Comments on: Rehabbers! Know ALL the Costs to Flip that House

By: Carole Murphy

Carole Murphy — Sat, 29 Oct 2011 14:36:25 +0000

Excellent article. I have rehabbed personal property and want to start flipping. You outlined costs that many would not be aware of and I thank you. I agree with you on recommending an LLC or corp for flipping. I had an LLC when I held property in joint ownership and would not hesitate to form one again today. Many people don’t think of an LLC as a business, but that is what it is with its own FEIN # and Tax Return and it own bank account.

I thank you again for this article as it came at the appropriate time, when I just am starting to think about flipping and doing it REO’s.

By: Brooks Conkle

Brooks Conkle — Mon, 20 Jun 2011 01:43:05 +0000

I agree – a fool! It’s all a mindset I suppose. I’m actually wholesaling a deal to a friend of mine that snipes deals for himself like crazy! Usually when I mention a deal to him he’s already been inside of it and has his offer in. But on this one, it came from an online auction the bank was having – and a company that neither of us had ever heard of – so I was able to snipe the deal myself and we’re closing this coming Friday – Payday!!

By: Justin Pierce

Justin Pierce — Fri, 17 Jun 2011 15:26:26 +0000

Brooks, I take deals where I find them. I’ll happily pay a wholesaler for a deal that’s surved up on a silver platter. That saves me a lot of time and effort. Plus, really good deals are not a dime a dozen. A rehabber would be a fool, in my oppinion, to pass on a deal just because they’re too proud to pay a finders fee. Yeah, you could probably call her a sniper but she was looking at a spot I wasn’t.

By: Brooks Conkle

Brooks Conkle — Fri, 17 Jun 2011 03:21:12 +0000

Definitely a great post – I’ve done approximately 7 rehabs in the last 2 years and even I forget some of the costs in times of excitement of a deal
Must have been a pocket listing or something? I’m an agent as well — with your access to the MLS, I’m surprised that you had to pay a large wholesale fee for an MLS deal — must have been an MLS sniper!

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By: ROBERT

ROBERT — Tue, 20 Oct 2009 17:41:44 +0000

Real good insight….provided good perspective for a “newbie”wanting to jump into the wholesale flipper market.I want to feel confident that I am offering a real deal when attempting to do a deal,and I want to develope an A-LIST BUYER when I do find one.Thanks.

By: Economy and Your Finances Carnival 27th September

Economy and Your Finances Carnival 27th September — Sun, 27 Sep 2009 07:58:01 +0000

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By: Bill

Bill — Thu, 17 Sep 2009 12:21:45 +0000

Very good post! Educational for wholesalers like me. I agree, the most difficult part is locating a true deal that takes into account all the real costs the rehabber will undertake.

Thanks for sharing,
Bill

By: Richard Warren

Richard Warren — Tue, 15 Sep 2009 18:22:10 +0000

Outstanding post Justin!

As a veteran rehabber I know exactly what’s involved. All those house flipping shows give people such a false impression of what’s involved. Unfortunately, many people fall for the fantasy. It irked me so much that it prompted me to write a book on the topic.

Again, great post!

By: Justin Pierce

Justin Pierce — Tue, 15 Sep 2009 18:02:52 +0000

Thanks Jeff.

Ben,

You can find my series on Privat lending here:http://www.biggerpockets.com/renewsblog/author/investinrealtor/

Or by just clicking on the link on my name at the top of all of my posts.

Also, Ryan Moeller (another contributer to this blog) is currently doing a series on Private money. It might give you another good persective.

Let me know if I can be of any help in your search. I’m happy to share what ever info I have.

Regards,
Justin Pierce

By: Ben

Ben — Mon, 14 Sep 2009 21:23:28 +0000

Thanks Justin for all the information. Where can i find the 3 part series?

By: Jeff

Jeff — Mon, 14 Sep 2009 19:56:12 +0000

Many thanks for the great piece. Of all the information out there in books, at meetings and on the internet, there seems to be a lack of real numbers that go into a deal, so this was refreshing.