All Forum Posts by: Account Closed

@Jason Blondin Ya I would definitely like to connect and touch base on projects and share connections. My realtor is pretty awesome. I have good contractors too  looking for wholesalers to help me get into that Avenue of money making as well as purchase another rehab property. Would love to grab a beer sometime soon and share info. 

@crystal em thank you! Love this place. It really is going to be a great house either to own and live in or an investment property.

Good evening and Merry Christmas BP! I am looking for a property or two to purchase and rehab immediately after the holidays in the Savannah Georgia area. I have put offers in on a few good deals on the MLS but have been outbid by deeper pockets. I am using a hard money company (that I probably won't be using again) so the numbers have to be pretty good. There are some stipulations that go with that such as an inspection period, >1000sqft., no fire damage, significant mold, roof truss issues and properties (decent condition) sitting on the market for longer than 6 months in the neighborhood. Some things can be worked around and are just risk factors but not deal killer, however, they can turn into deal killers. I would just need to perform my due diligence before ordering an inspection. Any leads would be greatly appreciated and I am a huge fan of mutually beneficial relationships.

Also, I would like to start wholesaling to supplement my budding flipping business. I am familiar with the process of wholesaling, I would just like to see the finer points of deals get done up close as I learn much better with on the job training. If anyone wants to show me a better way of finding deals (apparently this is my downfall thus far) I would also greatly appreciate it and could work for training or make some kind of concession for the help.

Thanks for taking the time to read this post and again, I hope everyone has a wonderful Christmas and New Year and I hope to hear from you soon!!!!

Rob

@Douglas Snook, we did sell the second house. Cleaned it out, listed it as an investment opportunity on the mls and it had multiple offers the first day!! And I admire the spirit of Christmas! I would have sold it to you just on that alone haha. Happy hunting!

Front of house is looking great! Porch all fixed up and exterior paint complete plus roof coated, primed and painted. 

Outside of house almost complete. Roof was coated, primed and painted aluminum color to restore the look of the metal roof. (I love it)

Dining room and living room painted. Just trim work left and refinish the built in cabinets. 

Living area painted (minus trim paint) still waiting on floors to be refinished. 

Second floor loft drywall complete, ceiling primed.

Down stairs bath Plumbing finally finished (almost a week setback) new tub combo installed and walls mudded. 

Taken today, kitchen tile is starting to be put in. 

Some of these pics were taken over the weekend. The tubs in the up and down bath, kitchen tile, and trim paint have been completed. Still coming along nicely and am really starting to see the finish line!! Please let me know what you think!! If there are any buy and hold people looking at this place feel free to contact me and I can take you through the house in person if you would like!! 

@ Nicole Frawley, haha ya it is a pretty cool fact. I had no idea. My wife actually saw a show and when we purchased the house, it was already blue, she told me the reason for it. I thought we had to keep it the same and that it would definitely add to the character!!

@James S, better late than never! Definitely appreciate the interest. We hired a general contractor local to the area who has all of his sub contractors in house. We made an initial payment after signing the contracts for them to get started and everything after has been weekly payments based upon work completed. This was a huge job so we wanted to hire the contractor that could do everything in the least amount of time so we went with a bigger company. The house should be done and on the MLS soon. We are hoping just after the new year for listing the property. The basement is a rare find. It has been a bit of a hassle as well. We have had to pump it out twice. We are planning on leaving the basement the way it is since there is no garage and we are thinking that home buyers will want to use it for storage etc.

Also, there was a change order that upped our investment bill.  We had to go up 1 ton on our AC unit and plumbing cost more than anticipated. Set us back about 9k. With that being said, it looks as though we will get nicer countertops and our linoleum floor may be upgraded to tile. I am about to upload some progress pictures shortly.

Haha ya it was a pass. I definitely appreciate the info. This would have been my first sub to so I'm glad I went through the motions and gained some knowledge. Have a good rest of the day!

Thanks for the reply! I went and spoke with her. I would've done this deal all day long but when I went thru there was a disaster of a pool in the back. Above ground with a rotted out deck. Also had pool pumps and the whole 9 yards. Would have been a decent deal but the cost of removing all of that properly would have been too much. Too many variables with too little wiggle room. Had to walk. Set her up with my realtor though so maybe he can sell it to someone that wants a low cost home that they can do the touch ups as they go and it will also relieve her of the mortgage. Thanks again! 

Good evening BP. So I have come across a property that may be a quick flip but the numbers are too tight for hard money to get it outright. I think the deal is solid and am trying to think of a better way to get into this place. I have heard of, but am not too familiar with, lease option or owner finance. Can someone break it down a little? 

Here is the macro version:

Owner wants to sell her property but it needs some cosmetic updates so if it is listed it will probably sit and she may not get out of her mortgage. Nothing crazy maybe about 5-7k but she is not wanting to, or can't afford any rehab on her own. She still owes 89k on the property. My estimated ARV would be in the neighborhood of 125k. I can come up with the rehab money but am not quite sure how to secure the property. She recently job transferred from Savannah to Florida and is paying on this house that is just sitting there so she is motivated. She had tenants in it for a little bit but they messed the place up a little and then just took off so she feels stuck.

Should I take over payments and leave the mortgage in her name? Then upon selling I would just pay her mortgage off and keep what is left? Maybe she would be willing to pay partial payments while I fix the house and list it (we haven't discussed that yet). What are the options of getting this place so I can help her sell and get out of a mortgage, minimal money upfront, and still have leftovers at the end to make it worth while?

Again, I think this could be a 1 week rehab with my contractors and, if it sells quickly (in and out in a month) could net about 10k which would definitely be worth it to me. Any help would be greatly appreciated. If there are some other options that I am not thinking of I would love some insight. I am still pretty new at this and am loving the steep learning curve. Thanks and Happy Thanksgiving!!

Rob