Wholesaler · Newport News, VA · Member since 2014 · 89 posts · 9 votes
just got word thst my offer was accepted on a pretty sweet deal. I am freaking out with excitement. I wish I had a mentor but this site has helped me alot. Hopefully the inspection and things go through. Any advice going in?
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
11y
congrats!
If you haven't already I strongly suggest you buy @J Scott's book on flipping houses and his companion book on estimating costs.
Two further bits of advice. 1) make sure your husband keeps focused on the project and 2) don't over rehab- Find out what has sold quickly bad match your upgrades to that.
Buffalo, NY · Member since 2014 · 371 posts · 146 votes
11y
Congratulations and good luck! My advice is: the faster you can respond to the bank, the less likely your loan will be delayed. Don't get upset if it goes a lot slower than you anticipated! It happens to everyone. I respond with documents in under an hour 99% of the time. Most of the time I close on time, but there have been times when there is literally nothing you can do about the delays.
Wholesaler · Newport News, VA · Member since 2014 · 89 posts · 9 votes
11y
Certainly Joseph.
It is my first fix and flip...ALONE. I've been in the wholesale game and was looking to venture out more
Purchase price is $130k
Rehab/repair $30k or less some of the work will be done by my husband
ARV $265K
My lender has to evalute the property to confirm thr ARV because the tax accessment says thr house has 4 bedroom and it truely has 6. Theis single family home is in the beautiful neighborhood of Newport News, VA not to far from my own home. I worked with a realtor to get the house and she is also going to help sell it.
Congratulations and thank you for sharing some of the details! I think it's important that we all share our excitement and successes as well as our setbacks, as there's a motivational force behind seeing others in our field succeed. If you can, keep us updated on the progress and the final result. We're all rooting for you!
Investor · Irvine, CA · Member since 2015 · 124 posts · 35 votes
11y
Danielle,
You say you worked with a realtor. What help did a realtor provide in getting a house at less than 50% of ARV ? Or let me just ask how you found this deal? ?
Wholesaler · Newport News, VA · Member since 2014 · 89 posts · 9 votes
11y
The neighborhood is Pear Tree Hill
And I found this deal by a drive by. My realtor sent me information on a property in the area. I went to see it and passed up on it the stumble upon it
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
11y
congrats!
If you haven't already I strongly suggest you buy @J Scott's book on flipping houses and his companion book on estimating costs.
Two further bits of advice. 1) make sure your husband keeps focused on the project and 2) don't over rehab- Find out what has sold quickly bad match your upgrades to that.
Wholesaler · Newport News, VA · Member since 2014 · 89 posts · 9 votes
11y
I am finding my first lesson learned is having multiple lenders available to look over my deal and not put all my eggs in one basket. This is where having a mentor/partner would come in handy. Trying not to get discouraged.