All Forum Posts by: Pavlos Kasselouris

 As you begin to network, you will meet people that might be interested in helping you. Even myself that I'm just beginning, already have thoughts about finding a "intern" type of individual that wants to learn and will do in return all the leg work, and at the same time earn a percentage of the profits. Leg work could include bookkeeping, scouting properties, doing market analysis, maintenance arrangements, managing contractors at the rehabs, deliveries etc All of these are things that can be taught and take a lot of time.

@Jerry Padilla Is cash-out refinancing an option for properties that were bought through an auction? If so, does the actual documented amount of the borrowers initial investment include the rehab cost? 

UPDATE

Few days have passed so here are the updates on my first official flip.

Last Thursday I got in the mail the Certificate of Title, and Friday morning I went to see from the inside the property...here is what I came across...

Utilities are turned on today (because of Easter celebration), so we'll see other surprises...

Demo has been completed except the scraping of the popcorn ceiling. I needed two 20yd dumpsters... The old cabinets were sold. Scope of Work is almost done. Bidding and Buyout is underway and so far I might be 2-3K over budget. Hopefully this will improve or the house will sell for more to achieve the appropriate profit...

I just got the Certificate of Sale on hand, and now I'm waiting for the Certificate of Title!

The good thing as I stated previously is that the property is abandoned so I dont need to vacate the property via writ of possession,  eviction or anything.

I plan on going to the property the day after the filing of the certificate of title.

I also got a quote for insurance during the period of all the construction activities. Do you think I should start the policy the 11th day or right away? 

Thank you everybody, I'll definitely post pictures and updates on the whole process. 

@Chad U. I'll consult with my re attorney, but what worse can happen if there is indeed a defect, that my title agent didn't initially find? The funds have been sent and it will have to be cleared either way, right?

@Christopher Vargas We can talk in private. Good contractors are always in demand :)

 I search the properties that are listed on the calendar the week before, to give enough time to the title agent. If I start researching too early a lot of times some auctions get cancelled or they file bankruptcy. Other times the plaintiff's chang their max bid or hide it... so a week before is ok

 Yes it was an actual auction through the county clerk. That county does their auctions online.

Due diligence was going to the property and getting as much info as possible as far as the condition of the property, doing research as far as ARV and having my title agent perform a title search to find liens encumbrances etc to her best of her knowledge. They might miss something but that's part of the risk...

Now I don't know whether I need to bring a real estate attorney in the game, since the property is abandoned but I might do it when I get the Certificate of title in hand. This is still under concideration...

Thank you @Robert G.

Sure, it might take just a bit longer than a usual flip, since I live in Miami, but at least my holding costs are minimal, but if this is successful then I can lay out a better strategy. 

I'm so excited a new chapter just opened in my REI career! This was always in my mind, and after 3 months of going after auctions, I landed my first acquisition! For the record I have 3 rentals out of which one was a rehab.

My goal is to flip it, and go for the next one! Before I scale this venture I wanted to have one completed project from start to finish, and then seek financing for more rehabs. This one is a joint venture with my partner and we are self funding the deal.

I will post updates here and ask for advice at the same time.

Acquisition cost is $75K + fees of about $1700.

My initial calculated ARV was around 125K, but after we won the auction I did more detailed CMA that came 133K. So listing price should be around 135K.

Its a 3/2/2 with 1416 sqft in Florida, 30min close to the Orlando area. 

I will have the certificate of title in about ten days in order to gain access to the property so here are the initial photos and a pick from the window...

Ty Gianni!