All Forum Posts by: Charlie DiLisio

If you get into flipping, the interior sells the house along with the curb appeal.  Spend a little more on the materials for the kitchen and bathrooms and it makes a huge difference in your bottom line.  All the best for  a prosperous new year.  

Dan I think you answered your own question when you said it would not be good for you!  The experience you will gain is worth much more than the money part.  I would be there for the whole rehab soaking up as much as I could for the knowledge you will learn.  It is a gift that keeps on giving.  I had a similar experience with my nephew although I gave him more of a split and he thanks me to this day because it gave him the experience that he has used for many years.  Don't let the money rule you, go all in or not at all.  Good luck and I wish you great success.

I have done this with a few properties but they were not living in the property.  I did a lease option contract for 6 months and gave him  a non-refundable deposit and a monthly payment which applied to the purchase of the agreed upon purchase price.  He had nothing to lose and would get a fixed up property if I did not execute the contract.  To protect myself I filed a memorandum of agreement and filed it at the courthouse so he could not sell the property out from under me in the meantime.  I also stipulated in the contract that I was the purchaser and or assigns so I could market the property and sold the property with a double closing using transactional funding.  I agree that if an owner is in the property the risk would be much higher.  I also insisted on being able to monitor his mortgage payment to be sure that he was paying it and also was able to keep track of the balance.  

Im a porcelein tile guy myself but i agree with Nick on the vinyl plank.  the wood laminate gets wet its a nighmare to repair.  Good luck.  

I agree @ Mike Waltman, you are in my neck of the woods.  I'm in Lake Worth.  I have looked into the airbnb idea also but I have seen lately that many states are cracking down on them because of the loss of taxes so they are changing laws to get some of that money back.  Just a thought, I saw it on bigger pockets I believe in Tennesee or Ca.  Check into it.  Have a great new year.  Wendy, wishing you a resolution in your favor up north of us!  

Because on their site the reserve was not met and now they want to start at 150k and they will consider the bids at 9 p.m. on the 22nd. I checked with a person there about it and they said someone already bid at 152 to start back. I'm not sure if it is a phantom bid or for real. I only have one shot at it and the ARV is around 225k. They can still reject the new bids according to their representative because he thought the reserve price was around 168K. I will see how it goes and post the results. Thanks for the feedback.

Just a thought Wendy that if you finish off the space with cosmetic things it would not be a problem.  However if you add a shower, sinks or kitchen it would be wise to pull the permits for it as you won't be in compliance when you go to sell it.  I'm going thru a similar situation down here in palm beach county and I have a cottage in the back of my property that I have rented.  A neighbor complained about it and now I have to go thru all kinds of inspections to make it legal.  When I bought the property it was listed and had been used as a living space but the owner did not pull permits on it and I am the responsible party for it now.  I wish you well.

Thanks for that information.  I did have the highest bid and it was rejected because it didn't meet the reserve.  Now it is back to the bidding for best and highest offer ending 2/22.  Still a good deal if I can bid up another 7 K but I will give it a shot.  Do you find their fees to be in line with the standard fees?  I usually deal with owners and off-market properties and it's a yes or no answer which I prefer.  NEXT - Thank you both for the quick response, just another learning experience.  Have a prosperous new year!

I am thinking about bidding on a property near me thru Hubzu.  I have heard pro's and con's and would like opinions of anyone who has dealt with it and any advice for it.  Thanks in advance.

My plumbers here in south Florida told me about a product called Barkeepers friend.  It is an oxycolic acid and is great on stains in tubs and sinks.  Only use it to remove stains and not on a steady basis.  Works great.  Wet the surface, sprinkle it on and let it set for a bit and then scrub it off.                                             Let me know what you think of it.  I find it in our local supermarkets here.