All Forum Posts by: Rafael Floresta

I am thinking about installing a vinyl plank flooring in a flip I have. 

The place has a continuous livingroom and kitchen and I think the looks of a seemingless floor all across will make the place much nicer. 

I have been thinking about installing the luxury vinyl planks because they are better for the kitchen. That way any water spilled in the kitchen wont damage the floors. 

Anyone has a positive or negative experience while selling houses with those installed? 

My main concern is that buyers wont like the idea of vinyl flooring, despite the fact I am confident they will look great.

Hey, @Jordan Richardson 

How did your Vinyl plank floors worked out to you? I have a flip that I want them installed. Would you recommend?

I dont put general per square feet cost to rehab. I usually walk thru and figure out the cost. 

Have you done a walk thru yet? If so, make sure to photograph as much as possible so you have photos to do your listing when you try to wholesale. 

Most wholesale deals are crap because either the repair is too low or the ARV is wrong.

I dont work that area, I can't really help much on values and what is good out there. 

If it is tenanted, it means everything is in semi-working order. I bet there are issues and deferred maintenance, but hey, we are buying at a discount for a reason. 

You need to do a walkthru before you offer. You can ask for an idea of what she wants, and if you feel there is a chance of deal, go see the property, and calculate your costs. 

That is kind of far for me, otherwise I would offer to go do a walk thru with you.

80% of the houses I buy I put new HVAC, new roof and have some main drain problem. I just budget for it now. 2000ish for flat roof, 4000 for HVAC and 500 for main drain. 

Just that will up your cost per sq feet. 

This month the DPI meetup will cover virtual assistants.

A panel of 3 speakers will share their experiences and offer resources to help you expand your business thru out sourcing the routine, mundane work (anything that an assistant can be trained to do) that doesn’t require decision making.

Before the meeting, starting at 6pm, we will have a Informal roundtable type of discussion where our veteran investors will answer any questions you may have regarding your deals, investing in general, etc.

Networking afterwords at the hotel bar.

http://delcopropertyinvestors.com/

http://www.meetup.com/DelcoProperty-Investors/events/222475443/

Tomorrow - Tuesday, June 9th, 2015 6PM – 9PM

Meetings are held at:

Clarion Hotel Philadelphia International Airport

76 Industrial Hwy

Essington, PA 19029

The numbers look good. I'd buy that deal. Rent seems on the lower end, you might be able to squeeze in another 100 bucks or so. How did you determine your rent price? 

You don't have to wait 6 months to refi. With a 5 - 5.25% you can get a refi without seasoning from a local bank like Valley Green. Sometimes is better to get a second home heloc from TD, since the rates are much lower (3.65%), and there aren't closing costs. I did that and refied it later after 2 years once I had a chance to use all the cash. That gives you the chance to shop for a deal without hurry because you are paying interest. 

For 52k, are you paying the whole transfer tax or just half? People usually split. 

You are not calculating for vacancies and capex and repairs, but the numbers are good enough to fit that expense.

Once you close, PM me and I can help you out with some contractors if you need.

How much downpayment? And what is the zipcode? The rent price seems way low, and that shows that the property is either under rented or in bad shape. Or in a really bad areas. I do lower income rentals in Philly and Delco and all my 3 bedrooms get around 1k. My lowest rent is 990, and I will be raising to 1020 next lease.

Anything major that is deferred in the house? Water heater, appliances, furnace or roof? 

Flat Roof in a rowhome in Philly will run you around 2k max. 

A new furnace may be between 1k-3k depending how good of a negotiator you are.

New water heater installed, maybe around 450-550? 

If any, or all of those, break would you be able to fix it? 

At your limit of cashflow of 230 a month, if the roof is bad you will spend 8 months of cashflow and change to get that back. That is a long time. 

East Mt. Airy is not bad at all. Those usually fly off the shelf on the foreclosure auction.

I think you will have a hard time finding a decent deal there, because there is a lot of interest. 

It will probably be a good buy and hold in the long term, because the area is appreciating nicely, but it may be a slim cashflow, unless you buy a awesome deal.

My two cents, I dont own anything there, I just like the area a lot. Good luck. 

Gina, do you do cashout refis? Properties are in a LLC and I own them for less than 1 year. All rended producing income with 1 year leases.

Reach out if you need any help. I buy from wholesalers, if you ever want to find me some deals. :)

If you want to wholesale, maybe find ONE buyer that really is in the market for deals, learn what he does, what he buys, and try to find deals for him/her. That way, when you have a couple deals under your belt, you will be able to really start growing the relationship to other buyers. 

As a newbie, how do you know what is a good deal? Are you sure you can calculate the repairs/ARV without forgetting anything? Why go through the motions of putting a property under contract if there you're not sure it will sell?

Trying to create a "network" of buyers and sellers that works is hard. IMHO. Many try, and they end up marketing crappy deals that no one wants. And then, because you are doing a massive marketing strategy, you end up receiving little to no feedback on what is wrong, and why you can't sell this properties. 

Another option is to find a experienced wholesaler and help him until you learn the trade on your own.

As per finding deals, there are many many ways. Your best success will be doing what no one else is doing (or a limited amount of people). For example, you will read that direct mail is THE way to do it, and at this point, I'd rather pay someone to do direct mail than to do it on my own.