All Forum Posts by: Katie Neason

very cool! Congratulations on completing and selling your first flip. Would love to hear about the numbers. 

@Jason Bott I would love the contact name as well. Could you PM it to me?  Thanks for asking the question @Will F. 

Congrats.  You can't fix stupid but you can profit it from it. 

If the numbers worked I would do it.  First thing I would do is get 3 foundation repair companies out there and figure out what you have to do and what it will cost. Then get your other bids together plus how much profit you need to make (add cushion because of the "uniqueness" of the situation) so you can figure out what you are able to pay for the property. Put the offer in and if the bank takes it do it. If not move on. 

What I would do, as far as the long list of repair items, put together a spreadsheet of all non-cosmetic items and copies of the bids submit them to the seller with a contract modification reducing the purchase price by the cost of repairs. If they didn't know about them before now they have to disclose them to the next buyer. They may accept and they may counter. If they don't work with you, move on to the next deal. Even on bank owned or "as-is" properties we have used this approach with success. Especially if the seller tells you there are only "cosmetic" issues. Obviously every market is different, but this is our approach. Good luck. 

Realtor is always supposed to be present. They definitely cannot give there buyers the key. What we do is set up a couple to time periods for inspections on different days and then have all the contracts and inspectors to show up during one of those two times. 

Thanks!

I need a concrete guy to do a smallish sidewalk job in Houston (Copperfield area).  Any recommendations?

My first was in 2006. I paid $17,000 for a one bedroom condo in my hometown.  I 100% financed it and closing cost through a private family investor.  As I drove my husband to see it the first time we passed all the boarded up 4 plexes that had just been raided by the local police department for tenants dealing drugs out of them, I think a tear came out of my husband's eye.  I liked the deal cause if it was a complete failure it would not put us in bankruptcy. It has been a good rental for me and has taught me a ton.  Last week I was a little bored and wanted to get my toe wet on the owner financing side (my ultimate cash flow goal) so I decided to list it on Craig's list.  To my surprise I got about 5 calls and signed a contract this morning for $5,000 down, financing $20,000 at 11.4% over 10 years.   My little ole first deal is still making me money. 

@Sam Eligwe So what ever happened with this deal?