All Forum Posts by: Shay Kent

@Christopher Phillips We bought it as a flip. Put $21k into it.  

Hey everyone! So I bought a condo in a retirement community to flip. Was supposed to be super easy. Well, we bought it too high and we're going to lose money on it. It's a fabulous flip, looks great! Been on the market since May. We had it under contract with a crazy person who pulled out the day before closing. 

We've lowered the price to what it appraised at. 

The problem is we're not getting any showings this last week. I need to get this property off my books and get people excited about it.

I have a realtor (another Oprah) who is really pushy, so I'm wondering if she's turning people off? 

Anyway, she's doing the typical realtor things. BUT what I need is an outside the box idea to get eyeballs on this property!

I've thought about giving away something free for an open house, a free weekend away in Aspen if you close within 21 days, hookers with viagra (OK, that was a thought that came into my head, but not a real one haha) 

ANY HELP WOULD BE GREATLY APPRECIATED!

Zillow link

Hi everyone! 

Huge question. My brother has a house that he's REALLY let go. He approached me about partnering up somehow to do the rehab. But I've never structured a deal like this (I usually use a lender and buy my flips). HELP!  He's trying to have it refinanced, but if that doesn't work I think he'll be facing foreclosure. I want a deal that makes sense for both of us. I was thinking that I could write him an offer to purchase at a certain price, and take over his payments with a small amount of down payment to get him out of the house so we can work and he has something to live off (unemployed currently). But if we put in our money for the rehab and do the work, then how do you split the profits??

I'm going to see it today to estimate repairs and I'm getting comps today too.

that is awesome! I wish my parents had understood these concepts when I was growing up. What a great story!

Hi everyone! 

I have a problem. I don't know how to pay my on-site assistant. Heres the deal. My mom and him help me on the flips. She does attention to detail work and he does as much as he can do, and we hire out contractors to do framing, drywall, painting, electric, plumbing etc. He's real handy for doing finishing work, home depot runs, and assisting the people that we hire. I was giving them a % of our profits, but that's not really working for me anymore. I want to move him into a day rate, but I have NO IDEA what to pay him. Thinking a day = 8 hours. I'm in Denver area. Any advice will really help me. Thanks!

Great idea! 

Our FIRST one! 

Bought at $245,000

Repair $75,000

Sold $387,000

It's amazing what you learn on the first one. We made some money on it, not as much as I'm sure a seasoned flipper would have, but for our first one, I'm calling it a win! 

Hi All,

I'm new to doing Fix-N-Flips (we're on our 2nd right now). I did one of those seminars and the speaker said to get 1 million dollar umbrella insurance. What is this exactly? Do I get it through my LLC or my personal name? Can you recommend some companies that are good to work with and understand the needs of the REI?

thank you for your time!

I had this same question! I was doing some web browsing on MLS sites for the average person, and then started getting calls from different Agents. I told them what I was looking for, but then I was like, "Uh... I have an agent on board for me, should I even be talking to these other people?" but then the other side of the token is that's more people looking for me. Of course I'd keep all the properties separate and then if I need to hire a listing agent, use the same person. But is that shady??

Maybe the best course of action is to be totally transparent to them and just say, "Hey, I've got an agent looking in this area of town. I want you to look in the other area of town". Then they won't actually be competing with one another and you have the whole town covered.

Thanks everyone! I just got into my head too much thinking, "well if they can't sell it, what makes me think I can?" As long as the #'s make sense then we're all good. I suppose looking at MLS properties I need to go through a buying agent?