First one is your education -
- Make money when you buy not when you sell.
- Run conservative numbers - renovations have a way of snowballing $$$.
- Do these as fast as you can afford (holding costs add up quick)
- Price it right (price it to sell).
Remove the oil from the tank if any. Vandals stealing copper caused a 200 gallon leak and a six figure clean up. Vacant home insurance policies do not cover this type of damage.
just do it
Yes. Always doing deals and looking for more. We just did two in Saugus and one in Peabody over the fall/winter and have another UAG in Danvers and one in Saugus.
@Michael DiGirolamo sounds great. Congrats on those flips. What would be a good way to reach out to you if a deal where to come your way?
Message me here anytime. We sometimes have a deal or two we can’t attend to.
Hi there I have a question regarding make money when you buy not sell.
I i’m looking at a three family that I’m considering doing a flip after extensive remodeling. It is currently occupied and the leases are ending staggered throughout the rest of this year.
So my concern is the fact that the current leases will not pay for the mortgages.
So clearly I’m considering making the money on selling not buying as recommended by my realtor.
What are people’s experiences with this kind of scenario? Was it successful?
Why do I find a frustrating in entering this business is that once this a fixer upper had it’s open house it’s a feeding frenzy of outbidding.
Are there any recommendations as to finding real estate before it hits the market?
@Gillian De Lear Yes, you are absolutely right that once a property hits the market, price goes up to the point that doesn't make any sense. It becomes a fight among investors to who is going to make less money.
And its for this reason that we don't look at anything on the MLS anymore.
The best deals are done off market. You have to market directly to sellers either through direct mail, cold calling, door knocking etc.
Good luck and feel free to reach out to me with any questions.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.