All Forum Posts by: William C.

7000 sq ft SFR? That's seems Huge. Almost too big. Can you chop it up into smaller units?

Congrats ! Like the post above I'm curious about the how? For example how did you fund such a big ramp up so quick? And also how did you find SO many deals so fast? These seem to be the key to building a business like you did. I have the other bases covered like good labor and some experience buying and selling.

Very interested to follow this post. Seems like converting the credit to cash is the snag for some. Please keep sharing your progress as I'd like to see how it turns out. For anyone who can purchase a property with cash or other financing, using the credit for repairs seems to be the best route to go, or at least the route I plan on taking if it really works as well as advertised. I have some capital, but limited compared to my market prices. Hard money might be another option for those looking to purchase and then use the credit for repairs.

It's probably too late for a buyers agent at this point. They really should have been the one to show you the property. Unless you leverages the fact you didn't have an agent, by getting a better deal, your not doing yourself any favors by proceeding without one. Before you sign anything you'll want to get someone on your side, whether it's an agent or attorney. Agents should be free. In that the seller pays their commission.

I just saw your cost break down. Amazing job with your projections. I'm sure your aware you'll encounter more losing costs at settlement. Transfer tax, etc....I'm guessing that's when you'll pay the taxes? Also, I'm guessing the insurance was $2000. I'm certainly not trying to not pick, but profit is profit. Most of all, good luck with inspections and getting to the closing table. Appraisal and mortgages commitments await.

Great job. Maybe I missed it but was there taxes and insurance? Holding costs are low. Never the less nice work.

Who have you used in the past?  Or is this your first flip?

Building a network of trusted service men, or finding a GC to run the project is in my opinion the "hardest" part of flipping homes.  

Finding the deal and finding the money would be the 2 other components to the deal.  With that said I know of a GC, but he's a partner on my deals so he'd most likely be looking for the same arrangement.

nice flip! I like how you broke down the whole transaction for everything to see and learn from. Just for clarity sake, you mentioned the highest and best offer came in $7000 over asking with a $10,000 seller assist. The numbers looks like it was actually $17,000 over asking with the same $10,000 seller assist. Possibly just a typo. With that said, you were right about the appraisal, a lot of times it's hard to go that far over asking with the buyer clearly taking a large portion of it back as a seller assist. Luckily the market was able to support the price, and I've have done the same more than once for VA buyer with success, but iv also failed on the sell side of

One that was a flip and we lost $12,000 profit from the lower appraisal.   Again great job, good luck on the next one.

Do we know the asking price?? Couldn't find it anywhere. $15k les of $30k is a big difference than $15k of off $200k.

It's sounds to me like you want "wholesale" prices from a retail market. If your shopping for homes on the MLS, that's like walking into Macy's. Everyone else on the planet has the same access to the home at the same price to the demand will drive up price. If you want wholesale prices, or if you want to buy a home and cash out refi without bringing any value to the property, you'll need to find a deal that allows you to do that, and the MLS, in this market environment, is going to be very tough to do. You either need to put in the time, effort, money and other resources into finding wholesale deals, or pay closer to retail prices. Cutting out the brokers alone might save you the $15k your talking about depending on the sales price. Why not just let your broker give the offer verbally and see what happens? Or put together a letter of intent like mentioned before. Most negotiations are done verbally and the final terms are written into a PSA, so the broker probably does have info about whether or not the seller can actually accept your offer as it stands.