All Forum Posts by: Teri Feeney Styers

As a flipper - with a beloved Realtor who is about to retire - I am considering a license for several reasons:

It will save me money on both ends of the transaction

I will have access to the MLS for both aquisitions and selling

I will be able to represent my properties that I am selling better than anyone. Even if I am not the Realtor showing the property I will at least have conversed with them ahead of time and can tell them how to point out the best features, upgrades, any quirky things, etc. Much more control over how it is "presented". 

I would think that the fees required to set up the 1031 would be offset better by purchasing two or more at the same time. However, you'd have to talk to the exchange company about that... 

I also do flips. My take on it is this: prices were so low for so long that many people couldn't afford to sell. Repos were driving the market at low prices. Now that prices are climbing (due to general economic growth and relaxed lending) persons who previously wanted to sell are now able to list with confidence that they will get a reasonable price. 

If you are working one property at a time and buying right and not only spending 6 months you probably aren't going to get stuck - most likely the worst thing that could happen would be that you would lose the anticipated equity you are building. If you aren't trying to live off the proceeds then it would hurt your feelings but not your finances...

@Bill S. that was my first reaction too! New + expensive + out of town = probably not a good idea... 

@Matt Bell sounds like you are worried about your current deals so quietly fire the lender. Which means - just don't bring up that property any more. It kind of sounded like she already fired you anyway. So, keep things low key on the existing deals. Don't bring up the failed deal. If she tries to follow up on it just quietly respond that the appraisal number wasn't going to work for you (no other details). Meantime, find another lender for that parcel and start over (don't have the package "moved"). @Justin Thompson is correct - you may end up paying for both appraisals depending on how the first lender handles the cancellation. However - be sure your prior deals close before this new one so the bank doesn't accidentally discover that you've created new debt - that could impact you negatively. 

@Account Closed is correct if brief.

@Justin FryeI have flipped houses in a number of lower income areas. My criteria is always "would I live here?" - meaning: would I feel safe to come and go at night? Are the neighbors respectful of my privacy and right to quiet enjoyment - or are they shooting at each other? Is the property truly habitable - as in: no creepie crawlies, leaking roof, broken plumbing, etc? Would you let your sister or mama live there? Would you let your kids play in the yard? If the answer is no - for safety & security reasons, not just because you are too snooty - then maybe the property isn't for you (or at least wouldn't be for me).

Look at insurance too = like an umbrella policy. But separating the farm (actual growing of trees) from the hospitality (hay rides, tiny house rental) just seems like a good idea both for legal reasons and tracking reasons - you want to follow as closely as possible where your money is coming from and where it is going... 

Motivation: always loved houses - and when our 4 kids were small I needed to find flexible ways to make additional income

Biggest struggles: Early on it was finances - had to work with OWC deals only - learnings: tried to absorb as much as I could from the seller perspective such as: what lenders want to see in a home, how lenders qualify buyers, what buyers want in a house, how to create a viable product with limited funds (safe, legal, and appealing)

Love & Hate: love a project - finding the deal, turning a dump into a palace, and getting it sold. hate being a landlord - just not for me. 

Do-overs: start earlier, do it more often, try to learn to like landlording better since fix n hold is such a good financial strategy. 

It is a different kind of racing @Sabrina Stratford - drag racers only run in straight lines! But we have attended the local hill climb before and he loves anything that involves MPH! I can't believe they took the Corvette away after a year - no fair. 

Welcome @Elizabeth Welch. You've already made a good move by joining BP.  So much info available and so many smart people willing to help.