All Forum Posts by: Belinda R.

Originally posted by @Nicholas Patrick:

I have okay grades in college. A 3.2 GPA which isn't bad for my first semester. I was thinking about dropping out though and pursuing real estate investing. Should I? If I don't drop out, besides real estate, what major could help me do the real estate work?

NOOOOO! While I was in college I became a realtor. Everything was great! Income was decent bc homes were selling right and left and then the market crashed! I couldn't sell anything. I also did mortgages as well and the Mortgage company went under. With hardly any income I had to go work a minimum wage job to survive. Thank God I had JUST graduated with a business degree. I was able to get a decent paying job and ride out the recession. I'm now investing.  I've learned a lot of on the job business skills that I now utilize in my own business. Always have something to fall back on Always! 

Congratulations!!

Pass. You'll look back a year from now and be glad you did. Another BP  member has already pointed out the % of local residents that view the flags as a racist symbol. Buying this home could potentially limit your pool of renters and keep the home on the market longer, resulting in a lower rent rate just to get a tenant. Personally, I always try to choose properties that'll appeal to the majority. That's just my .02, for what its worth :)

In this business you're going to meet a lot of people who will not share your religious beliefs, ethics and values whether they're contractors, realtors, investors etc...get use to it.  I've met my fair share, this business is definitely not for the faint at heart. I have never had a problem telling them, "I wont be doing that", " let's do the right thing here" "if it cost extra money, so be it" etc. As a Christian, it is MY responsibility to do the right thing. I can't depend on others to do what I know is right. In your situation, if you feel the realtor cost you $10k and failed to uphold their fiduciary responsibility to you as a client, you could have just walked away from the deal due to a breach a contract. You could file a complaint with the board and possibly sue for damages or just move on. God knows your heart and if you stay true to your beliefs, you'll get back what you've lost and much more. God Bless!

Wow!

Great advice. Thank you all.

I just formed an LLC and opened a business checking account. When flipping houses I use my Home Depot credit card to make purchases for supplies, appliances etc and pay off once I sell. My question is since this Home Depot cc is in my personal name, could making payments from my business checking possibly pierce the corporate veil. I'm going to try to add my business to the card if I can but with it being a newly established LLC I'm afraid my credit limit will significantly decrease. Thoughts?

Originally posted by @John Powell:

What repairs are you getting into?

 Cash deal. Minor rehab. Desirable neighborhood. Mostly paint and carpet and minor repairs. I've received quotes already and I'll be coming in bw 10k-13k. House is 9 years old, so there's nothing major needing repair. Ive negotiated a low flat listing fee to list bc I use the same realtor to purchase investment properties and primary residence. I'll pay 3-3.5% buyer agent fee. Avg DOM for subdivision is <90 days.

Originally posted by @Katie Neason:

Congrats on pushing forward! How did you find this deal? Direct mail, MLS, Wholesaler? How big is the house? Do you have pictures? I am worried about the numbers being too tight. $10,000 in rehab seems like a really small number. I would be challenged to paint and put new flooring down for less than $15,000. What do you plan to do with the $10,000?

Realtors fees alone will be $7,200 on $120,000. On this size deal I budget $15,000 for realtor fees, closing costs, taxes, and utilities (assumes you paid cash). If you can get $120,000 on this house with only $10,000 of work, I would list it with a realtor for $115,000 (assuming you did not buy it on MLS) without putting any money in it and see if you can sell it as is. Less risk and sounds like you could make more than if you fix it and you will be in the peak of selling season. Just a thought. Good luck!

Cash deal. Minor rehab. Desirable neighborhood. Mostly paint and carpet and minor repairs. I've received quotes already and I'll be coming in bw 10k-13k. House is 9 years old, so there's nothing major needing repair. Ive negotiated a low flat listing fee to list bc I use the same realtor to purchase investment properties and primary residence. I'll pay 3-3.5% buyer agent fee. Avg DOM for subdivision is <90 days. 

Super excited! My first flip was a nightmare! but I learned a ton! I sought the advice of BP members and they encouraged me to push forward. My nightmare flip is documented in the thread titled @newbie can't sell flip. I'm hoping to redeem myself with this one. wish me luck. I'm hoping to post a success story soon. Here are the numbers:

$70k purchase price

$10k repair cost

$5k misc/realtor fees/ adv fees etc

$120k ARV