All Forum Posts by: Chris E.
Chris E. has started 22 posts and replied 53 times.
Post: Difficulties of being low on cash
- Flipper/Rehabber
- Southern, WI
- Posts 53
- Votes 6
Oh yeah I very much agree that 50% of something is better than 100% of nothing. Id be more than happy to buy something such as the example I posted for $120k and put a few thousand into it and resell for significantly less than it was worth and at least make some money on it versus passing it up altogether. I do have some experience, bought the house my fiance and I live in as a foreclosure and over the course of a year and a half put about $10-15k into it and had it reappraise for over double what we paid, just haven't sold it yet. Seeing the reappraisal value is probably what motivated me most to get into this business. I did 90% of the work on our house on my own and am now eager to do it again on another house. Just not very familiar with the technical end ( loans, legal, taxes, regulations) But thats why I joined on here. To learn from the experienced and start getting my own experience. Thanks for the advice
Post: Difficulties of being low on cash
- Flipper/Rehabber
- Southern, WI
- Posts 53
- Votes 6
I've seen it happen several times, I'm sure we all have. Just recently I was at a sheriff sale where a 2500sq ft river front ranch on almost a 1 acre lot was up for sale. Saw it the night before and did a little research. Tax assessment was a little under $220,000. Looked like a nice house outside. Didnt see the inside. Amount owed was just under $200,000. Bidding opened at $120,000 and nobody bid on it. Sad when you don't have the money to take action. There were only 4 or 5 people there and no one bid on any of the properties they had.
Some day...Until then Im forced to stay looking for sub $50k houses
Post: New member from Wisconsin Introduction
- Flipper/Rehabber
- Southern, WI
- Posts 53
- Votes 6
Hi im Chris. Been listening to the BP podcasts for a while but new to the forums. My fiance and I bought our first house 2 years ago. It was a HUD house. I did lots of repairs myself. Replaced all windows, doors, flooring, painted, enclosed a porch, redid kitchen and bathroom as well as a lot of electrical upgrades (running new wire, adding circuits) only hired help was roof repair, plumbing, and some of the electrical. When we bought it, it appraised at $50,000. Now after putting around $10-$12k into it, it recently appraised at $114,000. Now Ive decided I want to continue doing this. We still live in the house but when we sell we will make decent money on it. Thats the extent of my real estate experience. I look forward to meeting people on here and learning. And of course using that knowledge to grow wealth for the future.