All Forum Posts by: Belinda R.
Belinda R. has started 20 posts and replied 90 times.
Post: First deal closed with $12K profit after easiest phone call ever!
- Investor
- Huntsville, al
- Posts 105
- Votes 34
congrats! Thanks for sharing!
Post: Newbie Can't sell Flip!
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Triston Murray:
Scary Stuff! As a newbie moving onto flipping; this is eye opening... Thank you for posting you experience. I hope some of the dust has settled since your last posting and your back on your feet! (Or at least moving in that direction)
We closed last month. Sold it for $65k. Didn't make any money but I Had to sell bc home prices were dropping like crazy in the area. I'm moving on to the next deal. Wish me luck! :)
Post: REHAB- Mold Remediation
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Nicole Pettis:
@Belinda R.
all work will be contracted out. Ive never picked up a hammer during a rehab. Lol :)
What I'm looking to do is purchase the house for $20k. Invest 25k-30k to take to studs, mole remedistion and new roof. Flip to an investor for maybe 65k. It will just be a shell of a house.The ARV is approx 120-130k. So even at $65k, the new investor would purchase house below 70% of ARV. Just trying to see if anyone has done it and if it makes sense to go through the hassle. Hope this makes sense.
Worst case scenario, I invest $60k to do the entire rehab.
Post: REHAB- Mold Remediation
- Investor
- Huntsville, al
- Posts 105
- Votes 34
I'm looking for some feedback .I'm considering the purchase of a $25k house that has extensive mold in the ceiling and roof. The roof is completely dilapidated (not sure for how long). The ARV is around 115-130k. One level, 1700 sq feet. The house is situated on a downward slope with a small creek running beside the house (I wonder if this has contributed to any foundation issues) Great neighborhood and school district. If I rehab the house myself, I could very well exhaust all my capital. So I'm considering the following:
- 1)Take the entire house down to studs/strip floors
- 2.)Do mold remediation,
- 3.)put a new roof on
- 4.)Flip/wholesale to another investor to finalize the rehab
Has anyone done this before, if so, what are some of the pros and cons? Worst case scenario, If my bid is accepted, I'm prepared to do the rehab myself. Just trying to feel out other options. here. If you have any other suggestions please feel free to share. Thanks.
Post: Main kitchen in basement
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Looked at some potentials today for a flip and ran across a house with the kitchen in the basement (not common in this area). the basement has a lot of windows that allows a lot of natural light to enter. My realtor has reservations but I insisted on putting in an offer thinking I could get a really good deal. Now, I'm having second thoughts about the kitchen not being on the main floor. My thought is that I could do a lot with that space and make it a really nice open kitchen. Any thoughts? Suggestions?
Post: I bought a house for $1,000 and made 1,100% return in 3 weeks.
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Congrats! Thanks for sharing!
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @David Roberts:
Originally posted by @Belinda R.:
There are pockets of Detroit that's coming back. I Just moved from sterling heights MI. I was tempted to invest but didn't. Property taxes in MI are outrageous in my opinion. I think they plan to lower them if they haven't already to entice ppl to move back. Downtown Detroit close to the river would probably be a safe investment. As you move out from downtown you can drive miles and see nothing but Abandoned, burnout, shot out houses then out of nowhere you drive into a community that's really nice and flourishing. You'll definitly need boots on the ground, someone whose an investor and knows the area VERY well. Investing in low income areas can be quite risky. I wouldn't recommend it unless you have a license to carry in MI...Seriously! A lot of squatters in Detroit too. Don't expect the police to help u remove them, they're too busy..well u know.
You know what's outrageous in Michigan? Auto Insurance. I digress. LOL
HA!!!! This is so true! My auto insurance dropped $100/month when I moved!
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Joe Villeneuve:
@Belinda R. Not all of Michigan property taxes are ridiculous.
Fair enough. I can only speak to the areas in MI I was looking to invest in.
Post: Home with steep driveway, Resale issues?
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Joel Owens:
There is a two car garage at the top, and wooded backyard. I noticed most ppl park thier cars on the side of the road. its a nice mature and secluded neighborhood but the school district is not the best. on this particular street, on one side of the street, half the houses are built up a steep incline, the other side are houses built on a downward slope. The house has been on the market for six months. I'm sure I can get a good price by paying with cash. It Has a fairly new roof, new HVAC IN 08, hardwood floors, custom kitchen cabinets, new countertops, updated bathrooms etc. I could basically slap some paint on it, update the fixtures, refinish the floors, stage it and put it back on the market. In general, Most houses in the city have flat driveways. I'm torn. There are a lot of investors in this area and I'm wandering why they haven't touched it. I'm guessing it's bc of the driveway. im coming out of a bad deal and would hate to walk into another one. I'm going to have my realtor pull comps Monday b4 making a decision.
Post: Home with steep driveway, Resale issues?
- Investor
- Huntsville, al
- Posts 105
- Votes 34
thanks everyone for the responses. I have a lot to think about.