All Forum Posts by: Ryan O.

Looks great Josh!  Did adding the additional bedrooms allow you to rent it for closer to the market rents for a 2/1 as it was before or a 5/3 or somewhere in between?  I have a partner that wants to take a 2/2 and add two egress windows in the basement to make it a legal 4/2 and we are wanting to know if it will add a significant amount of income since the overall size of the house does not change.  Any thoughts on your experience with a change in rental income??

Ryan,

I am curious how many folks you are having to go through to find one buyer that will qualify? Is it 1 out of every 10, 20, 30 ...?

Jake,

Thanks for posting your story. It is great to hear of someone following their passion. It sounds like you are not working everyday but having FUN! :D

I am not a wholesaler but wanted to expand on the original question. How do you go about showing the property for sale if it is an REO? Or is that supposed to be part of your original offer? How do others go about this issue of showing the property to other investors with REO's or other listed properties?

Sorry thought of one more thing. Some cities require licensed contractors like plumbers, electricians, HVAC folks to install new fixtures, run new wiring, replace faucets or water heaters, etc. Make sure you find out what you can do and find out if you need a permit. You do not want an inspector holding up your project because you didn't get a permit when one was required.

Glenn, I am probably not the best to be giving you suggestions hopefully a more experienced rehabber will chime in. ( I haven't rehabbed a house in about three years and I was a slow poke without a plan or system back then.)

About your schedule, it looks like everything is in the right order. The only suggestion I have is depending on what you are doing on the exterior get that going while some of the interior is being finished so you can reduce your holding time and to get in on the market faster.

Just curious if a vehicle wrap is more of a good thing to attract leads or more of a bad thing when you drive to someone's house with that plastered all over your vehicle (like them getting upset not wanting other to know they are selling)?

Does anyone have pros or cons in regards to experiences with having your "Buy Houses" type of marketing covering your vehicle?

Glenn,

In my city you must have a smoke detector in each bedroom plus one on each floor, etc. This may well be a code thing for your area as well. I would ask the electrician more questions so that way you will also know for future projects. With your subs just remember time is money so you will want to stay on top of things to keep things flowing and to keep on schedule. One sub that flakes will affect the others coming in after them.

Sounds like you are off to a great start with this being your first flip. Best of luck and keep us posted on how things go!

I have run across a seller wanting to sell as a short sale as they are facing a foreclosure. I did a quick search of the title and it appears that the lender has already filed a deed of reconveyance a couple of years ago and it appears that there is no lien on property. I know from an ethical standpoint what to do but just curious if anyone else has run across this and what the lenders response has been?

I have a dumb question but I have to ask it here. If you were going to get a loan for investing in these tax liens, do the lenders make you make monthly payments during and until you receive your money from the paid off tax certificate(or later after the redemption period and you have the deed to the property)? I don't know if I worded that right but basically I am trying to find out if you are making monthly loan payments like a typical loan?

Thanks