All Forum Posts by: Robert Campbell

Like a post out in front of the house?

@Account Closed - can you elaborate on this a little bit:

Best Idea: Find a homeowner off market" that doesn't have the means or desire to fix up a property and do owner financing until you sell the flip.

Questions:

1. Do you mean finding homeowners who want to move, or are headed towards foreclosure, but can't afford to fix it up enough to sell?

2. If 1. is a Yes, what do you mean by 'owner financing'?

@Christoper Coleman - Great, does sound like a good deal.  What I am finding, that the most difficult part is the part you said: I believe it to be only $35-40K in repairs.  Knowing what it will really cost to rehab is the toughest part, and there always surprises.  I am currently reading through the FLIP book which I heard about here and has a lot of information, I am currently getting multiple bids on a number of items for my current project while they are doing title search.  Adding another 50% to what think it will cost you to rehab is what I have done - in other words if you still make money at 60k, then your safer.  I get better at predicting the costs each time, and a little better at avoiding surprises. 

Thanks J Scott, perhaps I was overthinking it.

-Rob

Hello.  What are you looking to do with the property, rehab and sell?  Rehab and rent?  Im not a seasoned expert, but not new either - my take is that you should lay out more info of what you are planning to do with the property and exactly how much lower it is than the surrounding area. 

I am looking for more understanding on how Property Taxes work when you buy, and when you sell. I recently bought a property for 3150.00 at auction, put about 2.5k in it, and sold it for 10k, and in the end lost about 300.00. I sold it FSBO, agreed to 1.5k realtor commission (mistake) for the buyer agent etc etc. - I decided I didn't want to mess with it because Im starting another project with higher potential return.

Now, as an example, I look at this one:

https://www.zillow.com/homes/63-GRANVUE-DRIVE-BELL...

Its on the Auction block, if I picked it up for 2 or 3k, and sold it for 10k to someone else who wants to work with it, essentially a wholesale deal, and didn't spend any money fixing it up, and agreed to max 1k realtor fees if any, I might make some money on it.

If you go to our county tax assessor site, and search '63 Granvue', youll see that 1) the total taxes for 2018 are $2981.38, and 2) they are paid by the bank already for 2018 

http://www.co.st-clair.il.us/Pages/parcel.aspx

What I am asking is - if I bought this at auction, and sold it within a couple of months as a property someone else can rehab, how would the property taxes work / what would I end up paying?  I avoid these small wholesale deals (especially after the one I mentioned above) because the taxes could make it not worth the while.

Apologies if this is a newbie question, Im used to making more profit and expecting up to 1 year of property taxes max, getting a discount at the beginning, then playing catchup at the end, ultimately paying p. taxes for the time I hold and carry the property.

Awesome!

Buy low, sell high?

Send the spreadsheet filled in for this property?

Ryan:

Thanks for that - so the property is hooked up to city water service, the well is probably left over from the 30's.  Do you agree this is not an oil tank, since it has brick walls?  I understand this is not professional advice or anything like that, but I have to make quick decisions on an auction property and BP is a great resource for more insight / other folks take on it.

How would you seal something like this up, just bolt a cover over it, or actually fill it in?  Trying to determine whether this will cost me less than 2k...

-Rob