All Forum Posts by: Scott W.

IMO it's way harder to flip than to rent. start w/ a rental and gain experience.

HELOC is the cheapest $ you will ever find. even if you aren't using it for investing purposes, do it anyways. great way to increase your savings. you wanna have a heloc when you can, not when you can't (ie, when don't qualify or the banks close them out like during the great recession).

I'd guess that if you asked a real estate agent if they wanna flip, 90+% would say yes (as would most of the public due these dumb flipping shows on tv). 

being an agent isn't gonna make most rich. I sold a home for $188k last month.  I'd guess the seller's agent cut was around $2k. most agents don't do a ton of deals.  just like sales, it's a tough business.

omg. I have been reading about the pending real estate crash on here for 8 years now.

I also questioned your numbers. the math doesn't seem to make sense? also, the $3500 holding costs aren't included? your purchase price is your purchase price; your holding costs are your holding costs. doesn't matter if you refi'd.

some banks/sellers want/prefer only cash offers due to: 1) they don't want to deal w/ financing falling apart & 2) they want to close quick 3) property needs too much work.

it seems you are 1 of the very few on here that posted your rehab budget and I wasn't scratching my head how you got those numbers. $133k rehab to do that house looks about right.

whenever I tell people my rehab amount spent, that always tell me I got ripped off, lol! I then ask, "have u ever rehabbed a house?" no.  "then lmk when you do."

better yet, wait til there's hail damage and you will pay your deductible to get a new roof, that's what I did.  I think it cost $1800. we have a 2500 sq foot home.

I am confused. you said you had $3200 in holding costs in your initial post and then said you had $8k in closing costs. what were your total soft costs (buyer/seller closing costs, closing cost credit, taxes, insurance, interest, realtor commissions, etc).

and what was your profit? and were there 4 partners each at 25% of the profit pie?  did you include their interest in the profit or did they just pay their own personal cash and/or take a heloc out?

yeah I figured as such, thx @sam!  I think I am gonna have to do that foam insulation stuff though; I don't think I can fer out the wall framing enough plus it w/ be a PITA. it's only like a 12x9 wall.

@Sam Shuehundefined