Investor · Lehigh Acres, FL · Member since 2016 · 51 posts · 14 votes
Hello,
My name is Willie, and I have just ventured into the real estate investment scene. I am in the final stages of doing my 1st house flip. It will be VERY profitable, although, there were a lot of headaches along the way that could have been avoided.
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
10y
There is lots of advice on this website, but filter it for your situation. Sounds like you did it without a mentor. Experience is the best teacher. You will learn more from this first flip than in a weekend seminar. Real estate is very local, so anyone outside of your particular market can give you general advice or strategic advice, but everything varies based on your market and your ability to find the deals.
Investor · Lehigh Acres, FL · Member since 2016 · 51 posts · 14 votes
10y
Thanks for chiming in Mr. Dooley. I will give you the details on my current dilemma. The property I am flipping now required a new roof. I hired this company to replace the roof, and I gave them $5000 upfront, and we agreed to pay the remaining balance upon completion. The individual that came on site to collect the funds was fired that same day and only gave the company owner $1000 of my money, now the company is saying that they will only honor half of the money that the man stole.....but....on top of that, they jacked the estimate up an additional $1800 because their representative underestimated the job. I currently have my property on the market for sale, but I have run out of funds; so now I cannot afford to hire another roofer. I have a receipt saying I gave this person $5000, and I have a contract for them to do the roof. I used a hard money lender to cover a portion of the investment which is costing me an additional $1000 per month. I have no idea what to do at this point. Not the ideal way I saw my first investment going.
Investor · Lehigh Acres, FL · Member since 2016 · 51 posts · 14 votes
10y
Thank you for the vital input Dan. I will get on that ASAP. Will my registered agent for my L.L.C. be able to represent me since I am currently working in Dubai? I don't know when I will personally be able to get back to America to deal with this in person.
Investor · Lehigh Acres, FL · Member since 2016 · 51 posts · 14 votes
10y
I purchased the property for $136,000 (REO), I currently have it listed for $239,900 with an intention of closing for $230,000 (giving myself a little wiggle room for negotiations). I have invested $40k into the property thus far. It was a full renovation to include kitchen remodel, flooring throughout the house, painting, etc. 3 bed, 2 bath, pool, 2 car garage, 2077 square feet, built in 1996, with a 1/2 acre lot.