All Forum Posts by: Uriah D.

@Bridger L Logan

Sure didn’t have a good experience. It was an Airbnb, didn’t go well. Even with super host status.

@Bryan Montross

Not a bad start. I would not have a stove on a wall, but that’s an easy fix. I’d probably opt for not a peninsula, instead go for small round table for eat in kitchen. Unless you feel confident they will use the front room for dining and downstairs for living. I don’t know your area. We did something similar with one of our last flips in Raleigh.

https://www.zillow.com/homedetails/206-Dennis-Ave-Raleigh-NC-27604/6430045_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

@Nick Margroff

For MLS photos we use Sam Blinson with Next Door Photos. Quick turn around and he has about any option you can think of. They can pop in green grass and blue sky like nobody's business. Anyway that's who we have been using for a while now. Be specific on the request if there are certain things you want highlighted in photos

@Kelsey Ross

If it’s just low lying bushes/grasses I’d leave, if you go to sell it I would probably have it cleared if less than 1k before listing. If it’s heavily wooded, then leave it.

@Dalyn Hazel

I agree with Barry.

If you are spending time driving around for d4$ and you find one distressed may as well mail them. What’s the value on the house? In our market 40% equity works just fine. 300k house 120k in equity. I can buy at 180+ rehab for 35-45 and make 30-40 after expenses. Seems like a deal if it was in Raleigh.

@Max Hutchinson

If you’re going to live there - they look great!- just give it a few more years and it may circle back around.

By our calculations we typically rip it all out. New valves, new 4 piece tub, lvp flooring from Cali bamboo. Vanities you can pick up at your favorite location. Try not to move too much around.

@Blake Jones

We use medishare and like it. Family of 6 oldest person is 35. Monthly is ~500

@Ali Badiee

I second what @jay Scott said, but would like to add something for everyone else here.

Never take money from anyone before setting the terms of the investment. Figuring it out during or after the fact is a terrible idea.

If they are getting an interest rate and you are going to pay them the interest rate no matter the outcome of the project - even if you loose money - then they should get a promissory note and DOT at closing. If equity spilt and they want to share the risk then make sure it's written up and sign and you talk through that with the investment group.

In my experience people love the idea of investing or flipping houses, but when you ask them “if we loose money on this deal are you willing to bring more money to the table?” They generally say “no way!”

@Jeff Cliff

You could ask friends or family. Your local reia is a good place to meet local lenders. Lastly, you may need to think about a heloc on primary residence or HML. Lots of options, but banks don't put money on flips often

@Edwin De leon

The biggest reasons I moved away from HML is the points. If we were in a market of 50k houses, sure. That makes sense, but when the loan amount is 200k-300k then 2-3 points breaks most deals. Or when we've done 85+ rehabs and they still want 2-3 points or want to charge 12% interest. At some point you have to realize that if you want to grow a business flipping houses or a business lending money to more seasoned businesses then the points and interest rates need to come down. We started working directly to people with money and never looked back.