All Forum Posts by: NA Jones

First, I think it's strange that a landlord would be Facebook friends with an ex-tenants mom ;)

Also, re: the OP - the next bandit sign he handwrites for the front yard is going to read " _____  PUTS CONCRETE IN DRAINS" ... and _______ won't care a single bit.
 

We spent 8k on my husbands used BMW. Drove it off the lot at an embarrassing interest rate and refinanced it immediately at 0.99% APR through our credit union. It CAN be done! ;)

Thanks everyone!  We are nervous, but confident and feel prepared :)

Originally posted by @Patrick Martinez:

Hi @Heather Jones. Congratulations on your deal! Is this flip in MD?

@Patrick Martinez It IS in MD..  Up in "Ceciltucky" (if you're familiar with MD) near the MD/DE line :)

Why aren't you interested in solving someones problem for the right price?  Is there anyone you can refer them to that IS interested in helping them find a solution?

I can't think of many situations where I would tell a lead flat out that that I can't help them.  If someone called me with a problem on their hands, I'd offer to take it off them for the right price...   make your offer low enough that you can't help but make money, and either they'll walk or you can help someone solve their problem and get paid for the pleasure.  Or refer them to another wholesaler who deals in that warzone.

Exterior - put up vinyl siding, take out the attic window, repair porch, landscape

Going to remove that wall (it's non load bearing) and expose the brick under the paint on that column for a nice focal point

Removing the upper cabinets and half of the wall to have a place for a breakfast bar in the new kitchen

New layout downstairs

Need to move this bathroom several feet to the right, and create a hallway where the shower is.  The floor plan is below.  The reason for this is so to provide direct access to a third bedroom (effectively going from 2 bedroom currently to 3 bedroom) and making room for a tub (desperately needed)

And a few more just because...

Demo starts tomorrow!  :)

Hello BP!

On Wednesday, we went to settlement and closed on our first deal!  I wanted to go ahead and document our project with a diary thread from start to finish.

A little background - this house was an REO home listed on MLS. We (my husband and I) partnered with another investor here at BP with similar goals - @Vaughn Lewis .  We (the three of us) walked the house several times before deciding on a max purchase price - then we waited.  The day before Christmas Eve, I got an MLS alert that the price had dropped.  I placed a bid and got a counter - that was 2k lower than our MPP.  We received the notice of accepted contract on Christmas Eve.  

Here are our rough (and a few actual) numbers for your nerdy REI pleasure. :)

Purchase price:  33.8K
Closing costs (and inspections, taxes and insurance through June) 4.2k
Estimated rehab costs:  52k  (several GC quotes ranging from 40k - 55k)
ARV: 130k (although comps support 140-145k, would rent for 1k)
Selling costs:  11k

It's an all cash deal that we will hopefully be all in for 90k.  With margins this wide, we felt like we could make alot of errors and still come out ahead and with newfound experience.

The house is a two story, A frame style house built in 1930.  The plumbing and electric has all been updated in the last 10 years.  The roof is new.  It's on a small lot on a quiet street in a C+ neighborhood, just outside of the "town center" and down the street from a good high school.

We have a very detailed SOW but I'll just give you the highlights..  we plan to install a new HVAC system with duct work, address a few minor plumbing issues, take out 1.5 walls to open up the floor plan downstairs, move the bathroom 3 feet (detailed below) flooring paint and new siding.  Pictures below..

Looking forward to sharing our experience and you can guarantee we will be turning to BP for guidance here and there! :)  Stay tuned!

I'm really emotionally invested in seeing how this turns out now. In for the follow up :)

Have to respectfully disagree here.  I am one of those strange people who loves the act of paying bills.  Some women shop, I get the same kick out paying the electric bill ;)  

I did note it, I just don't consider myself "fairly wealthy" by anyones standards - certainly not my own - so I figured it didnt apply to me ;)   I'm only playing posting half in jest anyway because I always like the chance to talk about that 0.99% 

With the loan DTI is 16%. Without we'd be down to 13%. Is that 3% worth the money I would actually lose by paying off the loan?