All Forum Posts by: William C.

Yup

Double closing probably isn't frowned upon by anyone other than the fact that it's more expensive to do it that way. But it also makes it completely legal so if that's what's your concerned about there's one way to know your doing it right. In my opinion some wholesalers are definitely going into the Grey area of marketing a property without a license. Iv also seen some that are not doing what's in the sellers best interest but in their own. Some properties would fetch more money on an open market, but without a license they can't list it so they would rather wholesale than get the seller top dollar. What part of PA are you in? I'm an agent and investor in the Philadelphia area and would be happy to help.

Wes Brand your absolutely right with your last post about the markets, and I understand what you mean now. To be honest we actually had one buyer who didn't get accepted come back and offer more money after we were already under contract so that proves your point. That original buyer had a chance though. They low balled us. We countered and they had about 24 hours to accept and didn't. Another offer came in at our counter offer and we took it. Only after they lost it did they come up but it was too late. I was more comfortable with the other buyer and settlement went smooth and they didn't beat us up on inspections so I'm confident we made the right decision. With that said, I think most flips may leave at least a little money on the table in order to sell fast and without issues so we can move onto the next.

Doug Woodville great point. Your right, wecould have gotten away with not lying the bonus. We added the bonus on this project to try to keep our goals aligned. The plan was "supposed" to be to share profits, or hourly, not both. As I mentioned before, my partner tried to "sell" me on the fact that the $30k in extra labor really only cost $20k because 1/3 was his portion of the profit. I claimed he gets 100% of the labor which is now far more than the profits so he should no longer get any of the profits. Michael J. No, he did not screw me in anyway and I know that for a fact. We are moving on from this GC. I did make commissions on the front and back end, so the deal was a little better than the number show.

We recently renovated a unit and rented it out to tenants about 3 months ago. Today they inform me the sink in the bathroom has a small leak. They didn't see it for a few days and the brand new vanity soaked up some water and is delaminating. Would you hold the contractor liable for the vanity? It's not ruined completely but one of the shelves is. I also don't know if he's the guy I want coming back to fix it, since it clearly wasn't installed properly. Leaky sinks is what you get when you own a rental property but brand new sinks leaking is very frustrating.

I send everyone to credit karma.com. It's FREE, and they get both their score and a copy of their report. And by free I mean actually free forever not just 7 days. Personally we have very high credit limits so I nearly never need to dig into their report too far. In my opinion anyone that needs to "explain" their credit score probably isn't going to be a good fit. I typically look for people that are renting by choice and not because they cannot qualify to buy a home.

We don't put tubs in any of our rentals. I don't discriminate against kids in my rentals, but if they choose not to rent my unit because I don't that a tub then I'm OK with not having children tear my unit apart. Also in most cases we pay water so if there isn't a tub then they can't baths and the water bill is lower. It's going to depend on what YOUR goal is though. Maybe your rental is perfect for a family, and in that case a tub would help. Think about who your target market is and base ALL of your decisions on that. Lastly think about who is paying for the water and how to reduce usage if it's going to be you.

Wes Brand If that were the case we would all list our homes for a bagillion dollars and we'd all be bagillionaires. Your market must be completely different than mine. More time on market does not equal more money, it always means less. Days on market is a sellers worst enemy. If it doesn't sell in 2 weeks or less buyers assume, or in most cases KNOW it's not worth that price. The easiest way to get top dollar for a home is to under price it and create a bidding war. Also, if a home doesn't appraise, iv never seen a buyer bring more money for the table, ever, in hundreds of deals, in the 8 years I've been selling homes. The seller comes down, that's just the way it else. Especially in a price range like $250k where it's primarily 1st time buyers who are already bringing very little cash to the table, and FHA appraisals stick to the property for 6 months. Lastly, and not to disagree, but maybe clarify....I was being conservative on the ARV. That in my opinion is the right way to run the numbers. I had originally thought 225k, meaning I knew I could sell it in a day at that price. After all, what sense does it make to pay more for contractors to finish it faster only to sit and wait on the market 2 months for a buyer? That's after All what this thread was about, reducing the amount of time from purchase to sale. When it came time to sell, 9 months later the market could support $240k. There were better comps, the Market improved a little, and we added square footage. My partner convinced me to "try" $250k so did and it sold. I'd rather be wrong about the ARV on the low side rather than the other direction any day of the week. Not to beat a dead horse here but I was trying to learn from my mistakes. We are arguing a moot point. I cannot change the market, so what the home sells for is completely out of my control once I put a sign in the yard. The market will decide what it's worth no matter the list price. However I can change the sales price throughout the process by finding better labor, finish faster, cut costs, find better deals, etc.

Mike Reynolds you make a great point. In fact you hit the nail on the head with the drywall scenario, because he did drywall a few walls and ceiling and it took days. After adding up all the hours I showed my partner how much we were spending to cover up some textured paint and he agreed it was ridiculous. We have since found a drywall crew to come in and do it at a reasonable price, in a matter of hours instead of days. I found a GC that can run the project from start to finish and I was the buyers agent on a house he remodeled so iv seen his work inside and out, iv been through a home inspection, and I have a good idea for what his prices are and I'm happy to say my construction issues should be solved.

Wes Brand I asked the question the way I did so I got the answers that I got. Your right, I am looking for a certain answer, but I still need and want the others. I'm allowed to disagree with some of them. For example your off on the ARV. We sold in 2 weeks. We had multiple offers. We sold for more than any other comp in the neighborhood. I literally raised the sales price by $10k the day I listed. I could have listed it for $30k more, and possibly could have found a buyer to pay that but it never would have appraised. I'm surprised it appraised for what it did given I was $10k over all other comps. So again, your right, I know what went wrong, and we have since moved on from that model, but I love to ask a question on this site and get 20 different answers.