All Forum Posts by: Stephanie Simmons

@David Abbate. So true on the market right now which is why I am buying a small service business next month. I’m still looking for properties, but it will most likely take months to find.

@Edward Shen. I made 5 offers a week and it was 4 months until one closed. Just follow the formula. Look at 6-10 properties a week and pick the best 5 to put in offers and keep moving. I’m a licensed agent so it was fairly easy for me - if you don’t have an agent that works with investors you might want to find one in your area.

@Edward Shen

I start with after repair value - rehab costs - $$ you want to make = the max you can offer.

Also consider selling costs and holding costs into the rehab budget if you intend to flip.

Do you have a contractor that can give you a scope of work and a fairly firm bid for the rehab? Also add a 10-15% contingency because stuff will happen A LOT.

No they never rejected my first offer - they just did this "last and final" 4 times. Then I guess the REO person at the bank figured that was as much as I would offer and took it.

@Edward Shen

List price was $202k REO. I did the math (super conservative) and figured $149k offer would net me between $25-$28k. Bank called last and final 3 weeks later. I redid the math - tried to figure out ways to make the rehab cheaper but left my "oops fund" alone. Offered $168,407. They called last and final 3 more times. I offered the same amount (all between Oct and Feb) every time. They accepted and we closed in 4 business days.

Just listed the place and it is under contract for $21k more than I originally thought (6 DOM). Also cost more than I thought. But I made out way better than I thought on my first fix & flip roughly $40k.

Lucky the market is so hot right now and inventory is so low.

@Steven Caligaris. Question - if you submit a cash offer you have to provide proof of funds. How do you do that without the cash? Serious question because I have not figured that out yet.

@Kristy Swenby. What do you want to lose if everything goes wrong? Personally I wouldn’t want the house I am living in to be lost before a rental. Just my opinion.

@Andrew Jackson hard money lenders is an option; it might take quite a few until you find one that will fund it.

I’m assuming you aren’t able to get an SBA 7a loan? If you haven’t tried that - I found it super easy to get approved to purchase a business (but I have a lot of assets and the company was making a small profit).

Do either you or your brother have something you can take a line of credit out on (like a personal residence?).

Maybe sell a couple of properties that aren’t finished to cover rehab of the others?

@Jacob Batess Jay Scott has some really good books that aren’t that expensive. Then see if your local Real Estate Investors Association are doing virtual events and get connected with people in your market.

@Cyle Harris. I just listed my first rehab and flip. I totally paid for the same education. A 4 month project turned into 16 months. Listed today - 8 showings today and another 7 scheduled over the next 3 days. Listing price $21k above what I thought originally the ARV was....

I’m my own real estate agent and I’ve worked in construction for 20+ years. Also had super bad issues with multiple electrical contractors - painters / and handymen.

I will do well at the end... but it’s been super stressful. Thank god for family and friends with skills!!!!

@James Cerasoli then why did you pay for expenses that you didn’t approve?

@Brett Peters. Thanks! One of my coaching clients has a friend that needs a referral. This forum has some really great peeps so hopefully I can get a recommendation