All Forum Posts by: Phil Z.

- What makes you think you can get it for $5k when they owe a lot of taxes and may have liens? What makes you think the seller will take a loss on the sale (after liens, taxes, attorney fee)?

- An estimated resale value that is outside the neighborhood norm is always risky.

- If you haven't done a rehab before, then I would stay away from repairs over $40k.

Those prices wouldnt work for a flip, but doesn't sound ridicules for a homeowner quote. Are you sure his materials would have costed $125? Maybe he uses superior products? Does that include the time/labor/travel involved in getting the item? Coming to the house for the initial quote? What if it took 2-hrs? Either way, plumbers are not cheap.

1. A 'roll-over' is typically associated with a 1031 exchange, which means you would not immediately owe taxes. The catch is that the next property has to be of higher value and has to be purchased relatively quickly after the sale of the first house. Their is a lot more to it, but that's the basics. Eventually you will owe the taxes (if you sell).

2. Hard Money will stretch your liquid funds further and allow you to buy more homes at a time. You will see a larger Return on Investment dollar-for-dollar using hard money.

1. You should know what you want to do with the property before you buy it and before you make any repairs.

2. Without seeing the space, I would lean towards leaving the fireplace.

1. If he is your buying and selling agent for several properties a year, then you should be able to negotiate the commission down to at least 4.5% (2.5% buyer / 2% listing).

2. Buyer's really don't need to be 'sold' a house like a used car (i.e. you being at the house as a 'sales man'). They want to take their time and their buying agent should be doing the selling.

3. If you agent is not a marketing professional and bringing anything to the table .. then find another agent.

I would stick with neutral cream. For 'pop' rooms I would use the darker variations on the paint sample card.

They can match the color well.. that shouldn't be an issue.