Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Sherry Lewis

Sherry Lewis has started 10 posts and replied 216 times.

Post: Contracts For Ohio

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

You are such a good moderator Jon :o)

Post: Feeling the pain of my first purchase

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

Kevin,

Thank you for your kind words. I knew I would be a bit "exposed" letting everyone know what a blunder I made, but I am not perfect and have to learn (even if its the hard way sometimes) just like everyone else. I do hope that others will take something from my experience and saves themselves headaches along the way. I believe I will just become better at what I do from having made this mistake early on and carrying the lesson with me. I am still hoping that my money comes back but if it doesn't it doesn't. I have gained many wonderful contacts along the way and the information and knowledge shared was invaluable.

Post: Feeling the pain of my first purchase

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

Just a quick update, I think there is a possiblity of me getting my money back. I finally spoke with someone in person at bid4 and they know the seller. They are going to speak with the seller and try to get him to refund $$ if I remove negative feedback. They said I should hopefully hear back from them by the end of the day. Wish me luck ya'll....

Post: Feeling the pain of my first purchase

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

That is how I am feeling about it too, my question is, what would be an appropriate response to him lol..

Post: In need of Wholesale contracts...

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

Mike,

How did you come up with the 40k in repairs? Are you taking the word of the seller on this? I believe we were just talking yesterday about how to figure out these costs on a Richmond Property. You need to make sure of the repair cost and do your own ARV research before offering this deal on here. You don't want to start out by offering something without any back up of your statements or you will damage your potential of people looking at your deals in the future hun. Also I would really take a closer look at your cut on this first wholesale. Assuming your numbers are absolutely correct, you will be making 40k on the deal and the person taking all the risks and doing all the work is looking at a best case scenerio of 60-70k.... and that is absolute best case... I know you are excited, but you have to stay realistic, you don't want to get too greedy as you are not taking on the hardest part of the deal. You will flip it out to another buyer much quicker if you keep your share fair to what your participation is. I wouldn't try to keep more then 20k on this deal leaving room for the suprises. Of course this is just my opinion and feedback is always appreciated.

Mike I truly encourage you to make your dreams come true, but I feel I wouldn't be much help if I didn't say what I think might be flaws in your plan. We all have them...just look at my first deal lol

Post: Feeling the pain of my first purchase

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

ok, the seller responded to me pasting his statement...

If we work together we can sell this property to someone else and then we would be able to help you get out of this.

Sandy

Um, so what do I do here? I honestly don't want to work with him on anything, I don't think he is reputable and I do not want to participate in taking advantage of anyone else. What should I do here?

Post: Finding a general contractor for first rehab...

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

So glad you got a local contact Mike, that is why BP is completely fantastic!!!

Post: Finding a general contractor for first rehab...

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

Once you find out all of what you have to have done, you need to schedule it as if you were building a house. You don't want to put floors in before they do plumbing, you don't want to rewire the electric afterwards if you have to do new sheetrock... you need to make a plan/schedule of all the repairs that need to be done and take them in logical order. There are some items you can have multiple contractors doing their thing at the same time. i.e. the roofer can be working while demo is going on inside... the bathroom tile work can be done at the same time your kitchen cabinets are being installed etc. Just always make sure (esp. if hardwood work is done) that you do that last before any staging. You don't want contractors walking on your floors before they have properly dried or mucking them up after they are done.

As for the area, you have a mixed area there if it hasn't changed much. Mostly blue collar some white collar workers and families. But there are patches of lower income housing too so watch your neighborhood. A good way to tell is go by the property at night and on weekend nights. Also look at cars in the neighborhood... does somebody have a benz sitting in the driveway of a mediocre house?? If so you might have drug problems in the area.. Are there alot of people hanging out in the neighborhood at night etc. just things to look for when you are blessed enough to be buying in your own backyard. Also neighbors, do they take care of their houses? Are the lawns kept up etc. These are all good indicators of what you might be buying into. Never hurts to talk to the neighbors too and ask about the neighborhood or talk to a local real estate agent and find out about the neighborhood. As Greg mentioned too, check into the local real estate investor groups in your area. I know they have them up there and that should give you good local contacts. Hope this helps

Post: Feeling the pain of my first purchase

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

Kyle,

It was supposed to be a fix and flip. The photos did not have damage to them in the auction. I figured I would need to do kitchen cabinets, possibly some plumbing and re do carpets and paint... oh and definately landscaping. Nothing there that my husband and I wouldn't be capable of doing on our own. I know from previously doing a gut rehab that this property now would require atleast 50k and its just not worth it. I am trying to build equity first so I can afford my local market or a market that I have family contacts in that can grow. Once I get to that point I plan on holding and renting to build up a solid base. I most definately have taken it as a lesson learned. Realistically even if 800 feels big to me right now; the lesson could have been much more expensive so I count myself lucky.

James,

I agree, thats what I was saying to that post. I believe in picking my battles wisely and this just doesn't seem like one of them. I have 4 other properties to worry about so this one just has to go behind me.

Post: Feeling the pain of my first purchase

Sherry LewisPosted
  • Rehabber
  • Fort Walton Beach, FL
  • Posts 240
  • Votes 48

Philip,

I do understand why you had the impression you had. In my defense I had a husband on one side saying he didn't want him to have the house AND our money lol... Common business sense did take hold and I realized I would be wise to follow the experts advice and remove the emotion like I was told. I sent my emails to him and he is not responding. I will just return his paperwork with refused across the middle letting him know that I will not be taking possession. I am not really sure it is worth trying to go the legal route as he is in one state, I am in another and the property in a 3rd.

Michael,

Yes the interior is definately rough but I am certain that he was aware of it unfortunately. I consider it a lesson well learned coming out the gate and I will just turn my focus to the other properties I need to worry about. Thanks all for your comments!