All Forum Posts by: Scott W.

what is your competition like? if they all have ac, do it.  you will also get more of a tenant pool if even they don't have AC. 

the appraiser works for the lender (actually, he works for the appraisal company which works for the lender) so a realtor has no say in who he gets to pick in the future.

I did a FSBO and met 2 different appraisers (went fha so they take the lower of the 2 appraisals); I BS'd with them and gave them my comps; house appraised just fine; oh and it was a new comp for the area too. :)

how did you only have 7k in soft costs if it "took you way longer than you thought"? insurance/taxes/utilizes.  also $7k sounds really low with real estate commissions and title costs on both sides; plus, any buyer closing cost credits? idk how your state works but here, those don't fly. :)

home looks great.

 The issue with you selling a product is you are just a company lookibg to sell to out of state landlords. The other issue is you are not flupping. You are, again, selling rentals to a landlord. You can delay capital improvements which would be discovered by a good home inspector.

You make $ churning homes to people chasing a return. Conflict of interest,which is why you are promoting your product on this chain.

There are many groups out there where they wont sell u sometging like this guy does. there is one in glendale hts that meets at the portillos the 4th mibday of the month. I know some people that have to do his. Its just some pumped up sales program to get y to do go to his seminars.

Leave your credit card at home!

would they let you rehab the property while they are living there? if so, do that. then, when they leave, get the market rent. you won't have the holding costs.

@david dachtera Andrew holmes will just try to sell you a bunch of crap; he has a radio show; puts on seminars; he is a GURU and and an expensive one on that. 

you can shoot for the moon (30-50% net margins) but the reality is, competitors will get the deal, especially now that inventory is so low. 

the question should be, how much $ do YOU wanna make? and you really need to know your numbers.

here's one for ya you probably don't know; if you are marketing to 1st time homebuyers, you will have to give them a closing cost credit of anywhere from $1k-$5k. guess what? that comes straight outta your pocket; so does the $350 survey (at least in my area), the attorney fee, obviously, real estate commissions. 

another big surprise people find is building depts. making you do stuff to code; "you opened a wall? now you have to update everything.

you probably won't include your personal credit card interest as part of your costs (you should).

you also need to include your time? so how much are you making per hour?

for me, personally, the loan flip I did, after all the costs above and beyond considered, I made a 13% NET (not gross margin which can be skewed depending upon your rehab budget) and made $19k before taxes.

too many newbs have no idea on their costs in this biz.

I didn't have time to read all of the pages of replies so forgive me if this was brought up already.

the beauty of real estate is leverage, which boosts your returns. how much $ did you buy this home out of pocket? do you have a loan on it?

loans can tremendously boost your returns. just ask @Mike H.   :) 

in our area, our market has gone up 2-3%; not exactly a bubble but all real estate is local.