All Forum Posts by: Sean Peters

I should be able to come @Gal Peretz 

Welcome to NH Real estate Corey, this is an awesome place to meet people in the business and share ideas @Mike Hurney is right, set a goal for 2015! Mine is to flip 6 houses this year..so maybe we can do business together!

Although @Elizabeth Colegrove and @Hattie Dizmond both brought up great points..It is definitely possible to wholesale deals off the MLS (i just completed one for a substantial fee).. Not to say there aren't better, smarter, and easier ways to find REAL deals for your cash buyers...There definitely are

A lot of times the screaming deals that the end user wants to purchase are "non-financable" and will need to be sold to a cash buyer, if you can identify these properties before someone else does you may have an advantage...but generally speaking the Realtor you are working with probably knows other cash buyers and he will most likely send to all of you at the same time.

My suggestion to you is that if you want to try and wholesale MLS deals, become a Realtor and gain direct access to MLS...then get really good at finding potential upside that others do not see.

@Aaron McGinnis @Account Closed 

Thanks for all the feedback, I guess the consensus is that NO T&M on a flip!

This is in regards to a new flip project I have started... 

There is not a ton of work to be done, but there is enough... Lots of small jobs like windows, flooring, installing cabinets.

So my question is: If you have a contractor that you know and trust, would you hire them based on paying for Time and Materials? Or should you always get multiple bids on jobs like installing windows or replacing siding.

My only concern is that I do not have any idea what this will end up costing in the end because I am not getting a "set" estimate for the job... Makes budgeting difficult. But on the flip side, my contractor has offered to do the work for a discounted rate compared to his usual because he wants my continued business relationship.. What should I do?

I look forward to hearing your feedback! Thanks!

Jaylan,

I live not too far away from you in Portsmouth, and just started a new flip project in Hampton! Let me know if you have any specific questions about flipping or RE classes, I am happy to help answer any questions

I agree with @Larry Turowski ..If you know it is a deal, then bring him in right away so that you are prepared as soon as possible. If you are uncertain, I would consider waiting to bring him in. It is good to get their opinion and learn what rehab costs will be for similar projects, but if it is a contractor that you want to build a relationship with and that you like, try not to run them around quoting projects that never happen...because then when you really need them they might say "oh its just another one of those b.s. deals!"

Hi Ken,

I totally agree with @Ann Bellamy ... If they are in Downtown Portsmouth..BUY if not, turn and run..Unless there is significant upside by renovating and re-selling, converting to condos, or increasing rents dramatically, It doesn't look like a great deal.

@Justin Howe When running your numbers on this property and comparing its net income and CAP rates to other properties, remember that your mortgage is not calculated as an operating expense for the property...it will make comparing properties a headache. Expenses should only include, utilities, maintenance, management etc., Deduct the mortgage payment from your NOI to get your cash flow number.

I would say before you can be a really good wholesaler you should do at least 1 rehab yourself. That way you will have a better grasp on repair costs, and you will have a better understanding of what a rehabber is willing to pay for your wholesale deal.