All Forum Posts by: Mike Cartmell

I recently acquired a house for $70k and have put in $30k rehabbing everything except furnace.  New roof, windows, water heater, and complete interior rehab.

I can rent it for $1300/month and will refinance pulling all of my cash out for a 30 yr fixed PITI payment of around $650.

My questions is do these numbers make sense for a long term buy and hold or should I flip this with a sale price of around $155-160?

I am leaning towards holding this but just would like to hear everyone's opinion.  Thanks in advance.

@Dan K. - I did not end up pursuing this deal as much more work was needed after further inspection.

Thanks @Tom Keith & @Account Closed

I should have mentioned that I am a licensed agent and will list the home myself. I would obviously like to find a buyer myself so I do not need to pay a buyer's agent commission.

I like the idea of pre-selling to create some buzz about the property and gather some contact info of potential buyers. Then when the interior rehab is finished contact them for a showing and hopefully sell to one of them.

I am in the process of a rehab and was wondering how others market their flips. Do you place a sign in the yard saying "Remodel" or something of the sort? Or do you just wait until the project is complete to start marketing it on the MLS? I would like to find a buyer ASAP so was thinking I would market it right away but I also do not want to alarm vandals that the house sits vacant.

Thanks in advance!

Turns out he actually owes $187k and was mistaken about the payoff. I have talked him into listing with me. He originally wanted to unload it because he just didn't want to have buyers nickel and dime him after an inspection. He basically didn't want to do any prep work to list the house. We are going to list aggressively so he doesn't have to and can still have a quick sale.

In the event that this worked out, I still do not see an issue with full disclosure stating that I will make a profit. Buying sub-to and having full control was my intent. Even when utilizing a lease option, I intended to find a cash retail buyer with the MLS.

Thanks for all of the great advice.

I have a deal which is a prime candidate for wholetailing. Comps are around $215k and we have negotiated to purchase for what they owe at $180k. It needs very minimal work and I wouldn't put any money into it. My plan is to list the property on the MLS but am not sure how to go about doing it. The seller is aware of my intent and I have disclosed that I am a licensed Realtor. I am not representing the seller and will be a principle in the transaction.

PITI is currently $1640/month

Which is the best way to handle this?

1.Lease option it and then double close

2. Lease option and assign the contract to the end buyer

3. Purchase subject to.

Thanks in advance!

Looks good @David Torres . I am originally from Abq, where is this home located? South Valley?

Welcome Pete! I am located in Colorado Springs as well. I agree that buy/hold is the most passive income vs. flipping. I am recently licensed and hope to find more buy/holds to add to my portfolio.

The best way to utilize Biggerpockets is to do exactly what your doing by reaching out the the community and read and listen to podcasts. If you have any questions please post them in the appropriate forum and you will get tons of responses.