All Forum Posts by: Patrick Philip

A return of $300-400 per month is $3600-4800 per year. That is an 18-24% annual return. Assuming the property is in good condition in a good area, that doesn't seem bad to me. Can you elaborate on what you consider a good return in today's market?

@Kyle DoneyI have been trying to buy in relatively good areas, i'm trying to house hack, and potentially use a va loan. because im moving and do not have a vehicle etc in america i wont have alot of money for a decent down payment. 

 @Jacqueline Coombs yes I was using the BP calculator, googled most of the information relative to the area like taxes and average rental, and usually bump up the numbers some just to calculate for my mistakes.

It just surprises me that their could be so many houses that could cash flow decently and have been on the market for a while. this may also be because i am so new to real estate and was never aware of how many houses are typically on the market.

We have been doing the complete house. Remember it is not what you want it's what they want. Some houses we will do the kitchen and baths in a tile look while the rest is in a wood look. Others we have carried the same color through out.

We use to tile every bathroom, kitchen and entry ways. We used to refinish thd hardwood floors....Not worth the investment ( save that for when you want top dollar on selling) tiles break when heavy objects are dropped. Grout gets dirty, styles change. Click vinyl installs in no time with very little to no surface prep. Can be changed in no time. We get more comments on the click vinyl then ever expected. I have a friend with nearly 200 sf in Florida that I got to start using lvt and he can't stop talking about how great it is. Inexpensive, clean, waterproof, wears like iron, lower install costs. What's not to like about it. Works here very well, newer generation likes the clean feel of it...their words...not mine.

Do you know if those flips were houses comparable to the one you're considering?

Do you know if those flips were aimed at the same buyer pool as the one you're considering?

Do you know if those flips were profitable or lost money?

Do you know the margins on those flips and what the owners paid for the materials?

Again, it sounds like you're looking to take the easy way out -- instead of looking at your competition and making smart decisions, you are trusting what other people are telling you just to save yourself some effort.

Why would you rely on a handyman to tell you how to run your business?  

@Patrick Philip You ask where you find better deals and give a Craigslist example. I know that area and there are some deals up there. However, to answer the question... Finding you own deals or teaming up with folks that will bring you a deal is the best. For instance, every wholesaler has a list of buyers that they hit as soon as they have a deal to sell. If it is a GOOD deal it is gone in one or two phone calls. If it is a questionable deal, it hits Craigslist and every other list out there that is available for the wholesaler. 

Just a thought, but how many people have looked at a deal that is on these types of lists? How many good deals do you think are out there sitting on Craigslist. I would network, network, network and then network some more. Find the people that specialize in finding the deals organically and get them to call you FIRST. I have found many deals by being that first call. Once you are established the sellers know where the buyers are, be that guy.

I am not saying you can never find a CL, MLS, or List deal. You are simply in the shark tank at that point, blood is in the water. Be the only shark looking at a deal and you have a much better chance of making real money. If you spend your time making 5K on a deal you will simply run out of time. Time is truly your most precious commodity, spend it wisely and hit the home run when the time comes. Good luck in your search! Wishing you the best.

I think the tile throughout the house is a regional thing and very popular in Florida. I don't really like these shows but I tend to take some design clues from some shows on HGTV. People watch these shows and it tends to shape the viewer's tastes. I hate this barn door trend that was started by Joanna Gaines but people watch it and now they want it. If she sticks a silo on the side of a house in the next show people will be wanting it the next dayl lol

Every house I have done has had original hardwood. The only one that didn't, it cost close to the same to put in wood verse carpet. Personally where I live no one would tile (ceramic or porcelain) a bedroom, so it's either wood, carpet or the engineered LVP stuff.