All Forum Posts by: Christopher Labonte

I hate to be the Nancy here, but unfortunately the reality is you made a bad buy. Can you save it, yes, maybe. 
You purchased in one of the highest price markets there is. The inherent risk of that is there are less buyers, and we have been far overdue for a correction. 

You make your money in real estate when you buy. If you bought it too high, your gonna be in a bad spot very quickly. Pricing competitively is a nice thought, except for when you need to sell it. Lower the price to where it sells. Holding onto it as a rental only works if you bought it right. Your market isn't going to get better 

Hey guys!

I'm here in Clarksville too, and I believe Ron is right.  From the flip I did in Nashville to the one I'm doing 25 min north of Fort Cambell, its hot!  The competition is tough, and your going to go to multiple offers more than likely.  Prices arnt bad, but good contracts are hard to find and if your out of state you may be left out in the cold.  Just some thoughts 

Howdy Everyone.  Time to move on from my first rental up in Evansville IN.  I'm having a hard time getting people to answer the phone, so I figured why not reach out to BiggerPockets!  

@Shiloh Lundahl

For me, I wake up that early most days. Old habits from prior employment. But just because you wake up early, it doesn’t mean that your using the time efficiently. Now if you make goals, tracks them and are on moving that ball forward, then of coarse it will follow that you get more things done.

Purchased for 93k, sell for 210k

@Caleb Heimsoth Yes I'm using an agent, and dropped the price after the open house yesterday.  

@Mark Safrin I had 25k in reserves to service the loan, which ended up in the project. I have no refi options that Im aware of. My w2 income and rental property income cant be counted for another year, and the money I receive from the VA isn't enough to finance something that large

@Wayne Brooks in reality I agree, Id like to just sell it at break even to move it fast.  The problem with that is I have a deal with the contractor doing the work (not please with him for a lot of reasons, but that's a story for another time).  Instead of paying his contractor fee we agreed to do a profit split.  Im not overly concerned about the reaction if there is no profit, that's his risk.  But if I can avoid that Id like to 

@Caleb Heimsoth I left the military for a lot of reasons.  I purchased the flip 6 months after having left the military, so it wasn't really a consideration at the time.  Loan amount is around 143k @ 11.99%

@Mark Safrin Rehab is complete, been on the market 26 days.  11.99%