All Forum Posts by: Shawn Parsh

Congratulations on the new project. I see the others have provided solid advice, but I thought I would add my thoughts. When possible I would limit the debt you carry against the property. If I'm not getting too personal where did the 45,000 rehab money come from? Was that money borrowed or did you pay that out of pocket? The reason I ask is that if it was borrowed and you need to pay it back I understand the desire to refi the property. If you paid it out of pocket and can get by without getting it all back through a refi immediately I would suggest that you wait a little while. If you bought it for 170 and put 50 down you now have a property valued at 265 and only owe about 120. That is a great position to be in my mind. I would wait to take any loan if you can until it IS rented and you know exactly what your average cashflow is. Make sure to account for the vacancy rate in your market and any potential repair cost you may incur. If you do clear 900 a month or 10,800 a year that is about a 24% annual return on your 45,000 investment. Nice work. 

Evan,

Thank you for the input and great thoughts, not to mention the quick response. Homes in this area are still going quick. It is not uncommon to see single wide trailers on a small lot selling for 150,000. I agree with your thought that based on the square feet I may be better off making it a two bedroom with the extra bathrooms and closet space. Currently, there is another house on the market in the same area that has 760 square feet and it is listed for 199,900. We will see what it sells for, but properties are moving here. Thanks again for the input it is much appreciated.  

I appreciate the input and the quick response. I have started making videos of the current flip I'm working on, but I know very little about how to format the video correctly to upload it to YouTube. I also do not understand how Thumbnails work. I wish I could find someone local that I could sit down with, like the old days, and pick their brain on how to effectively edit and upload videos to YouTube. Thanks again for your input it is much appreciated. 

My name is Shawn and I have been a member of Bigger Pockets for  many years, but have not been actively participating for a long time. I am in the Army and moved around for work for the last several years, but have finally settled in North East Tennessee. I'm looking forward to interacting with all of you again and learning everything I can. I have been a real estate investor for over twenty years and have done a wide range of different types of investing. I prefer finding cosmetically distressed properties that I rehab and either rent or flip. I do not see any cities in North East Tennessee listed in the location drop down so if there is a way to add a city let me know how to do it. I'm looking forward to your input. 

I do not see any cities in North East Tennessee in the location drop down menu. I'm looking to network with other investors in the area. If you know of anyone in the Mountain City, Bristol, Johnson City, Butler, Hampton, Elizabethton Tennessee areas I would appreciate a referral. Thank you in advance. 

I would love to get your input on a new property I am supposed to close on in a couple weeks. It is currently a 3 Bed/1Bath house that is only 860 sq feet. The house is cosmetically distressed and we will be doing a complete remodel. It is located in Mountain City, TN  where it is currently next to impossible to find a place to rent. My intent right now, (it may change), is to fix and flip this property. My question is would I be better to eliminate one of the bedrooms and make it a 2 Bed/ 2 or 2 1/2 Bath house? I would also be able to add some closet space if I eliminate one of the bedrooms. Your input will be greatly appreciated. 

I would like to start using social media, in particular YouTube, to market my business but I know very little about it. Can anyone suggest training videos, books, or other resources that would help educate me on the topic? Would I be better off to try and find someone to do some basic editing of my videos and help create the right titles, thumbnails, and posts? Where is the best place for me to look for someone like that? Any input and advice will be greatly appreciated. 

Can anyone tell me the best options for real estate investing software? I'm looking for something that will work for profit and loss of flips, rentals, or wholesale deals. It would be great if it had the capability to input receipts from my cell phone. Any input will be much appreciated. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $65,000
Cash invested: $25,000

We are at the tail end of our most recent house flip in Tennessee. Currently, we have about 25,000 into repair cost but still need to install the countertop, carpet, and do some landscaping. This property is a 2Bed/1Bath located five miles from Damascus, VA. I will provide more details within the next couple weeks.

What made you interested in investing in this type of deal?

This house was cosmetically distressed. It had a dead bird in the living room, and dog poop in one of the bedrooms. The yard was full of trash and was overgrown. For most buyers they would walk in the house and turn around and head back out. I love this kind of property because their is very little competition which means I get it for a better price. Which of course translates into bigger profits.

How did you find this deal and how did you negotiate it?

The house had a bank foreclosure for sale sign out front. I looked at the property right after someone else came out of the house and made an offer to the banker at the same time.

I don't live in the LA area, but my sister did until a few days ago. I flew out to LA on Dec 26 to help her move to Michigan. Looks like I missed the event by only a few days...maybe I'll get the next one.