All Forum Posts by: Account Closed

@Jen H.

I write my own letters. I use a yellow legal pad from Office Depot and a red Pilot G2 pen because I like the way it writes. I keep my letters simple. 

Dear _________

My name is Russ. I'd like to buy your house at 123 Main St. If you're interested in selling, please call or text me at 678-XXX-XXXX. 

Thank you!

Russ

I use an inexpensive invitation type envelope from Office Depot. 

@Cody Campbell

Do you have cash to fund the rehab?

I'm looking at a potential flip property now. It's owned free and clear. The owners might be willing to owner finance it to me during the rehab. I would only have to borrow the rehab money, probably from a hard money lender. I'm being told that a hard money lender will want to be in first position so they probably won't lend just the rehab costs. 

@Manolo D. @Doug Pluckrose @Account Closed

@Ron Garner @William Mccurdy 

@Andy Hudgins @Warren Higgins

Thank you for your advice. I have put this deal out to some other investors I know. I'm trying to get a more experienced flipper to partner with me on this deal. Its a big project to take on as my first flip, especially since I work full time. I can't be there every day to make sure the rehab is going smoothly and staying on schedule.

@Andy Hudgins

I'm trying to get the homeowner to owner finance me during the rehab. Im gonna send you a PM. 

@Warren Higgins @William Mccurdy

They own the house free and clear so they can take less than $80k. The house is vacant. I was thinking of offering around $25k and a percentage of the profit after it sells. I'm going to get a better estimate put together so I can show the owner why I am offering such a low price. 

I'm looking at a house in Ellenwood, Georgia that I'd like to flip, but I think it needs too much rehab to be a good deal. Any advice would be appreciated. 

Built in 1961

3bd 2bath 1754sq ft brick ranch

Unfinished basement 

ARV $160k

Asking price is around $80K

It needs a total gut rehab. The roof is leaking in every room so all the drywall needs to come out. Needs all new facia and gutters. Needs new windows and doors. The floor plan is just weird and outdated. Walls need to be moved around to open areas up and to change the design for things like moving the master bath access to the master bedroom instead of the hall. The foundation seems solid with no cracks or settling. It needs all new mechanicals (HVAC, plumbing, electrical). It has cast iron plumbing, which I would wanna toss out. Half the electrical in the house doesn't work. I'd rather just replace it all with new instead of chasing problems. HVAC ducts could stay but I would want to replace everything else for the HVAC. I think selling a house with all new mechanicals would be easier. The buyer could get warranties from the contractors. 

I've seen people estimating full gut rehabs to be $50 - $100 per sq ft. At $50 per sq ft that's an $85k rehab. I just don't think there is enough room  for profit. 

@William R Johnson

What kind of floors did you install? Laminate or vinyl? My cheap laminate floors are not holding up so well in my rental. 

@Benjamin Blackburn

Do you know why the house hasn't sold yet? Is it priced too high? In a bad area? Is the quality of the work or choices of finishes not good enough for the area?

What is your plan for wholesaling it? Just put a lower price on it? 

@Abhi Golhar

Awesome video response! Thank you for the info! I will start driving around those areas  to look for properties to mail to. 

@Shawn Crawley

So what is your plan with the first property? Forget it completely? Call them back in a few weeks and see if they changed their mind? Maybe after a few more people tell them they want too much you'll be able to get it for a better price. Did you give them an offer at all?