All Forum Posts by: Preston Gealy

@Taylor Dasch thanks for the advice. My only concern with that technique is that you would have to discern the advice you get as more advanced flippers may tend to use private money to fund flips versus HML.

Hey guys,

I have been flipping houses for 4 years and I'm about 50% on successes. We lost almost $100,000 on the others. Looking for a mentor in the Pittsburgh area to reach out to me and possibly give me advice on what I'm not doing correctly. Any help is appreciated!

@David Garner we ended up closing on the subject house yesterday. It was like you said, an inherited house that they were not motivated to do the rehab work to make it half decent. Thank you all for the advice. The seller ended up paying half of all the occupancy inspection items so it was good!

@Theresa Harris I got another quote for $600. We are trying to get the seller to pay half... finger crossed...

@David Garner wow some areas of Sharon are rough. That is too bad. That is true that good deals are hard to come by. The seller must have remorse over going under under contract for so low of a price.

@Kenneth Garrett. The profit for this one is roughly $45,000 so yes the $1600 is a 3.5% hit. You are correct that good deals are hard to find these days. I have had a number of deals slip through my hands before getting this one under contract. I think I'll keep my mouth shut and proceed to close this bad boy! Thanks!

So I have a great fix and flip deal under contract in a hot area in Pittsburgh. The contract states that we must obey municipal requirements to transfer the property at closing. The municipality required an occupancy inspection and they found some downspouts that need rerouted away from the sewer. The seller is unwilling to do the work or pay to have it changed. We got a quote for $1600 to remedy the issue. Should I force the seller to pay full, half, or jump ship and look for another deal?

@Ron Brady sounds like a dynamic duo! Me and my wife are similar in that she is a multiplier (detail oriented) and I'm a simplifyer (big picture person). I think that provides a checks and balances in a company.

@Nikki Yankowski would you say that there is a point where, even though supply is low, the pricing will get so high that the market of potential buyers will be slim? Sounds like the market will crash at that point forcing more people to rent than buy.

@Ron Brady thanks for sharing the valuable tools! Just curious how you and your wife split the tasking up?