stay with the same color that you are using throughout the house. If its not, then you would want to do something more complementary, probably lighter than what you are doing in the rest of the house, but staying in the family. Hope that makes sense.