All Forum Posts by: Shannon X.

I just saw a house that came up today for 25k and gave me the question to ask the flippers. As the title say's, what was the cheapest you brought a house for that you ended up flipping? If you can; give a description about it and rehab cost and ARV as well as your payout.

Has the pictures/video been put up? Topic kinda of died, would love to see the results

I have no intentions on buying as I'm still learning, however I saw a house on MLS with this on it

The house is bank owned and selling for $144,900

Thank You everyone, I should have been more precise I meant a line of credit, which Brandon Turner had mentioned.

Thanks

This is a basic question that I have been curious about, let's say you purchase your first rehab with a loan from the bank for $200,000 and you sell the rehab for $250,000. Now would you pay the bank loan off right away or pay it off during time and use that money from your first flip to purchase another house? If you do pay the bank back in full right away what would you do with your 50K profit? do you save it or use it towards the next project?

Thank You!

Jon Holdman

So if their is money left in the bank that would be used to pay off 'credit card' debt as well? or debt as in mortgages and anything left behind? however if their is no money in the bank, the credit card company can't come after me pretty much?

My mom owns 3 houses, primary house and 2 rentals. One rental is paid off and my mom used a LOC I believe? to purchases the other rental house (LOC is against the primary house(I think its called a LOC when you use against the house?)

So if anything happens (as the houses are on my name in the will) I would be responsible to continue paying off the loan that is against the primary house right now and taxes, insurance of course correct? and if I fail to do that, they can foreclose on the primary house?

Hopefully I didn't confuse you

Thanks

Just a thought that went through my mind, if your parents die do their debts carry on to the children? For instance, if my mother passed would I be reliable to pay off her credit card? I'm not a co-signer or on a joint account.

If a seller contacts you via phone; should you limit your questions to the seller or should it not matter? I have compiled a list of 29 questions (so far) that were taken from here and other sources. Is this too many questions too ask a seller? I feel like it may make them nuts with all the questions

When you are checking comps what exactly should you be trying to match up with other houses? square footage, bathrooms, bedrooms, basement, year built, ranch, high-ranch,ect...

what are the most important? or are they all important?

If SF are close and baths are match would it be good or bad?

what if their aren't any precise comps to match up?

Thanks

I'm sure this is an easy question for many, however I wanted too see what the answers would be. Currently on MLS their are about 20 house that were listed from the beginning of the month as REO. Now, does this mean that no investors are putting in offers cause they want too much, or do investors see it as not a good city, house to invest in and the numbers don't work?