All Forum Posts by: Christopher Hutchins

Nice way to hijack another perfectly good thread by BP's resident circle jerk crew...sheesh!

 I'm running numbers as we speak. It's a really attractive candidate for a flip, even at an offer price of $32k with a $35k rehab and 90 days of holding costs. I could still pull in roughly $20k in profit. I'm going to run some other calculators. There might even be enough meat on the bone to wholesale to a local buyer here in the Atlanta or Cobb County area.

 I absolutely expext to have a pretty decent down payment in 10 months time. Funny thing is, alot of the homes on this street have similar sized lots or bigger, and I see where some newer homes have gone up on those lots. If I  could obtain the property, I'd be really tempted to raze and start over. The back acre or so is overgrown with bushes and a few trees, but could be bushhogged and leveled for a rather nice yard. A lot by itself this size in the area could easily go for $60-80k. Another option I thought of was having it divided and extending the driveway and building a triplex if the county would allow. Lol, I'm all over place, but the possibilities seem infinite to me. In 10 months time we're getting a home either way, but we're willing to wait a bit longer if it means we can have a better down payment or have a prime lot to build on should this deal get done.

Greetings folks. About 4 months ago I identified a property with some potential for flipping or renting while driving for dollars. I pass this property frequently, and get excited every time I see it.  Here are a few particulars.

2/1 single family home
Approximately 950 sqf
B-/C+ neighborhood 
Great school district  (Cobb County)
1 1/2 acre lot
Short distance to shopping areas
Interior down to studs (as seen from the street since the front door is open as well as windows)


I have gone through county records and identified the owner. Taxes on the property are current, but it's definitely uninhabited. I plan to make contact with the owner next week via cold call if I can obtain a number, or mail. As far as I can tell, the ARV is around $99,000. Without having seen the inside up close, I would guess $35-45 per sqf would suffice in a worst case scenario for rehab. I would love to offer a max of $25,000 if the owner is interested in selling. I would likely use hard money for purchase and rehab should I get that far.

Rental estimates in the area for comparable homes range from $900/mo to $1000/mo.

Assuming I can obtain the property, should I attempt to rent it out? Or would it be better to flip?

Something else to consider. My wife and I are currently renting a 3/2 and are eyeballing some homes to purchase in the next 10 months. That time will be used to beef up our savings for a down payment on a home. We're looking to purchase a 4/3.5 single family home of 3,000 sqf or better, seeing as we have 2 kids under 5 years old, and I have a 16 year old from a previous marriage that visits from Florida occasionally. If I could obtain the home descibed above, we would also be open to razing the home and building a home that suits our needs on the lot. The thing that makes this an attractive option is the lot size. Another option is to rehab and rent the home, and then work with the county to divide the lot and build on the back 3/4 to 1 acre of the lot. Anyway, enough dreaming on my part, what type of direction would YOU take if this were your investment? I have a vision for this place, but I'm open to just about anything if I can get my hands on it. All thoughts are welcomed, thx.

It isn't necessary..remember, they have a product to sell. It's akin to paying someone to start an LLC for you on Legal Zoom, even though you can do it yourself. The difference being that they control the product you need.

No need to pay for your DUNS number..this is the way I obtained mine. Pretty simple actually. 

http://www.wyomingsbdc.org/blog1/whats-deal-getting-duns-number/

@Mylene Bel I  don't currently have any multi-family experience, but hope to own my first by August.

Have you considered 2 duplexes? Possibly double your doors?

Awesome explanation , thanks a ton.

Wow, I never would have thought that it would be so simple to convert a credit limit into liquid assets like this. Very creative. I wonder if such can be done with 0% business cards as well, even with smaller balances of say 10K apiece? Business credit building is my current focus. Can you dig a little deeper into exactly what delayed financing entails for us newbs please? Thx.