All Forum Posts by: Robert Burns

I am extremely "burned out" with my current job that pays well but I am 62 years old and very tired of making other people rich. I want to develop a consistent RE wholesaling business to supplement my retirement. However I have found it very difficult to find the time to work on my wholesaling business while I work full time which also includes a fair amount of travel. I am impressed by many of the contributors to this forum and I am also sure my situation is not unique. I would appreciate any suggestions, actions plans, ideas on how I can effectively develop a wholesaling business while I work full time. I really, really need to quit my job, I'm on Xanax already.

Thanks in Advance,

Bob Burns

I am extremely "burned out" with my current job that pays well but I am 62 years old and very tired of making other people rich. I want to develop a consistent RE wholesaling business to supplement my retirement. However I have found it very difficult to find the time to work on my wholesaling business while I work full time which also includes a fair amount of travel. I am impressed by many of the contributors to this forum and I am also sure my situation is not unique. I would appreciate any suggestions, actions plans, ideas on how I can effectively develop a wholesaling business while I work full time. I really, really need to quit my job, I'm on Xanax already.

Thanks in Advance,

Bob Burns

How do I become colleagues with other BiggerPockets forum members?

Thanks everyone for your excellent comments. I am totally committed to getting my wholesaling going and am looking for the best track to run on. I read/reviewed/printed out dozens of articles and suggestions on wholesaling and still confused so I was looking for a solid plan. What about Steve Cook's program? Any comments on that?

anybody use the chris cico virtual wholesaling program? Is it for real? Is it worth $797?

I went to the $495 3 day seminar and then signed up for the $6200 real estate coaching program. I wasted my money in that the coaching was more of friendly chats with my coach once a week with no results. I DONOT recommend any of the Rich Dad progams.

PROPERTY ADDRESS SQ FT YEAR PRICE DOM ITEM COST # TOTAL NOTES
2,800 1960 Electrical
ITEM COST # TOTAL NOTES Total Rewire $2,500 $0
Landscaping Service Replacement $1,500 1 $1,500
Fence (linear ft) $12 25 $300 Light Fixture $30 16 $480
Yard Cleanup/Landscaping/etc. $2,500.00 1 $2,500 Chandelier $130 $0
Foundation Ceiling Fan $125 6 $750
Engineer's Report $600 $0 Outlet Switch $0.69 30 $21
Piers (each) $250 $0 Light Switch $0.48 20 $10
Driveway/Walkway Repair (sq ft) $3.50 $0 Switch Plates $0.19 50 $10
Roof Exhaust Fan/Light $30.00 2 $60
Replace Roof ($120 per sq.) $120 $0 Exterior Light Fixtures $35.00 4 $140
Layers Tear Off (sq ft) $0.30 $0 Smoke Alarm $12.00 4 $48
Repair Flat Roof $2,500.00 1 $2,500 Doorbell $25.00 1 $25
Paint Heat and Air
Interior Painting $2,800.00 1 $2,800 New HVAC $2,800 $0
Interior Door Painting (each) $50 10 $500 Replacing Existing HVAC $2,400 1 $2,400
Replace Sheetrock (Room) $300 8 $2,400 Ductwork Needs Replaced $400 8 $3,200
Ceiling $500 1 $500 New Ductwork $600 $0
Interior Walls Retexture (Room) $150 5 $750 Clean & Service HVAC $250 $0
Wood Windows $35 $0 Thermostat $100 1 $100
Exterior Full Painting (sq ft) $1.60 1000 $1,600 Doors
Exterior Trim Painting (sq ft) $0.80 800 $640 Interior Door Replacement $100 12 $1,200
Kitchen Cabinets (linear ft) $20 20 $400 Exterior Door Replacement $200 2 $400
Paint Tub $500 $0 Door Jamb Replacement $60 1 $60
Floor Cover (sq ft) Double Garage Door Replacement $500 $0
Subfloor $1.00 $0 Garage Door Opener $500 $0
Carpet $2,800.00 $0 French Door $500 $0
Tile $4.00 $0 Front Door $500 1 $500
Backerboard $1.00 $0 Interior Hardware $7.96 12 $96
Linoleum $2.75 $0 Exterior Hardware $20 2 $40
Hardwoods Sand & Refinish $3.00 $0 Windows
Hardwoods Polish Only $1.00 $0 Small Metal Replacement $120 $0
Hardwoods Install $5.00 $0 Medium Metal Replacement $140 $0
Laminate Install $5.00 $0 Large Metal Replacement $160 $0
Carpet Cleaning $0.05 $0 Small Wood Replacement $200 $0
Plumbing Medium Wood Replacement $225 $0
Plumbing Entire Service (sq ft) $2.00 $0 Large Wood Replacement $250 $0
Water Heater (installed price) $250 $0 Small Pane Replacement $20 $0
Kitchen Sink (Y/N) $175 $0 Medium Pane Replacement $30 $0
Kitchen Faucet $100 $0 Large Pane Replacement $80 15 $1,200
Disposal $90 $0 Carpentry
Bathtub $200 $0 Trim Replace (linear ft) $1.25 500 $625
Tile Tub Surround (sq ft) $0 Kitchen Cabinets Replace (linear ft) $100 32 $3,200
Tub Faucet $0 Cabinet Doors Replace $5 20 $100
Sink Faucet $0 Cabinet Hardware Replace $3 100 $300
Bathroom Sink $0 Countertop Replacement (linear ft) $30 16 $480
Shower Stall $300 $0 Backsplash Replacement (sq ft) $4 16 $64
Shower Pan $800 $0 Bath Vanity $225 2 $450
Shower Door $200 $0 Medicine Cabinet $150.00 2 $300
Showerhead $40 $0 Ceiling Repair $2,500.00 1 $2,500
Toilet $125 $0 Soffit Replacement (linear ft) $20 250 $5,000
Complete remodel kitchen $12,000 1 $12,000 Guttering (linear ft) $3.50 250 $875
Complete remodel bath $5,000 2 $10,000 Wood Repair/Replace/Remodel $3,200 1 $3,200
Appliances Other
Refrigerator $500 $0 Permits Required $500 2 $1,000
Range $450 1 $450 Misc. Surprises/Contingency (10%) $7,133 1 $7,133
Oven $450 1 $450 Dumpster Loads $400 4 $1,600
Rehab Insurance Policy $1,800 1 $1,800
Cook top $400 1 $400 Cleaning/Make Ready (sq ft) $0.20 2800 $560
Dishwasher $250 1 $250 Subtotal $80,265
Ventahood $150 1 $150 Tax $6,421
Microwave $250 1 $250 TOTAL $86,687

Jon,
The $30,000 profit is for the rehabber not me. I intend to get $5,000 for an assignement fee.

How do I approach the owners with an offer that is less than 1/2 of what they paid for the house?

If found a house in a great subdivision but it has been vacant for at least 5 years. The owners paid $55,000 for the house in 1988 and are motivated to get rid of it. See below the numbers and give me your feedback please:

1. Estimated Sales Price (based on current comps and conditions) $165,000
2. Estimated Closing Costs (3%) 4,950
3. Realtor Fees (at 5%) 8,250
4. Estimated Holding Costs (6 months @ $1350) 8,100
5. Estimated Utilities/Maintenance (6 months @ $250) 1,500
6. Estimated Repair/Remodel/Rehab (attached) 86,687
7. Desired Profit Margin (minimum for effort and risk involved) 30,000

* Maximum Allowable Offer $25,513