All Forum Posts by: Joe Stafford

I have been very fortunate in my Real Estate career as a Realtor and finance my own deals. When I started I pulled a line of credit on my personal home which was paid off and have a Credit card with a very high limit so even if I get tight on cash I can pull my line and complete a complete rehab in parts and labor on my Credit Card.

Hard money would be an option on something like this. The margins are plenty high and most any investor would be interested I would think.

The kitchen has a very large pantry, its about 6 feet wide and 20" deep with 5 shelves. I think it will be adequate for storage purposes. I went more esthetics's by removing the wall and keeping it open.

Probate

Thanks everyone! It has been a huge project and Im happy to have completed it. I will say to all the people waiting to "dive into this business" its not nearly as scary as it seems. My first project was a small condo that I basically couldn't lose money and it was not scary. This home was large and there was that "chance" and at first it was nerve racking knowing any "hidden" problem could be scary but as long as you do yout numbers and do the right thing you will come out victorious!

I would look into the real reason he does not want to use an attorney. If its money, get a title co. and pay for any extras they may charge if it fits in your budget. I would be careful with anyone trying to do something "on the side" although it can all be done its best to have a 3rd party involved thats in your interest IMO.

Purchased Feb 24th Completed May 3rd..... 2 weeks later than it should have due to not getting some roof tiles in time.

Thanks! I oversaw the entire project myself and had several different contractors come in. I have one guy that does most of the work and I had a specialist rewire my electrical panel. This was a huge project, even beneath the walls. The house had aluminum wiring at the panel which had to be changed and a lot of plumbing changes. I purchased the property Feb 24th and it was completed on May 3rd. It would have been done 2 weeks earlier if not for a delay in roof tiles.

As for the hardest part.... I would say its all the same, but the most IMPORTANT part is really making sure you check deep into a property before buying it. I had no idea about the wiring and plumbing prior to purchasing this home which cost me an extra $8000. I was lucky to over estimate everything and still come in below budget but it could have been a real nightmare. Finding a good group of workers could be considered "HARD" but if the team is in place and your confident with what needs to be done, home much it will cost and what the ARV is then its all smooth sailing.

Hey everyone! I have not been on here for a while due to this HUGE project! It is finally completed! This one took a little longer than expected due to some surprises but all in all it was a great rehab. Now to get it sold and on to the next one! The house is 2400 SqFt 3 bedroom 2 bath home.

First the numbers......

Purchase Price - $130,000

Renovations Total - $59,076.43 ($64,597 was my budget)

Closing Cost (purchase) - $787

Closing Costs Sale (Estimate) - $2500

Holding Cost - $2280

Realtor Fee's - $9,000

Estimated Sales price - $300,000

Estimated Net Profit - $96,356.57

Now the pics!

Exterior

Living Area

Kitchen

Wall Removed

Family Room/Kitchen

Patio

Master Bath

Master Bedroom

Master Closet

Bath 1

Bed1

Bed 2

Laundry Room

Congratulations Christy! I am also a fan of Keller Williams! I am actually an agent with them as well so I can pretty much answer any question you may have. They offer a wealth of knowledge and are really focused on making their agents as great as they can be.

Ill send you a message to let you know a little more......