All Forum Posts by: Crystal Smith

@Paul Timmins, Hey Paul! Thanks so much for the great advice, I have added myself to a couple of meetup groups and I am looking forward to attending their next event. It's funny you mentioned J. Scott, I just listened to his podcast today (even though it was from 2013) and he was a great source of information, I have his book on my list to purchase, they mentioned something about having a few forms and spreadsheets to assist with determining repairs etc. I also listened to Ann Bellamy who is a HML in MA, her podcast was very helpful and I wish she was in this area, but she only lends locally. Thanks for all the book references, I rarely cut my TV on now, trying to absorb this awesome information!!! Thanks so much Paul for taking the time to send me that info. Take care!

@Marvin Allport, Welcome and best wishes to you on your investment endeavors!  

Welcome Trevon.  One piece of advice from one newbie to the next,  find one niche and focus on that one...gain all the knowledge you can and then execute.   After you have done a few and are ready for something else,  then diversify your investing.   If you try to take on multiple different projects,  it may get a little overwhelming for a new investor,  but nothing wrong with including all of those in your long term goals!   All the best to you. 

Hello Gabrielle! Welcome to BP. I too share a long romance with REI, and will be looking to do my first flip in a couple months somewhere in PG county. I will definitely need wholesalers and look forward to po$$ibly working with you!

@Jason Bojonny

Thanks Jason for providing your info.  

@Raydon Rigby

Hey Raydon, sure, I would love to hear how your wholesaling process is going.  I will need wholesalers for sure in the very near future. 

@James McAlister

Hey James! I plan to start slowly with rehabbing distressed properties using HML and Private Investors. I have a couple partners that I am working with, it makes me a little more comfortable for the first deal and will assist with our portion of the costs. The deals have to fit strictly into my 70% rule for right now only because I don't have enough experience to feel comfortable with anything else. There are A LOT of investors in the DMV area so I will probably seek out wholesalers to work with and go from there. Thanks for reaching out.

@Jake k

@Jake Knight I never stated it was required, it was a suggestion.  Did you have input to provide to Mr. Banks as an investor ?  Or did you simply post to ask me that question?

A licensed Realtor can assist you with preparing the proper contract for your state and possibly negotiate deals if needed.  If you plan to wholesale frequently and you have an agent/realtor you work with regularly, you can negotiate their commission by letting them know they will be your realtor of choice on a re-occurring basis. This will allow you to make more money on your deal.   The average commission split for most real estate deals is 6 % total...3% for the buyers agent and 3% for the sellers agent.  You would still be responsible for the 3% for the seller, but you may be able to get your agent to work with you for 1.5-2% if they feel they will get multiple deals from an investor client.  Hope this helps.

Yes, that makes total sense.  You have a great advantage having your friend on the board, that is great!  Good luck to you!

@Keith White...OMG!  Keith, that Victorian home is EVERYTHING!  That is going to be Awesome! congratulations to you and your partner on that find!  I do have two questions regarding homes with historical values.  Does the city set certain limitations on the type of demo you can do?  Specifically what parts of the home you can touch/change or restore in order to preserve the historical value?  DO they require you to preserve certain parts of the "church" such as stain glass windows etc.  Secondly do you find the restoration expenses to be slightly more for historical homes in order to "mimic" the original character of the home (if that is what you all are doing)?  That is going to be so beautiful when you are done, I absolutely LOVE historic homes.  Please keep us updated.  Thanks so much for sharing such detailed info about your flips!!!