All Forum Posts by: Glen Fitzmaurice

Man did I find a deal. A cape built in 1900 that has had a new basement poured and a new 200amp electrical service.

It needs a new kitchen, 2 bathrooms, the entire upstairs is empty to the studs, the downstairs needs to be sheetrocked, some remodeling downstairs. Not long ago the house was jacked and leveled.

I've had a couple friends that have been flipping for years look at it and they both come up with a price of $35-$40K to fix it up.

There are some legal issues that have to be addressed first cause there are a bunch of heirs to the property.

With that said the price on this house is....are you sitting down???

$10,000!!!!!!!!!!!!

Another big downside is that the neighbors house is a !@#$%^ pigstye. However that house is on borrowed time and I'm pretty sure isn't going to be around a whole lot longer.

If I waited for that house to go away (5 years or less) my flip would go from a finished value of about $80K to around $110,000.

But I really don't want to wait on this. I'd like to buy it, fix it, flip it and move on.

I'll try to get some pics and video so you can check it out.

Personally I think the best way to get started in this business is to find a mentor. I don't have one right now but I would LOVE to find one locally that I could work with and that would take me through the process step by step.

One of the programs I bought was marketed as a "mentoring" program. B/S!!! Spent around $7K on it and thought it was a complete waste. I'm sure it worked for some people but I didn't like it at all.

I own a martial arts school and I had a mentor help me out with that. When I got hooked up with my mentor things took off really well.

Why do you find that interesting? Maybe I shouldn't say that I couldn't grasp it, but rather I really didn't like the concepts of creative financing. Anytime I've gotten a great deal on ANYTHING it has been because I've had CASH IN HAND. That's when I got the screaming good deal.

I think it's going to be awhile before anyone learns anything from me here. Maybe one day.

What intrests me in todays REI market? Hmmm, good question. I guess there are a few things. One is the potential to generate a great income. Second is that you don't have to be a Harvard graduate to do it. Three I LOVE looking at properties, that is just so much fun to me that it's ridiculous.

As far "whats best to invest in" I have no clue. I was seriously hoping to learn about that here.

What would you like to know?

Ok dcg123. Now I have some questions. What do you mean by margins no greater then 50% on the dollar? Is that to say that if a house appraises at 100K I shouldn't be paying more then 50K?

Any suggestions on where I might start to look for clean deeds prior to courthouse sales?

What's a BPO?

Thank you sir. I realize what you are saying is accurate. I had some anxiety years ago when I started my own business then again when I decided to do it full time.

This however is different. If my previous business didn't fly I didn't stand to lose a pile of money.

Time for my first newbie question. What the hell is an REO? I suspect that I know what the "RE" is but what is the "O"?

I've been reading incessently since I logged on and I keep seeing this abbreviation. People that are buying and selling them etc.

If you didn't see my "introduction" post I'll reiterate where I am so that maybe some of you could suggest a next step.

I'm 37 years old, own my own home and business. I've studied a few different REI courses in the past but didn't care for the "creative financing" part of them. Can't honestly say that I've studied any of the material as of late.

Anyway, I have about 110K in equity in my house, just secured a line of credit for 90K and I have a credit score between 710 and 800.

I have a GREAT handyman/carpenter lined up and he has an outstanding work ethic. I have 2 realtors that are keeping an eye out for "flip" properties for me.

I however don't have a title company (there is a local one that I used when I purchased my commercial building for my business), I'm not set up as an LLC, inc, or anything else for that matter.

I'm a prepaid legal member, I don't know if that counts as having a lawyer or not.

So I'm really hoping that some of you might be willing to help me out with what the next step(s) is.

Thank you so much for your time.