All Forum Posts by: Ryan Substad

I agree that there is nothing wrong with that strategy but if you're looking to buy more properties and scale your business its good to use leverage. It all depends on your goals and what you're hoping to do in the future.

The kitchen looks nice! It's all about first impressions and mulch will really make it pop. It shouldn't be too much of a cost and will really add to the curb appeal.

You don't have to spend that much time per week if you have a pretty good GC. Since it's your first flip I would recommend stopping by the project regularly to check on things and make sure progress is being made. You don't have to be there that long but at least just stopping by to see the progress and make sure things stay on schedule. 

Returns all depend on the market and what you're comfortable with making. Spreads are getting a lot tighter with the hot markets.

Yes you would have to pay all utilities while you are flipping. I would say if you're doing a full rehab it doesn't make sense to live there as it will just slow down the work. If you plan on doing most of the work yourself (doesn't sound like that would be the case since you have a full time job) then it might make sense to live there. Also it depends on what financing you use. A lot of hard money lenders won't lend on an owner-occupied house so that's something to keep in mind.

I ran into this issue on my last flip. Our close date was after the 90 days but all the paperwork had to be redone a couple weeks before closing to date everything after the 90 days. If you can try and get the buyer into a conventional loan, that would probably be the best option. What date is closing scheduled for right now?

Have you checked out this list? 

https://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/

There are some good book listed there. I really enjoy the J Scott books as well (both flipping and rehab books).

By paying off your home you are only getting a return on your money of whatever your interest rate is. With interest rates around 4% it's much better to keep the leverage on your home and use that extra money to earn a higher return elsewhere. 

I agree. At least a simple informational website with a form to capture their info (property address, phone number, email, name) is good so you can create that online presence and give your business some validity.

Welcome to BP! Sounds like you have a good plan to find that first property. Keep persisting and you'll eventually close on that first deal. 

Welcome to BP! Are you wanting to move to Washington? What area of Washington are you looking for properties?

61 cents per letter is pretty good. Are you printing and stuffing your own letters? Are you factoring your time costs into that as well? You could use presorted stamps which could reduce your costs but might also end up reducing your response rates.