All Forum Posts by: Nick Stango

Hi @Gideon Sylvan, thanks for the reply. So your analogy is assuming I get the deal for 100k right? I used the house flipping calculator and I came up with around the same numbers $23k range of course this is a very general evaluation that can fluctuate one way or the other. If I paid $110 and put $40 into it and only sold it for $190k I'm only up $10k, on the other hand, if I get it for 100k, spend 35k on rehab and sell for $210 thats a $45k profit, but do I really want to take that chance on a potential 10k to 45k? Or should I wait for a more profitable deal to allow for mistakes and unforeseen situations. I am a contractor so I feel safe with my rehabbing costs and time frames. But as a first time REI deal, should I make sure I get the best situation before I pull the trigger or take what I can get just to get the first one out of the way? By the way there are a lot of questions here and they are for everyone to chime in on, not just you Gideon, you've done a great job analyzing this scenario, and I appreciate your time. Any other takers? Thanks in advance!

Hey @Jake Recz welcome to BP, I'm over the river in Yardley / Morrisville  Pa I'm also new to BP, check out the podcast there are some NJ investors on some of them.

good luck, looks a little on the tight side when it comes to profit but I hope you get a great price and it sells fast. You are doing what most of us are trying so hard just to learn how to do, so for that you are a super hero, congrats bro! If you have any question about remodeling, hit me up.

There is a neighborhood 5-10 mins from my house that has many investors swarming to, who are picking up great deals on real estate and fixing / flipping, wholesaling, renting, you name it, their doing it. But is it a great deal or does it just appear to be? From what I've gathered, these properties are being purchased for $100-120k with a $35-50k repair cost and sold for $185-230k is this considered a great deal or a to close to call or run fast deal?

I am a 95%er definitely struggling to buy my first investment property, that is not to say I haven't purchased a property yet, I'm on my second home that me and my family live in, both of which I gained very nice equity on. I just haven't been able to pull the trigger on an investment property yet. If I had to say why, It would be a lack of funds. I may have 100k in equity in my home but i'd be lucky to get 30k out of it in an equity loan. This is enough to buy a cheap home in a bad neighborhood, but to have enough to fix up and sell for a profit is very hard for me to determine. The only houses in that price range are in an area I'm not familiar with when it comes to flipping. I know I can fix a house up from soup to nuts, I've done that a million times, but buying low enough before every other REI who is standing in line with cash in hand waiting for these deals to come down the pipe is another story, they know how to find these deals better and faster than me and like I said cash is king. So I feel like until I save up a bunch of cash or find some investors who will trust me with their money, it would just be a waist of time for me to go out and make offers on deals that require cash. I'm actually thinking about selling my house and buying a duplex or triplex that I can live in, but there are five of us, so I need room, and I'm not sure that's such a good idea. I think I need a mentor who has done this over and over, who will be willing to show me the ropes and invest in a project with me that is a sure fire no brainer type deal. I am working on finding investors as we speak. If anyone knows a good way to find investors, please let me know. I have extensive remodeling and rehabbing experience, just need the start up funds, I know I could do a flip in another local area that I'm familiar with, but the homes are in the low 100k range. They can be flipped for low $200k range with 30k of rehab for a 70k profit minus closing costs.

Nice!

@Jay H. Me to please! Congrats!

@Micki M. pointed me in the right direction with the (go to BP under resources and scroll down to FilePlace). I found some assignment contracts that seem like they are used frequently by BP users. Thank you for your concern and advise, I do appreciate it and again I apologize for my first assumption and reaction. 

@David Mitro I am a contractor that lives in Morrisville so Langhorne and Levitown obviously are very close to me I do a lot of work in Yardley and Newtown, i've been in business for 25 years and have done everything from rehabbing foreclosures for the banks to high-end bath and kitchen remodeling. My specialties are kitchen and bath remodeling and painting and carpentry.

depends, I always preferred drywall as opposed to paneling but if the paneling is over plaster and the plaster is in terrible condition removing the plaster and installing new drywall can be a nightmare you may have to rewire and replumb the whole house if you are getting inspections done, so take one room or even one wall at a time, if you feel at that point you can do the rest of the house then go for it, it's also an affordable thing to sub out, you should be able to pay someone $10 per sheet or less to hang and $10 a sheet or less to tape and spackle depending on how many sheets you need done, keep in mind a sheet of drywall cost around $10 a sheet also,  you can also remove the paneling and do a drywall venere which is a thin sheet of drywall over the plaster basically just like paneling except it's drywall. Also keep in mind when you remove and replace paneling with drywall you may need to remove all the baseboard moldings and casing around all the doors and windows and reinstall or install new.