All Forum Posts by: David Avery

Lets here your best deal on a house?

Okay, really  everyone,  $75,000 purchase on 2 office spaces 3000/2000 Sq feet.  and in fine print 6-2bd 

app.      Yes six 2 bedroom apartments,   Purchase with cash in 2 hours.  put $55,000 Rehab and sold for

$475,000.  Do the math over $300,000 on a $130,000 investment in less than 90 days!

Ogden , Utah in the 90's.

54 words!!

Beat this one BP!!!

Vote everyone please

Had a lot of sports cars in my life,  Guess what I finally got out of my Mid Life and that was that!

Make great money, buy a toy once in a while.  Do we ever really grow up?

My weakness is going on Cruises!!!!!

good morning , is the tenant on a month to month ? if so you have to give them a 30 day written notice.

If long term like 6 months left , Then you need to work with them and see if you could give them $500-$1500 cash for keys.

Is the 4 unit one you  just purchased?   Are the rents low or pretty  much normal for the area and condition?

Sometime half of the lease buy out will work.

good luck and vote please

no vote for all those tips?

Welcome Justin

If your represented through an agent then ask him/her.  It can really be costly and sometimes frustrating because inspectors pick properties apart.

If you know a great contractor, maybe he/she can inspect it for you for $100.  Can tell you the concerns and then you can go from there.

Most inspectors will allow your agent to be their, but I have never seen an inspector allow anyone to go next to them and follow them around in the almost 1000 inspections that i have had to deal with.

good luck and vote

Have a few thoughts,  Do you have some connections with fixing the units while the tenants are in place and also after one really leaves one almost destroyed!!

Have a good contractor that is reasonable, fair, and quick to response.  make sure you pay him as soon as the job(s) are complete.  Stay on top of your tenants, don't let them slide on rent or promises.  

Hopefully you are acquiring some good deposit monies at the purchase of property.

Yes this move can make you go from making good money to making great money.  The whole trick is to properly manage your property.

It is a tricky business if it is your first.  Who is managing the property, Who is maintaining same. Hopefully the utilities are reasonable, Hopefully the taxes are not high.

Try to put monies aside for the above, you must or your going to hate that you bought it.

Make payments on time, this will really help your credit.  Be firm with your tenants and always stay on top of repairs and keeping everything nice.

Please vote

From doing over 2600 flips as a contractor hopefully I can give you some answers and your welcome to ask me any additional questions.

Take the product cost and double it.  That is pretty accurate almost to a exact  cost . If product is $4500 then labor will be close to $9000 for a total of $13,500.

I ( contractor) bring three things to the table, cost, quality, and quickness.

Make sure you understand these.  You cant have all three, if the contractor does great work and is fast then his price is high.

Kitchens can be from $3000- $9000 in labor

Bathrooms can be from $2000-$6000 in labor

Bedrooms can be from $500-$3000 in labor.

All depends of condition, Square footage and also scope of work.

please vote and good luck

I always use an agent, but I always have them find me another flip house.  I understand your position because I flip houses as a contractor for a living, and I mean a living (over 2600 properties). I have found that the extra exposure of the Multiple Listing Service has given me at least an additional 6 % more ( same as commission ) for said property.

Then I don't have to worry about all the procedures and deadlines etc, qualified buyer, application for loan, inspection, ( like you really need to worry ) since your the contractor.  But the deadlines and appraisal and etc.  I don't like the headaches!!!!

My advise!

please vote

Welcome Sean, pick every ones brain and use it in various Post!

Bet Real Estate agents would love you as a client, They get paid by the seller, not the buyer.

Get a great Contractor that is Real Estate savy!  He can do Your properties fast and very professional.

So run a post , new to "your Area"  Need Real Estate agent "  Need to find second property.

They will find that property for you.  Maybe Wholesalers in your area would like your contact info also.

Your new agent can make sure everything goes good with purchase and let the agent re list any property you have.

Hopefully this will work!