All Forum Posts by: Robert Gailie

My final numbers for rental would be about 850 a month profit which is great but that's if I don't refinance. If I refinance my monthly profit would be 280. My plan a was to rent so I could wait for appreciation. I will have the house bought and rehabbed at 65k. The house sold at the peak in 07 for 259k. Rent would be 1600 a month and my expense is 7500 a year for taxes 1200 for insurance and mortgage. The tenant class sucks though. Mostly low income type people. Definatly a rental area. If I can't sell I'll have to rent.

 I want more income so I can have more working capital. If I can still make a good profit and then turn it into something else then I am happy. I am looking at making what I make in a year at my job in about 6 months and I probably have a total of 40 hours invested in this property right now. I want to flip to earn capital and then dump it into buy and holds for cashflow. I want to replace my working income to passive income. 

My goal is to create cashflow for financial freedom. I do have more cash on hand that I could do another deal if I can find one just like this one. I own this house and my other house free and clear. My income is decent enough to live off of especially with no mortgages. I am good at saving money. I had thought about flipping a few and making enough profit to buy a multifamily in full. I think I want to avoid debt so when I want to get out I can easily do so and I dont want any worry about paying off debt even if someone else is paying for it. I own an electrical contracting company and want to do that and real estate but not have to worry about when my next payday will be. 

Hey all. I recently closed on a deal that went into contract in september. I closed in January and we did some rehab work and we should be doing the final work within the next week or so. Purchase price was 29900 plus the buyers premium of 2500. After closing we were at 35k. I found it on the mls going to auction but we bought it before it went to auction. After we closed we found out the pipes were broken so it was 5500.00 to replace basboard heaters and fix busted pipes. Got the heat on and got someone to spackle and paint. Walls had some damage but only had one ceiling to sheetrock over. Had to install new upper cabinets. The front porch was falling off and that is now replaced for 8800. So far the total project cost is at 59000. We should be done at 64000. The ARV is 120,000. The house is a 3 bedroom and 1 bath. Now I need to decide if I want to flip it or rent it like I had originally planned.

here is a before of the porch

Here is an after. 

Sorry for the description and lack of photos. I'll try to post from the computer another time. I feel comfortable with where we are considering it is our first investment. I surely have learned a lot from the project. I just need to figure out if I want to take the quick income or the slow and steady income of a rental.

@Yoann Mamy Randriamihaja I am assuming that the wiring is old bx and the wire colors are not clearly identifiable? A lot of the time when junction boxes are spliced and the wires are old they lose there color so it is difficult to differentiate hot vs neutral. I would just flip the wires from one side of the outlet to the other if this is the case. If the wires are clearly identifiable as white and black then the source of the problem should be found and fixed. It is a simple problem and not a dangerous thing as many many houses end up with this problem but it should be corrected. This is a problem I have fixed for a lot of customers.

Hello all I am in search of a mentor to get me started in the right direction. I have been looking to get started in realestate for awhile now and just need that extra boost of confidence. I also would like to find someone that knows deal analysis to make sure I am doing my numbers correctly. Any help will be appreciated. Thank you

Also, when I bought my house I had paid cash. So I have never had a mortgage and I don't know anything about loans. I figure I shouldn't have a problem getting a loan with a 760 credit score and with my equity. I'd love to learn more about loans. Also, I do not know how to tag anyone on these forums

I have come to BP for some evaluation advice with little response. I think I don't want to use to many other contractors because I am much more hands on then I am book smart. I don't know finance and I don't know investing to well. I have been sitting on money for years and it's in a savings account making nothing. That's why I want to find a mentor who has been there and done it so I know I'm making the right choices. I don't want to learn the hard way.