All Forum Posts by: Carrie Giordano

@Sunny Burns would the bank be will to negotiate a credit for any of the repairs? I'm not familiar with the area but it seems like a great opportunity if you can swing it. That said you are going to want some reserves especially since it's a multi unit.

@Jennifer Wang can you give more information on the number of the deal? Are all tenants current on their rent and do you know anything about their rental history. Have you estimated the cost of repairs? If the numbers really work on paper it could be nice to have tenants in place. Notify he numbers don't work the tenants don't matter. Be sure to do your own calculations about the property, don't feel rushed and take everything the agent is telling you as the truth.

I don't necessarily think its a bad idea to buy in the fall and sell in the spring. Where I invest not only are the contractors more expensive in the summer months but I can't find as many deals on homes. So by buying in the fall-winter you may save money which could in turn allow you to hold a bit longer. If the house takes longer to close or the rehab runs over schedule (being that it's your first flip) you won't be as stressed. I think the best thing to do is write the math on paper and figure out if the deals will work if you hold the property longer, if not, wait to buy until closer to spring. 

@? Very cool, I can't wait to see the pics! 

@Tyler Kaye congrats on the first place. I believe your patience will pay off. Plus, you are lucky to have found an important member of your team who sounds like a perfect fit. Keep persevering! If after another few months nothing has come up maybe you can look into other non mls methods of finding properties that still meet you criteria.

very exciting! Congrats!

The electrician came today and changed out 3 light fixtures that were basically just lamp outlets on the ceiling. One of the ceiling lights wasn't connected to any light switches so it had to be rerouted through the attic to a switch. He also fixed an outlet that wasn't working properly. The total cost was $100. This was a new electrician who I really liked and I felt his price to be very fair so I gave him an extra $20 in cash. I don't typically tip my contractors he has a full time job as an in house electrician and does small jobs on the side. I have found these types of electricians to be fair and do a good job so I would like to keep him around.

Unfortunately, later that evening some of the outlets and lights in the bedrooms weren't working properly. I had a feeling from the inspection that there was some sort of short in the electrical but didn't know what. Sometimes the outlets worked perfect and other times they didn't seem to work. When the electrician had been there earlier everything had been working great for a few days and he didn't seem to find any issues so I wasn't worried. But now with half a day left to finish I need him back! 

@Gilbert Dominguez thank you, I definitely did luck out! However, I have other rentals in the area and knew that I was getting a good enough deal on this reo that even at the worse case scenario the property would cash flow. If I didn't know this, I agree and would never buy a home sight unseen. In my case, it has been very helpful having family there.

@Meghan Reed thank you!

Today the rain finally stopped and the gutters were able to be put on the house. The ended up costing $94 more than expected. To add new gutters to the entire house (160 linear feet)  it cost $595. I'm really happy with the way the vinyl soffits turned out. It's a much needed improvement to the house. 

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