All Forum Posts by: Charlene S.

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Hi,

I am in the middle of my first flip. It is a 1800sf ranch built in the 60s.

I purchased it for $45,000 and the expected resale is $125000-130,000. My budget is $20,000 for repairs not including the windows.

It has jalousie windows (the aluminum frame with a crank) They are all in great shape but I am wondering if I should replace them because of energy efficiency?

One part of me says the retro windows will appeal to many buyers and maybe I should leave them alone.

The replacement cost including installation is $5000. What are your thoughts?

TIA!

Charlene

Thanks everybody!

Jonna...I am trying to decide and need to soon :)

It may be a ? I post to the forums later tonight.

Diedra, Hi and thanks!

There is alot going on right now....and I just found out closing is delayed until next week and will be completed with me out of town. Surprise..Surprise!!

I have to assign powere of atty to my Mom and she will act in my absence...kind of a mess but I am learning to expect ANYTHING in this business :)

I decided to buy an investment property 2 years ago and started saving for a down payment...sold on ebay etc and made extra money. I started looking 6 weeks ago and found a great property within 2 weeks. Much faster than I expected. It is a foreclosure,which usually takes forever. But somehow, we made an offer on the 11/9 and we are closing 4 1/2 weeks later!

I have not had enough time to be in shock, it has been super crazy in my world. Love it so far but it has had MANY stressful moments and some tears, I have to admit.

Good luck and keep pushing forward...it will all come in time!

First of all, I have to mention how much having these boards to refer to and study has helped me prepare for this. I don't think I would have persevered without them. It has been a rough week...lots of ups and downs.

I will tell the entire story when I have more time but in short, my agent misinformed us about the REO Addendum which basically had us agreeing to purchase the house without a detailed inspection. There are reasons why I said yes without too much concern but I will have to follow up on that later.

The house has been inspected just so we would know where we stand. We ended up with what we expected...old termite damage to a sill plate ($800), small roof repair $150 and the rest is cosmetic .

It is VERY hectic around here :) but I am enjoying it! I have taken advantage of lots of holiday sales and ordered most of the materials for at least 50% off.

The icing on the cake is that we leave for Ireland the day after closing! I will have some simple jobs started while we are away...a trusted handyman will supervise. Then the big action will start on the 18th!! I can't wait to see my vision come to reality.

I will keep y'all updated :)

Charlene

Hi Sheresse!

I am a newbie too but I just wanted to wish you luck in your ventures! I am waiting to close on my first buy and hold so we will be learning together :)

I have been a lurker on the boards for awhile and the info has been priceless. I have stumbled on a couple of member's blogs and websites that have been especially helpful so be sure to click around in people's signatures.

Again,WELCOME!

Hi Jon :)

Absolutely correct!

I am aware of all of the above so that is why "the idea" of it is tempting, as I said.

Unfortunately, the market does not support it so I will let my subs do the bare minimum...with top quality work, of course ;)

while I pick one little project to waste my time on while I also supervise with my whip LOL!

Thanks for your insight!

Hi John :)

Thanks for your reply!

I plan to explore all of these options to see what fits with my circumstances.

Our home will be paid off in 2017 and these decisions will be much easier to make at that time. We have approx $275k in equity right now (so the bank wants to throw $$ at us) but even though we are stable financially, I still question tying a loan to my residence. But there is no gain without some level of risk.

I will continue learning and developing my plan of action...thanks again!

Hi Bob :)

The properties taxes here in SC are ridiculous for coastal property. My parents home on St Helena in Beaufort also jumped 50% at the last assessment...but that is oceanfront.

I am targeted a tiny little town with property taxes to match ;)

Thanks for your reply!

Jacob,

I feel the same way about managing the property myself. All of mine will be managed by my agent (who is also my mentor). He runs a property management co along with his realty so I know everything will be handled well.

I am into refinishing antiques and so the idea of taking something back to its shining glory is HUGE for me. Then to have a tenant or buyer who also appreciates it, that would be the icing on the cake! I love old houses but I am being careful because I know these big old beautiful homes can come with big hidden problems :)

This venture will be fulfilling a lifelong passion for many things all rolled into one. I have a team supporting me who has a similar vision so it is destined for success!

Thanks for the welcome :)

Shawn,

what you plan to do is exactly what I am thinking. We close on our 1st property in 3 weeks and it will be a rental. I was blessed...we are getting it for approx. 50% below market (estimated repairs included).

My thinking now is to get 2 rentals for each flip. My husband and I can handle 25% dp and not have to dip into our 8 months of living expenses.

I have my subs ready and am ready to roll :)

It certainly is "work" but I am having so much fun during the process, it doesn't feel like work to me. But I am a SAHM and am not doing it for the money so I can afford to take a laid back approach, when I know most are not so fortunate. I count my blessings everyday!!

Thank you to everyone for your responses!!

Charlene