All Forum Posts by: Ayman Elmasik

Hi there, this is probably the longest post discussing lifystule unlimited (LSU) and that's why I am posting here.

I just attended the first day of the two days class presented by Del. My first impression is that it was worth the $500 we paid.

I want to know from the "real" LSU PIG program members here if they are still seeing the membership fees they paid was with it.

Also I'll really appreciate if some real members can spare me 5 minutes for a phone call just to get their impression.

Please email me and suggest  5 minutes that is good for your schedule.

Thanks,

I got invited to the free workshop and I think I will be enrolling in the 2 days training (although I already did 1 rehab deal and the second is in the market). any updates from the PIG members?

@AJ Hoffmann, help me do that :o)

Hi it was on Hillcroft and w belfort ave.

Hello,

I wanted to share with the community here my little success story.

I work full time for an oil and gas company in Houston, and with things being the way they are, I decided to find alternative ways to compliment my income and replace it when needed.

Real Estate was the investment of choice for me, I started reading about the RE business in July 2015 and I then came across BB where I learned a ton of information.

Was so motivated and I committed myself to doing my first deal in 2015, I bought the deal in Nov. 2015 the house was in a good school district but on a very busy street which –I think- scared other investors.

The house needed new roof, foundation work, new AC and full interior update which is not a typical first deal but the numbers looked good so I decided to jump in.

The rehab work took about 3-1/2 months and when it was done I had a full time offer in 2 days, just closed on it on March 13th.

Could I make more money? Sure but it was my first deal and was just happy to even break even.

Here are some few take aways:

• Don’t rush into starting the rehab until you are sure that you have the best offer from “reliable” general contractors, this may delay the start of the rehab but it will save you on the long run (less notes from inspectors and lower rehab cost)
• Make sure you carefully read the survey (the house had 200Ft extra that were included in the appraisal value but I did not include in the listing on MLS, this could increase my sales price by 10K).
• Add at least 15% extra to any estimate you get from your contractor
• Add a buffer of 1-2 months (holding period) to your numbers (the deal was sold in 2 days but still took 3-1/2 month to rehab and 45 days to close).

And now the numbers 

Purchase price: $180,000

Repair value: $57,500

Total holding costs: $17,500 (interest, utilities, Tax, Insurance, closing costs to buy, title policy)

Realtor’s commission: $11,600

Sales price: $290,000

Total profit: $ 12,000

I have another house on market that I will share my story with it once it is sold (hopefully another success story)

some before and after pictures are below

I am currently flipping a house in Houston Texas and I found termite that was treated and mold that was also removed (New,sheetrock)

At the time of selling this house am I required to disclose that the house had termite and mold or the disclosure is at the time of the sale?

I am trying to hide it but just wanted to understand What is must And what is can be disclosed.

How does that affect your pricing if any?

Thanks,

Ayman

Count me in.

Hello BP fellows,

I'm a new investor in Houston Texas and now have my first fix/flip deal under contract.

Couple of questions I have and I'm sure this is the right place to get answers for.

For general contracts

- I'm sure all contracts generated by the GC will cover them very well, what about he investor's side?

+ What are the "must haves" in this contracts to protect my interest? (penalties, schedule, release of lien...?)

+ What clauses that I should never accept?

- When a GC should be replaced? is it only delays in schedule?

- I have been hearing over and over again that referral is a key factor in selecting a GC, Can anyone suggest a good general contractor (investor friendly) in Houston? someone you have done at least 5 flips with (I already have tow that are lined to make an estimate)

Now for selling the house (ahead of myself I know)

+ I found a listing agent who can do full service for 1%, what about the realtor buyer's side (can I make his/her commission 2%) ? the house will be in the 340K range ARV

Thanks in advance for taking the time to read,

@Patrick Zanders, can you share the name of the company and the your website?

Thanks @Kyle Cabral, how successful are you getting leads through your website and have you spent any money on promoting it?

And BTW what is Purchase Price filter of 0-1 for absentee owners?