All Forum Posts by: Ryan Conklin

@Patrick Britton I’m curious. Why did it take so much cash to close? I’m looking in the same price range but didn’t think it would be that high. Great job getting the house for $400. Any tips for getting the team together? I’m looking to do the same thing by the end of the year.

WOW!! The flip looks awesome, congrats!! I love what you did with the credit cards and I think that is one of the ways I will end up funding my first flip. Did you use business credit or personal? Along with that was this under an LLC? Also, would you mind sharing the numbers on this?

Good luck with the selling portion!

@Ryan Conklin this was on the MLS, not an auction property.

Hey, I am in negotiations with the US Marshall’s on a property that was seized in a tax evasion case. It seems like they like my offer, but they want me to put up 10% earnest before they accept. Is this normal? Is there anything I should be concerned with? I am using hard money. Thanks! Ryan

@Christine Kankowski Thanks for the advice! I will be doing most of this, I just need someone to keep the contractors honest by checking on their progress, especially before payments, and let them in initially to walk them through.

Thanks for all the responses. I like the idea of a profit share. I am thinking 5-7% (~900), would this be reasonable for 2 trips/week for 2 months?

@Ritch Bonisa Thanks for the detailed response. I like the idea of getting updates from both individually. 

@Terrell Garren Hey Terrell! I understand the risk involved with this transaction and that is why I chose the city I did. I have my brother-in-law in the city to watch over things instead of any other market. I am going to be getting multiple bids for everything to ensure honesty and have a contract with the contractors that include timing of draws and any penalties for delays. One thing I have in my favor that most people don’t, is the time to dedicate to this. I am still finishing up school and this would be mine job so I have 40+ hours a week to dedicate to this one project (as much as it needs).

Hey everyone! I am about to acquire my first deal for a flip and I was going to approach my brother-in-law, also my agent, about being my boots on the ground. I am out of state and want someone to walk with contractors and keep them honest. What should I offer to pay him when I approach him about this? Also, how often should I have him check the house? Once a week? Before draws? Thanks!

Hey Everyone,

I am in the planning phase to start rehabbing condos and homes in the Glendale area. I was wondering if anyone here has any referrals for a general contractor or property manager. I really appreciate the help!

Ryan

Thank you so much for deciding to post about your success! Hearing success stories really helps us new guys keep pushing through! Congrats and good luck in the future!