All Forum Posts by: Tony Reale

My guess is # 2 is load bearing although #3 may be and yes you can tear it out if you put a beam in. I personally wouldn't open it all up. I would open up #1 or #3, if it isn't bearing although I need more than the pics to make a decision.

Open floor plans can be overrated. In a flip I love taking away actual dining rooms, because nobody uses them anymore, if and only if, I can make the kitchen larger and/or add a FUNCTIONAL bathroom or master closet where there isn't a good one in an older home. Not a rule though. In the flip I looked at today I kept the dining room as a dining room. It had enough bedrooms for the area and there really wasn't anything I could do with the space other than a dining room.

Do not know the area but in my area looking at the limited pics here I wouldn't do it even if I could. Show me the layout of the house and for sure tell me what is load bearing and I may change my mind.

You can paint anything and it can work even if it isn't the best solution......yes anything, tile, a bathtub, hardwood floors, etc. I do have experience doing this and the best advice I can give is this. The goal in painting is to save the money in tearing out and refinishing what is underneath or re-installing drywall. Do not try to then save on the cost of the actual paint. Use a GOOD primer and a GOOD paint and it will last for years and look good. If you go into Home Depot and ask for the cheapest paint/primer combo they have this will not work. Actually it may still work after you go back and buy so much, and put on so many coats, you wish you just ripped it out in the first place. Don't skip an actual good primer. for your application it isn't an upsell, unneeded step. A good primer is like glue that will let your paint not only cover but stay for years on this.

So I have read and understand the 2% rule but my question is for the non traditional home loan/mortgage. What percent do you want if it's just buy cash for a property? Seems to me 1% a month or 12% a year seems good to a non investor or am I not thinking of something the more experienced investors think of?

Thanks also Glenn and that will be another barrier of mine....I am one of those weirdo's that actually does love doing the work and doesn't think of it as a J O B!

Wow it is actually funny because you are the reason for asking this question. Yes after hearing your podcast I want to be the you in my area. I agree with you totally I want to be an investor and not a contractor. My question is for those first few deals that make you or break you, what is the answer? What did you personally do on your first 1-3 deals. I can't give biggerpockets a better plug! I heard J Scotts podcast, jumped on here and asked a question and wow J Scott answered in less than 5 minutes! Love this place!

after the praise.......I am a contractor now. I want to be an investor. I know the end answer. Now I have to contract to pay my bills and do this on the side. How does the transition happen real time? Like I said even as a plumber I want someone else to do the plumbing and it make money, however as a contractor I know my downside.......I am going to have a landscaper quote me 1500 dollars and in my head I am going to say forget that! I can do it for 700. I know this will be my biggest problem and am looking for advice to know when to take the bid and when to leave it from people that have that choice.

It seems many ex contractors go in to flipping with the idea, like mine, that you can really save profits by doing most of the work yourself. My question is to all of the contractors that have converted to full time investing. I don't want to know what you do in your business now. I want to know what you did on your first 1-5 flips as far as how much of the work you did yourself.

I have 15 years of full time plumbing experience. I have almost 10 years of demo/carpentry experience.

From the actual contractors out there.... What is your advice to a person that CAN do most of the work?

Use your arms or your brains? I can paint a house even though I am not a painter. I can make it look just as good although I know for a fact I can't do it as fast as an actual painter.

What did you guys do at first and more importantly what did you learn from doing it all?

Hello all, I am a new member from Nashville TN. Many years ago I went into a couple of flips on the side and they went ok but not the money making potential that Carlton Sheets promised for my 600 dollars lol. I have a decent situation going right now and would love some advice.

I have been a contractor for many years now and recently reconnected with an old high school friend of mine who is doing very well and by chance helped him out a ton on some work at his house and saved him thousands of dollars. He has asked me back many times and we are now talking about partnering on some real estate deals.

Our basic goal is passive income but he is willing to invest in me and start with a few flips to basically learn the business front and back, buying, selling, holding, etc. I can indulge with more details and would be happy to although don't want to spam the new member forums unless asked for details.

My initial question is in our unique circumstance I think we can really profit from lesser returns than the 70% rule most flippers use. I live in an apartment and worst case and most likely case will move into the flip to save on cost. It will also let me finish it quicker. I have no kids by the way so moving every few months for a short time is no problem for me.

Can we fudge the numbers in our scenario? Am I not thinking big enough? Should we look for a wholesaler? I saw a wholesaler ad on craigslist that wanted my email before I can see any info. Red flag for me. I don't give my info to any site, real estate or not without wanting to. Is that the norm in the wholesaling business?

We have long term goals but short term, for our first acquisition, is beating the streets good enough? We can do 80% and I can mitigate the rehab and holding costs by a lot. We have done our homework in target markets for a month. We can do 80% all day long. Should we in our place, or do more homework, and possibly pay marketing, to get the 70% buy price?

Looking forward to any advice thanks all!