All Forum Posts by: Wendy Wood

Thanks @Bob Okenwa @Christopher K. and @Account Closed, I appreciate your input. I'm still in the learning all I can phase. There are so many things to take into consideration! I'm not in a place to do a project myself, but would love to be able to follow someone through the process. At this point I'm still working out numbers myself as I see properties. From different conversations I've had it seemed like foundations and mold were things to runaway from as fast as you can. It's nice to witness differing perspectives.

I know of a house that is up for auction through the 11th. It's listed on the auction site as a 2br/1.5ba, 1891sq ft with a full foundation basement. 

I know that the "basement", which is really a walkout, has three bedrooms and a full bath, in addition to a den area. The actual living sq ft is a little over 3800.

The auction site says previously valued at $190k, but I know that was the amount owed upon foreclosure FWIW. The comps has it valued at $177k. 

Here's the kicker- there's a mold issue in the basement because the foundation has shifted two inches in the back of the house. The house is built into a hill (I don't know what the term is for that), so where it has rained, that's become a problem for the lower level. The ceiling on the main level livingroom has a crack, guessed due to the foundation. I'm not sure exactly how much foundation and mold repair costs in NC, but the rest of the house is VERY well kept on the inside and the foundation and mold would be the majority of the repairs. The kitchen was just updated a year ago. Berber carpet in the livingroom, tile and hardwood - laminate in the lower level and carpet upstairs. It's in a very desirable school district. 

The opening bid is $55k, and it is a cash only auction. 

My question is- how would you know how much it would cost to fix it in order to flip it? I guess that comes with more experience, but is there a rule of thumb one can go by when dealing with auctions? I'd love to be able to be a part of this project knowing this house personally.

Thoughts?

What are the pros and cons of having your real estate license as an investor? Does the answer depend on which state you're in? (I'm in NC)I'm brand new so I don't know what I don't know yet. Thanks!

Hi everyone! I'm a brand spankin' newbie at all of this. I'm still in the learning-all-I-can phase, really. Something I've observed in listening to the podcast and reading all the articles is how investors are getting conventional loans for their investments. I've always understood that you cannot get loans like that unless your income statements show that you can afford it aka debt to income ratios. 

What does it look like from an investor side? Does the cash flow snowball enough eventually that it adds up to be enough? What I'm seeing is house A brings in $4k, house B brings in maybe $5k, but that's just $9k/yr in income. 

I know I'm missing something. Help?

Thanks :)

A little off topic, but I've seen several comments about asking the evicted tenant to return the keys to the place. Would it not be a wiser choice to just go in and change the locks at 12:01am the "minute after" they were due to be out of the place?

So am I correct in concluding that the wiser choice is to do a double closing when wholesaling properties in NC?

In that case, one would need the money up front to buy the property from person A before selling it to person C and getting the money back minus attorney fees?