All Forum Posts by: Robert Rayford

@Sandy U. , This property just went under contract today. Here some others.

1717 Mcquade St, SFR 5/2 , 1895sf $ 64K flip ready

1406 W 6th St, 32209 SFR 4/1, 2346sf, $65K flip ready

6925 Rhode Island Rd E , 32209 SFR 2/2, 1316sf $61k Rehabbed and move in ready

1616 Folkstone Rd. 32312 SFR 3/2, 1296sf, Tallahassee, Fl $161K rehabbed and move in ready Class A, and A rated schools.

These are properties that I have to move out of inventory.

@Sandy U.,  $61,000

@Billy Maloney, maybe they stole your air handler and came over to my place to get the condenser unit. I guess thieves shop around too....lol

@Billy Maloney, I have 6 properties being rehabbed in Jacksonville and I have 6 missing condenser units outside..... What  I do now is replace the unit right before closing by stating it as a contingency to close. I am used to it because this is also the standard in Las Vegas also.

@Kristen Ray, There are a few REI Insurance Companies that will issue for a short term flip. The company I use has a system in place that you can update the policy every step of the way i.e, board-up, renovating, vacant or rented. This helps you with the exact coverage you need through out the rehab process. The policy will be issued and the PML/HML will be noted as Beneficiary of payout. Most small private money lenders will have language in the "note" stating that insurance must be kept in place during the duration of the loan. Bigger more established lenders will have the insurance and taxes paid at closing , you will see this on the HUD or closing statement. When going for a HML or PML be sure to do the math. Most new investors miss that fact these items will be paid either upfront or put on the back end of the loan. If your going for a 80% LTV type loan then you assume that you only need 20% to put down plus some fee's but there can be some additional charges like the 6-12 month insurance upfront. Folding the insurance into the loan will increase your payments and you will be paying a % on the cost.

This property is back on the market with a lowered price.

@Rachel Imhof,  I would like to wave to you as we pass each other while moving in the opposite direction. I will explain,  I am a G.C and built homes from the ground up for 10 yrs. After building homes and very large additions in San Francisco and the surrounding Bay Area, I decided to start rehabbing and flipping homes instead. While building homes I dealt with undecided customers, unruly sub contractors and power hungry building inspectors for years. I took all my knowledge I've accumulated over my 30 years being in the construction business and started flipping properties. it started out as a Las Vegas venture but after I caught the bug I expanded to 3 states. Now with 14 flips completed also, I still own my Construction Business here in the Bay Area while doing my investments in Florida, Nevada and California. You would think that being a G.C it would be easy to find and pick out good subs for my flips, not true. I just don't get it, I am fair sometimes overly fair to the tradesmen because I know how hard this type of work can be. All I find is that most are not loyal to a customer who can bring constant work to them. Do to this fact I have to keep a full supply of tools and material in storage units in each area I flip so when the subs decide not to show up anymore I can jump on a plane and go finish the project.

I wish you great success.

@Christopher Shawn eady,

1740 W. 10th St, 32209 SFR 3/1, 1360sf , $35K

1406 W 6th St, 32209  SFR 4/1, 2346sf, $65K

6925 Rhode Island Rd E , 32209 SFR 2/2, 1316sf $63.5K

1616 Folkstone Rd. 32312 SFR 3/2, 1296sf, Tallahassee, Fl $161K

These are properties I am currently liquidating.

@PeTika T., I sent you a PM

@Christopher Shawn eady, I've think I sent them to you last week. I will resend.