All Forum Posts by: Account Closed

@Coleman Nelson  If you remember from the dinner I said I bought a house for $7,000 that in hindsight I shouldn't have have bought it for $0. Well this is it. 

I am very proud of this house as a contractor and not so much as an investor. I purchased the house for $7,000 at a tax auction and put $55,000 into it. I have it rented now for $1,100 a month. Not bad numbers right? WRONG It took me and my business partner 4 months to do the needed rehab. 4 months of skilled labor at no cost. If I would have paid Subs to do all this work the rehab would have cost $130,000. 

Thanks everyone!

@Daniella Ortiz Myself my business partner and one helper do ALL the work ourselves. I buy most of my materials from the big box stores. 

One cool thing about this house is that it was 130 years old so the floor joist were 3"x10"x18' Old growth white oak. we had to remove them due to 130 years of warp. However we sold them all off to a furniture maker for some nice additional income. 

Here is a picture of the inside during demolition.

@Joe Fernandez We did. We have a dump truck with a 100 foot cable ran up through a Y in a tree and then out to the street. We were saving the floor so we needed the house to flip off the foundation with out touching it. We did this by putting in some bracing and running the cable through a Y in the tree. Pretty unconventional but it was defiantly fun!

That last link didn't work so here is attempt #2

https://www.google.com/maps/@39.236738,-84.540108,...

@Cody Brownfield  Here is a virtual tour of the house(link below). It works exactly the same as google maps street view. you can navigate through the house and look around.  One of my tenants works for google and did this for me for free. 

Virtual Tour

If anyone else is wondering he only charges 300-500 bucks for this service. On a flip it could really help your marketing. Here is a link to his FB page. https://www.facebook.com/ShuttersEdge

I began my career as a handyman for a company that made lots of bad purchases in very bad areas. SO I have many but will list 3.

1) My brother and now business partner was under a kitchen sink fixing a leak and the tenant began smoking crack in the kitchen with his friends. 

2) Bathtub full of diapers. 

3) My brother and I had to replace a main drain line in a house. We had it disconnected in the basement all tenants were told not to use bathroom.  A tenant Used the toilet, at which time my brother was standing/working under the disconnected line. needless to say he was not happy!

With these experiences and many others my business partner and myself learned how NOT to buy properties and screen tenants. We now have great relationships with all our own tenants!

I thought everyone might enjoy a video from one of our rehab projects. I also included a picture of the finished project. 

No one told us "flipping" houses wasn't literal.

@Joe Fernandez 

@Coleman Nelson 

@Cody Brownfield 

@Kevin Hart 

@DL Martin 

This is fantastic, My simple question has opened up a great forum. Also a potential competitive edge on some willing risk takers. I consider Cincinnati OH competitive so I will be adjusting my EMD% up. However I don't know if I can do 100% My last transaction took 5 1/2 months to get to closing after my offer was accepted. My fastest REO purchase took 2 months after my offer was accepted. My county is extremely behind in its processing the REO deeds. I don't understand this completely, What I do know is it takes forever.

@Bill Sargeson @James Wise @Roy N. @Corey Beckwith @Account Closed  Thank you everyone for their input on this I have my new offer in with 25% EM (all I am comfortable with at this point). Hopefully It will do the trick!

We have been buying foreclosures off the MLS. are offers are cash purchases no inspections and our agent has been suggesting EM of 10% of the offer price. My issue is that some of these transitions are taking up to 6 months to close. So all that cash locked up I'm EM is killing me.

I am planning on making an offer on a home path property ASAP and wanted to see what other cash buyers are putting as EM on their offers. 

Thank you in advance.

@Tommy DeSalvo @Joe Fernandez @Cody Brownfield @Coleman Nelson @Tim G. @Kevin Hart  And anyone else I forgot. I should have mentioned that you are welcome to bring your spouses/significant others. When investing they will need to be on board, and it always easier when they enjoy it as well. I will most likely be bringing my wife tomorrow.