All Forum Posts by: Leigh C

@Kevin Gerace

You didn't flip it, you rehabbed it.    Once the property sells you flipped it.

To answer your question, my tax guy wouldn't allow me to do that, he explained the improvements made were added costs to my inventory expense.

You could maybe get away with maintenance type stuff, but you are walking a fine line.    Of course if you take the write off this year, next year is going to be even worse.

Just my 2 cents, i'm not a CPA.

Challenge accepted, 426 sw 44th ter :)

Looking at this in more detail I think you are on target though, should be a fat, well deserved paycheck.

@Cedric Dadaille 

I dated a girl once that couldn't answer direct questions.    We didn't work out sadly.   Added this property to my 2016 list to watch, odds are it should be an interesting one.

When I start talking like this my mother would tell me to "kick the table" and get mad.    It's typically less painful in the long run.      This is your first, in time the school of hard knocks will teach you.

When we inherit bad tenants or owners that don't feel the need to move out after a foreclosure we offer them to pay a normal month's rent and let them know they get the entire payment back if they leave the house in broom swept condition with everything that you photographed today in regards to fixtures/appliances etc in 30 days or less.    If they need more time we sometimes offer the same deal the 2nd month (keeping the first month's payment).   

If they are "good" tenants with an actual lease and can show they have been paying market value we typically let them live out their lease as they normally would have.    It's however rare we find these types of occupants.

@Michael Hayworth i wouldn't establish a lease at less than market value.    I also wouldn't mix too many emotions in this.    If you feel like giving charity write her a check or donate money to a charity that will help fix her problems.   

Nice Job...i'd be a little nervous about it selling closer to the 130k mark though.   I'm not really active in the cape coral area so my figures could be off.     House would appear to lack the sqft it needs to get into the 150k+ bracket.     

Over the years I've had a few clients armed with "shotguns" They would just spray the MLS with hundreds of contracts and then look at counter offers or the rare acceptance.

I use to charge them 25/contract and then credit back to them any commissions earned towards future contracts.   It was basically a way to protect myself from being a paperwork slave.    

My memory is a little foggy but one guy did a few hundred properties, bought one and then quit.    I allowed him to use the commission earned on that accepted contract towards previously written deals and he quit using me after that deal.    He probably paid me an additional 2500 or so to buy that 60k house.     He did his own drive bys so i didn't actually have to show the houses except the 1.   

Another guy did 200 contracts and figured out this business wasn't for him.    He looked at 5 in person.    

The third ended up buying 4 properties and he kept about even with the 25/contract fee.     I looked at maybe 50 homes with him.    

I more than likely made the least per hour on the last customer, i roughly put my earnings at 35-40/hr before my broker's fee of 33%.    So 25-30 an hr was what i could expect from investors bottom fishing.

90k plus lets say 10k rehab plus 50k in equity. So ARV is 150k? If so, the house needs to be over 2000 sqft to pull that kind of value.

Help me out on costs.   I can't see your 150k rehab budget to make this compete with NW 72nd way.  

upgrade remaining tile to marble.

rehab entire kitchen to butcher block gourmet kitchen with gas appliances and exotic granite

New roof

crown molding

Master bathroom total rehab to come close to 6208 Nw 72nd Way.

Paint inside/out.  

Pool repair/landscape

Misc repairs

Thoughts on 6384 nw 66th way at 850k with 130 days on the market and not selling?

@Cedric Dadaille

5896 NW 62 Terrace
Parkland, FL, 33067 isn't worth 1 million after only a 150k rehab.    Trying to make 100k "wholesale" on an homesearch.com retail auction is pretty aggresive too.  Will post a response as to why on your thread for the 1 million value.