All Forum Posts by: Wayne V.

Hi Chris,

Thanks for the affirmation as well as for the ratio advice. That's very useful information. Much to learn here, and the BP community is a great place to learn it.

Regards

www.RedHookDesignAlliance.com

My partner and I are in the process of putting together a RE investment company primarily focused on flipping and the occasional buy/hold. Due to partner locales, we will be operating in both Syracuse, NY and in and around Portland, ME. 

Can anyone shed some light on which state might be more advantageous to incorporate in vs the other? I've run a business in NY for many years and known first hand that it is not the most friendly business state nor cheapest but is Maine any better? Does anyone have any suggestions on alternatives?

Any light shed on this is greatly appreciated, and always thanks in advance!

Hi, I'm looking for some advice on the best way to leverage property that we have with the intent of picking up foreclosed properties for fixing and flipping. I'm a GC with many years of rehab experience, lots of tools and equipment. The property is a house that is rented with about $100k in equity, and a factory building in upstate NY that is valued at around $70k with no encumbrance, We're looking for projects with buy ins of around $25k - $ 35k, and renovation budgets of $50k or less. The goal is to be doing about four of these a year.

I'd love to hear any advice someone might have, experiences, and definitely holes in my plan that I'm blind to. All comments welcome.

Thanks !!!!

I have to admit, I like the idea of "easier" and "cosmetic" but the budget will probably dictate extra sweat equity to get started. I'm hoping that after a couple of down and dirties I'll be able to work up to easier and faster project houses. A Realtor as an ally is also a great idea.

Thanks for the feedback !!

Hi,

I'm new to BP but as a builder and a GC, I've been working on houses for quite a long time. In that time I've been the hands on guy for investors who have done quite well with the properties I've resurrected for them. I'm ready to do one on my own and my question is whether or not it's wise to start with a project house that has a low initial cost because it's in pretty rough shape, knowing that I can save it and get it back in to marketable condition. I'm looking at areas where property values are rising and the economy is stable. Thoughts and suggestions are very much appreciated. Thanks !!!