If you're doing a wholesale deal, have a cash buyer already lined up, if you're doing a lease option, have a renter in place, if you're doing a flip know who you're going to flip it too.

Please feel free to read my profile as it quickly tells a little about me.In a nut shell, as I say in the subject line, I am a newbie from NYC and I have had a profound interest in RE for quite a long time now.

@JMartinI'm thinking more in line with the individual plank "Pergo" style flooring.

Generally, when you cross the line on one issue you have also crossed the line on other related areas of law.

I am speaking from years of experience handling the design and maintenance of three high end hotels in Seattle, Portland, and New York.Cheap carpet wears out three times faster than carpet that's only twice as much.If your flooring is top of the line, a few dollars a month increase will pay it off, and it's easy to get a few more dollars when your property looks spectacular.No matter what you do or say, someone's always going to smoke inside, spill drinks, potty train a dachshund, practice naked yoga, and/or feed their kids too much sugar.

A tear down and rebuild is great if you have millions of dollars at your disposal lined up for you to rebuild some brand new townhouses or condominiums.

yes thank you guys, I was definitely thinking along those lines.

Its held once a month in Addison (close to the Tollway and Belt Line) and its free.

I assume you can roll paint, so while you have these contractors lined up, as them what the cost would be, see what paint costs along with your materials and consider your time, doing this may save you some money on small things you might do yourself, but you can present the bids and the appraisal to base your offer on.You also need to explain that an appraisal is an estimate, not a true value and that you need to make a reasonable profit if you are in the business and justify your offer.Saying older lady doesn't mean much, if she is elderly I suggest you take some additional steps after you get a contract and that is to involve some center of influence, her kids, her attorney or someone who may advise her.

Also, I own this in an LLC for liability reasons, which I've read on BP lenders don't like, although I haven't asked my bank yet.I'm hoping to buy 1-2 more houses into the LLC that owns Deal #1 and then find a private lender or portfolio lender/credit union willing to give the LLC a revolving credit line.