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All Forum Posts by: Jodi Gauthier

Jodi Gauthier has started 5 posts and replied 73 times.

Post: Share Your Success! Pics, Flips, and $$$

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47

We acquired this property off MLS. I loved how it turned out and we made a nice profit but it took longer than expected due to several hiccups along the road (contractor mistakes, not being on top of the project management as much as we should have been, unethical inspectors, etc.). We definitely learned some valuable lessons along the way and plan to implement some changes on our next flip.

 Purchase Price 182k

Rehab 65k

Holding Costs $3,800

Closing Cost 13k

Sales Price 335K

Profit $71,200

(Being a Realtor I earned roughly $5,500 on the commission when purchasing and saved 3% on selling commission which is why cc is so low)

Post: Is it ok to use laminate or vinyl flooring on a flip over $500K

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47

I’d do engineered wood vs laminate or vinyl. I’ve seen lots of memorial area flood properties sitting on the market at 500k+ with cheap laminate. Have you previewed your comps? If the sold homes with low dom had vinyl, that’s the only way I’d take the risk of using a lower end material. 

Post: Does anyone know if Houston is good for fix and flip?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47

@Michael Roesch I'm in Katy and there are deals to be had. We've flipped 6 this year in Katy. Competition finding deals is getting a little tougher I've noticed but they are still out there. My husband handles the majority of the contracting side of our business and I know he is always on the hunt for skilled tradesman. I could get you two connected and see if we'd be a good fit in working together.  

Post: Non Performing note fair offer?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47

@Debbie W.  RMLO Residential Mortgage Loan Originator

Post: Non Performing note fair offer?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47

@Ralph Galdorisi It's secured with a deed of trust.

@Greg H. That was my thought exactly but just wanted to make sure I'm on the right track and have explored all exit strategies available to me.  Bigger Pockets is such a valuable tool and again, I am sincerely grateful for all of the input and advice from you all!

Post: Non Performing note fair offer?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47

@Christopher Winkler Yes I owned it free and clear. Obviously I am new to the lending game and I did a lot of research both on bigger pockets and in my local network and came to the conclusion using a RMLO just seemed to be a safer bet of which I'd pass the cost along to buyer. From my understanding it wasn't required considering I didn't loan on more than 5 properties this year but I didn't see any reason not to allow a professional to handle that aspect with my lack of experience. My servicer is handling it to my satisfaction and I understand there is a very strict sequence of events that must be followed. I posted this simply because I want to make sure I am aware of all exit strategies.  I really appreciate the input from everyone on this site.  

Post: Non Performing note fair offer?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47
@Edward B. If it does go to auction is the bank (myself) allowed to bid over another bidder to insure we still the property back?

Post: Non Performing note fair offer?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47
@Dennis Weber Both servicer and my husband have tried to reach out. He isn’t taking servicer calls and he answered when my husband called but then hung up as soon as he introduced himself. I’ve heard mixed advice as to how many times, to what extent we personally try to reach out to him. Do you think I should keep trying or pay them a visit? Of course I’d like to work things out with them and receive payments as intended. It just puts a really bad taste in my mouth they didn’t even attempt to make one payment or communicate what the problem is.

Post: Non Performing note fair offer?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47
@Wayne Brooks We actually closed 6/1. No interest was collected at closing and first payment was due 7/1. I may have been unclear about dates on my original post.

Post: Non Performing note fair offer?

Jodi Gauthier
Agent
Pro Member
Posted
  • Real Estate Broker
  • Houston, TX
  • Posts 87
  • Votes 47
@Christopher Winkler His agent actually recommended the RMLO that we used in the transaction. I’ve driven by the property several times and they are definitely living there. I’m a little apprehensive to stop and talk to them as I don’t want to put myself in a situation where I am violating any laws or protocols if and when I have to follow through with a foreclosure. The loan servicing company I’m using has attempted to call several times. My husband has tried to call as well and he hung up on him after he told him who he was and now won’t answer.