All Forum Posts by: Andrew Cordle

@Larry Fried

@Ciro LoCascio

Hey guys I am sorry for the confusion, yes Ciro has it right the total fee is 6k. Which is paid in 3k upon you buying the house and 3k upon completion of the house totaling 6k. 

Also, you can pay the materials and contractors via CC you do not have to pay them cash. Meaning several of my out of state investors will buy the house all cash, then pay for materials and construction on credit card then when the house sells repay their CC. Just so it is less money out of pocket. 

Lastly, keep in mind you do not pre pay for any construction, you pay on Friday only for work COMPLETED.

Let me know if you have any other questions. 

Thanks

@Account Closed

Our fee to manage the flip is right above the line item closing cost.

The 3% selling fee, yes it is included in the 10% closing cost.

@Deano Vulcano

Yes the 3% is already built into the closing cost, we are just being transparent letting you know we are the listing agent. 

If another realtor brings the buyer yes then that 3% would need to be paid as well. However, that is already built in to the closing cost as well. 

A breakdown of that 10% is as is:

3% listing agent

3% buying agent

4% for title and closing cost

Let me know if you have any more questions

Andrew

Hey everyone, 

I have a new house see the picture below...

I am doing a Turnkey Flip on this house. It works like this:

1. We find and locate the house

2. We create rehab budget

3. You buy the house and own the house this is not a JV or loan.

4. You pay us 3k upon closing to manage the construction process.

5. You pay construction straight to the contractor as we approve the invoices and work is complete. (No money is given to us)

6. Once construction is complete we are paid the final 3k for management of flip.

7. We list the house and sell it for 3%

8. When house close you receive all profit.

This is what we call a Turnkey Flip. We only do 2 of these a month with out of state investors. A little about us we have done over a 300 flips and or new construction houses. We have about 12 projects going on right now and we are very experienced. Please let me know if you have any interest. 

Here are the numbers..

ARV- 120k to 130k

Purchase 52k

Rehab 35k

Our fee 6k

Closing Cost 12k (10%)

Your Profit 16k to 26k

Timeframe 4 to 5 months

If you would like to see proof of any of our work please visit www.andrewcordle.com/flips there are at least 50 of our flips on that page. This is not a deal where we teach any investing or how to flip this is for passive investors only. 

Andrew

@Anthony Kondor

I have done 100 deals in a year. And I can tell you it is very difficult. First of all, you will not be able to do it by yourself and eventually you will have hire staff members to help you. 

Another thing, is when you are trying to do 3 types of investing at a high rate of speed per month it gets very very difficult. Its like starting or running 3 different small businesses at the same time. Sometimes, its better to pick one main tactic (like flipping) and create a machine out of that, rather than trying to create 3 types of machines at the same time. 

Hope that helps a little. 

AC

Hey Everyone, 

Just a quick update, I was meeting at Home Depot Corporate today discussing our Meetup on April 2nd. 

I must say this is going to be an awesome event and I cannot wait to see everyone at the event. 

We are already sold out of the 75 attendees, so if you did sign up and have decided not to attend, please let me know so someone else can attend in your spot. 

Again, I am very excited to see each of you at the event. Stay tuned to your email for more details. 

Andrew

@Ephraim Abdullah

Hey man welcome to the site. I also got my start by working for a company that managed about 500 SFH.

I know you can become successful as a RE Investor. 

Andrew

@Fitzgerald Hall

Can you send me the details to this deal in PM or email me. 

AC

@Account Closed

30k for a bathroom remodel and 50k for a laundry conversion in my opinion is CRAZY. 

I have done probably 500 plus 5 by 8 bathroom non luxury and higher end remodels of bathrooms. And I have never paid more than say 7k tops that would include a full gut job of the entire bathroom and moving of plumbing. 

So yes I think your cost is very very high

Hey Everyone,

I just wanted to say a big THANKS to everyone, and of course @Joshua Dorkin and @Brandon Turner for starting Bigger Pockets. 

I have been a member for just 10 Months here on BP, and just passed the 500 Brand New REI Friends. 

I can also say, I have been able to connect with new investors and colleagues from BP, and have found funding, contractors, and wholesellers in my local area to further my business.

I look forward to reaching "1000 Colleagues" in the next year as well. 

In Closing, for all the newbies here on BP,  I would like to recommend that you get involved and make post as this is a great place to learn about investing as well as  make connections in this wonderful business of investing.

Thanks

@Anthony DiRico

I try to read at least 2 books a month about a year ago I started to write these 5 to 7 page documents about the books in case I ever wanted to go back and read the highlights. 

Here is a sample copy of about 3 pages of one.

I have about 15 or 20 of these. Let me know if you want to see some. Just PM me.