All Forum Posts by: William Baumann

@Myles Coles 

godaddy is a good place to build an easy website, I like them better than wix as you don't get email without extra costs, but I use wix for other uses.  

Feel free to look at my site built on godaddy and if you need some cheap graphics work send me a message.  I am decent with photoshop.  Fiver is also another good place for stuff.

Well in order to answer your questions, we are going to need a little more info.  What is your plans for the property?  Fix and Flip, Fix and hold, wholetail?  What is the square footage?  What are the area Comps? Type of neighborhood?

Depending on how bad the mold problem is and how big the house is will determine the costs.  Next is the question of why is there a mold issue?  mold = moisture, so there could be extensive structural water damage that needs to be repaired. You may also need a new roof.  The water had to come from somewhere.  So lets just take some wild guesses here:

Professional Mold remediation guesstimate 10K

Fully gut and replacement of kitchen (depending on size and quality level of upgrades) can average 10K - 35K.

Bathroom full gut and replace 5K - 15K (depending on fit and finish)

Central Heat and Air for a 2 Ton unit 10K depending on type, and if you need duct work add another 3K-8K

Interior paint 2K

Exterior paint 2K-5K

Using reverse cost estimating for contingencies add another 7.5K - 10K 

So just guestimating your looking at 95K rehab costs.

@Lino B.  Better to Loose $800 than get hung out to dry for $385K.  You have learned a valuable lesson (and many others have as well from your experience) in that you MUST go by the numbers and what the math is telling you, and NEVER make excuses for what the math is telling you.

Thank you for sharing this journey with everyone.  I know it re-affirmed my commitment to the math.  Don't worry, there is always another deal just over the horizon, just use the tools you have learned and please share your next success!

@Thomas Morlan Welcome to BP!!  I have to echo many comments already, in that YOU are the one who has to decide if Real Estate Investing is right for you.  Everyone has their opinions, but I will say this, If your careful, conservative, and thoughtful in your investments, what can it hurt you to at least try?  You have more willing advisors here at BP than any other resource I know of to help you make sound investment decisions, people that will point out oversights, and help you prevent making costly mistakes.  Don't bet the farm, but I encourage you to explore your options. 

@Joshua Durrin I feel your pain my friend.  I am in the same boat, listsource cost about $0.40 -$0.65 cents per address and considering your looking at an average of 1 real lead per 1000.  However on listsource and yellow letter also I believe, you can get partials of your list, so you can save your list of 10,000 and only purchase the first 50 addresses for example for $40, instead of the whole list for $4,000.  

I know it is really tough starting out with very little/no funds, but starting anywhere is always better than never starting.

@Bruce Dalis 

 That is a godaddy templet, I just rebuilt it for my uses. Remember a template is just the basic "rules" of a website, layout, color options, navigation layout, etc.  Everything else you can change as you see fit.

Godaddy is cheaper but you have to build it yourself (they have a website builder that is pretty decent).  You can check out my site for an example.  If you have any questions on ways to do your site for cheap let me know and I will help anyway I can.

Quick question, what are you using to track your leads list and remove those that are not interested for follow up campaigns?

Most advice I have read is to use an LLC. There is a caveat with that, in that you should use an LLC for each deal that is inprogress to protect your other projects. Let me explain that a bit.

Example: "Jerry investments LLC" is flipping 123 state st.

now you also start another flip at the same time, you should create a new LLC for it.

"Hawaiian Investments LLC" is flipping 456 birch st.

While you own both LLC's they are separate entities, so a lawsuit against one will not affect the other. Depending on how many flips you have going at once will dictate how many LLC's you would want to create. Once you complete a project, it is "free and clear" to reuse that LLC for the next project.

If you have concerns or not quite understanding all this, contact a Asset Protection Law firm like Sutton Law. (you will have to google it as I don't think I can post the url.)

Hope that helps. 

Welcome to BP!  I am a new investor myself and this site has a ton of great information.