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All Forum Posts by: Nick Schroeder

Nick Schroeder has started 7 posts and replied 22 times.

Post: Using discount gift cards for Home Depot & Lowes

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

@Cheryl C.

Not sure how you were only given 9 cards?

Every time I check I am given over 90 cards.

The highest $ amount on the gift card I can see is $143,34

Post: Using discount gift cards for Home Depot & Lowes

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26
Originally posted by @Cheryl C.:

Hi Luc!   I buy mine from Cardpool.com.  I've only had one issue and they refunded in 24hrs.  I buy cards for other retailers and restaurants (for my favorite clothing retailer they are a 25% discount!).  A penny saved is a penny earned!

 Hi Cheryl,

I am thinking about trying to buy some HD cards from carpool. I am needing to buy about 10k worth of cards and it came up to be $9300 for 10k worth of gift cards. It said I would buy 93 cards that total 10k. Would I be receiving 93 gift cards or one card in the lump sum of $10,000.00 ?

Thanks so much

Nick

Post: Vehicle in Garage that we are closing on in 2 weeks

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

Thanks everyone for your time and efforts!

Really appreciate it.

Lots to think about here. Starting off, I will call the lender and see how far we get by phone.

Very excited about the property though. Looking pretty rough atm. But will look great once finished.

I will post some before and after rehab pictures on here.

Again,

Thanks everyone

Nick

Post: Vehicle in Garage that we are closing on in 2 weeks

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

Hi Judy,

Thanks for your feedback. I was more looking for a way to keep the car but of course only if the deal is right. 

Do you know if you can charge the bank storage fees?

Post: Vehicle in Garage that we are closing on in 2 weeks

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

Good evening BP followers.

We are closing on a property in about 2 weeks. The owner had passed away about a year ago and family members are now selling the property.

In the Garage is a vehicle that belongs to the bank. The listing agent has informed me today that IF i want to get the car I will have to pay the bank $10.000,00 by the end of this month or $12.000,00 next month. The car I estimate is worth only between 3k-5k, so no way I would pay 10k for it.

What can I do should the car be still in the garage after closing? Can I charge the bank storage fees until they pick it up? Is there a maximum $ amount per day I can charge?   I live in Florida btw.

Any advice would be highly appreciated.

kind regards

Nick

Post: Stained concrete instead of hardwood or tile in Florida

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

Thanks so much for the input.

I will probably get away from the stained concrete then and either go with tile or hardwood.

BTW. it is not going to be a rental. It will be sold after the rehab. The homes in the area go for about 230-250k for the same amount of sqf which will be our target.

Post: Stained concrete instead of hardwood or tile in Florida

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

Good morning BP,

I haven't posted very much on here yet, however been reading and following many members.

We are about 30 days out from the closing of our first investment property and I am starting to make some plans. I have been thinking about what type of flooring I wanted to use and how much it would cost me. Then stained concrete popped in my head. Has anyone ever done it before and sold the house? What were the reactions of the homebuyers?

Thanks so much

Nick 

Post: Partnership for Rehabbing

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

Good evening,

I may be looking for a partner as well, however we are more looking in the 140-200k price category in Riverview, Brandon and Valrico.

As of now, we are looking to purchase the home with a conventional loan, turns out to be a little challenging since most of the better deals are lot of times cash only since a lot of the properties don't qualify for a home due to not being whats considered livable.

My plan is to purchase a home, live in it for about 4-6 months, do most of the rehab myself and sell it. I grew up in a investor family and have access to a competent constructor (my father who owns a contruction and investment business in Germany)

Furthermore I have about 25-30k which I am planing on using to do the rehabs.

Post: Where to find deals

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26

Interested in this as well since I am looking to purchase my first home, flip and sell it.

Nick

Post: Buy first home and Flip it ! Help

Nick SchroederPosted
  • Investor
  • Cape Coral, FL
  • Posts 24
  • Votes 26
Originally posted by @Carly Young:
Originally posted by @Simon Shih:

@Nick Schroeder. Welcome to BP. If you find a house under value, you can take out a FHA 203(k) loan. That is a loan to buy the house and fund the repairs. Here's a link for more info on it.

http://www.zillow.com/mortgage-learning/fha-203k/

I agree with Nick - speak to your lender (or a new one) about renovation loans. There's the FHA 203K or Conventional and lender specific programs available. The home does not need to be in disrepair to use this type of loan. However, it is difficult to get the lenders approval to do the work yourself unless you are licensed or can prove that you are experienced in that line of work.

Pre-offer work:

If you plan to use a contractor for your desired future upgrades, I have found it convenient to have a contractor on call that can give you a quick estimate on a property that you plan to purchase. Even though you will be financing the repairs into the mortgage, the estimate still affects your monthly payment. Oh, and ask your agent to pull before and after comps so you know that you are making smart choices in choosing upgrades. 

Good luck!

 Hey Carly,

thank you for your input. I will definitely make sure to do the pre-offer work as you called it.

Still trying to wrap my head around everything and search for the best investment property to buy. 

Again, thank you very much

Nick