All Forum Posts by: Alex Young

@Jay Hinrichs @Russell Brazil 

signed contract for 125k 30days for closing ..... Day of closing! , seller's agent notifies that the seller has a 31k lien on his persons for refinancing his student loans (title company found this on the last title search).... house does not close. He now will not sign an extension, even though I agree to give him time to get the student loans taking care of . Seller's agent admitted that there is now a back up offer on the table,..... has not admitted that this is under contract with new buyer but the MLS says pending.

This would be flip, with an ARV of 225k ...... estimated rehab 50k, missing out on +50k profit ..... so its a good winner, want to fight this out.

Any advice, stories of this happening?    Talking with attorney now.... possible suit of lost profits?. If they go under contract with someone else then I believe its fraud toward my contract. 

PLEASE HELP!!!  

network with flippers and ask what percentage they usually like, some are picky and do long projects for over 30% ROI, others like me can have a job done in my market in 5-6 weeks so Ill take as low as 12% ROI depending on location, amount of work, ect. Take these percentages and then run your own numbers and offer deals

triplex, I might make the vacancy higher than 4%:  92$ x 12 = 1104 (covers about 2 months of cash flow).  Id try to 3-4 months covered  just for the analytical side, can always lower reserves ... other than that are tenants paying all utilities? gas, sewer, water, electric, garage?    foundation could be hit or miss , maybe upload a photo if you've walked the house 

@Dymond Burnett You have a strategy in mind?  You bringing any skills/outlets to the table with you? (labor or licensed realtor).   I do all my flips on single family homes but over the river in Southern Illinois.   I know a lot about the saint Louis area if you have any location questions. Just shoot me a message 

use "Kilz" , its the best stuff , wear protective gear. its harsh and may cause light headedness if not well vented

welcome. Im from the Lou as well.  save up that initial 20% for a conventional down payment, have another 20-30 % for repairs and emergency funds.  Contact the banks. Pick your strategy  , then go after it !

@Allison Anderson I apologize for the misunderstanding.  I was just making a reference that if you are selling your car you need to provide as much info to the dealership so they can give you the best quote.  Where in Montana? What type of neighborhood? 4 levels, is this basement, 2 stories, attic? what types of finishes are there?   how many bedroom/ bathrooms?  What type of flooring?   I tend to disagree with @Ned Carey on sq footage ,   unless you are looking for an estimate with a + or - 25k .  However, Ned did greet you better than I did. So welcome to BP, I hope we can help with your project 

there is no way an educated estimate can be made based on this little of information, and I wouldn't trust anyone on this forum that puts a number up.   Montana is 4th largest state.    Allison, if you want advice you need to be more specific then  " how much does my car cost with 4 tires and a CD player in Missouri"

No option is better than the other: know the liability of buying with a current tenant, know the cost of flipping with or without a GC, know the numbers for a multifamily with vacancy.... just a few things.   No option is more lucrative, only the deal you make is or isn't.