All Forum Posts by: Victor Moreno

@Cassidy Burns planning on flipping at the least 4 houses this year just got my first last week 3 to go !

@Lauren Prindle yes that’s what I was thinking as well

@Caroline Gerardo yes I did the sample came out good , but the seller is giving me headaches he said he would fix the well water went to check and nothing came out I’m thinking about pulling out of this deal

@Caroline Gerardo I just got the city to test the water and it passed its drinkable the city also charges me 2700 to dig and to connect the house to city water but I believe I won’t have problems selling the house just cause it runs on well water

So I put in my offer for a house the seller was asking for 49k but I brought it down to 41k got an inspection done on the house and come to find out the house runs in well water not city water negotiated the price and brought it down to 38k and the well pump wasn't working so the seller agreed to fix it get it tested so it can be drinkable. My question is the ARV in this property is 95k I'm getting it for 38 I'm looking at 20k for renovations needs a new furnace/AC done on the house, new roofing that's all the major problems other than that the house is solid I can do mostly all the rest of the renovating but I'm not sure if I will be able to sell a house that runs only on well water. A lot of people tell me it's better like that cleaner and safer but I just want to know if I would have problems selling.

@Benjamin Aaker thank you sir I offered 41k just waiting to see if they accept crossing My fingers

@Benjamin Aaker yes I also included 10k in holding cost (3months) utility’s, trash rental, insurance , agent commission, & loan payments. I haven’t done a flip but I have worked in remodeling before and my father-in-law which is my partner knows about plumbing & carpentry mostly all of the interior work we can do it ourselves 

So I am looking at this property they are asking 47k for it I offered 41 ARV is 90-95k needs 20k of rehab needs central air and furnace installed and new roof that's the most expensive out of all the rehab the rest I can do it myself should I go for it I'm looking for a 20k profit on it

So I was thinking I bought my house 3 years ago for 90k got it reappraised came back to 180k I pulled out a HELOC loan of 50k to start my flipping business. I was thinking about maybe flipping 3 houses make some profit to put this equity to work and sell my house in a year or so and I would be walking with almost 95k profit after closing cost and all other things apply for another fha loan that's how I got my first house do the samething but now I would have money to pay for my flips cash

@Sean Pan yes! that’s exactly what I told them I offered 38k to start but I told them 45 is the max I would go if they don’t take it I’m going to walk away there is plenty of more deals out there