All Forum Posts by: Davon Lowery

Good Job @Christine Mwai also, don't know if you have a copy, but, its always a good idea to have a tenants rights and landlords responsibilities, state specific, manual and check the local county/municipal housing authority website for general changes to local ordinances. Things can get a little dicey if you ever are land-lording to a professional tenant, they can be hell.  

If i'm reading your question correctly, there is a $225k acquisition disparity. I agree with @Jay Hinrichs insomuch as, 5k and doubling your money is do-able, but, if financing is involved, most (not all) lenders, even hard money, will only go up to 70/75% leverage, which leaves you all with25% to 30% skin in the game.

Based on the number you gave, let s do the math. 15,000 is 25% of 60k. So, how are we acquiring, fixing and flipping a "$650-700k" for property 60k all in.  There has got to be some partners missing.

Sounds like someone is building a pyramid.

yep @jorgeborjas from screws to garbage disposal to washers and dryers and wood. Use a tape measure and do the math yourself on wood, paint and flooring.

But again everything is predicated on the exit strategy. 

You wouldn't install the same finishings on a C+ rental that you would A- area flip.

Possibly, using a base number of $20-45 X sqft. Depending on the area, but that is a ruff number. 

Also while your at home depot go to the pro desk, like Jscott says, and strike up a conversation with the staff and contractors about rehabbing without tipping your hand in your inexperience.

This takes a little time, don't think you will learn this over night. The more you are in it, the more you will know.

Welcome to BP Brian. Tons of information on here, keep us posted of your success.

@Bill Hampton Congratz. are you looking for JV's?

hard money. whats the exit strategy?

Looks like i'm a little late but, we are looking to join in the ATL market too. @Karena Wong how was the trip? Did you acquire anything?

Congrats on preparing yourself to take that next step. 

However, if you go the owner occupied route, you might want to consider occupying the property for at least 2 years, leveled within a 5 year period; in doing so you will avoid capital gains taxes when and if you decide to sell. You can possibly use the proceeds to acquire your next property without a looming tax burden of thousands, harnessing FHA again or for the first time. Food for thought.

Congrats!!! Keep us posted on your success, pictures pictures pictures we wanna see that beauty, even if she's ugly.

you sound confused either it is or it is not illegal; some states yes, in her state it is perfectly legal. There is no legal case for almost guilty, or almost illegal, Case closed.

Just because someone took 135 class credit hours and passed a state test doesn't mean they are beyond ethics violations hence 2005-2008, through present day; weren't all those criminals licensed? 

The entire issue of "morality", as it pertains to this matter is ludicrous. For that matter an agent double ending a deal imho is immoral, he/she has a vested interest in closing the deal inspite of improprieties in the deal. 

Furthermore, we have countless cases of persons of power acting "imorally", under whose judgment I assume yours @jayhinrichs 

At the end of the day, lying to ppl is not cool, every wholesaler I've heard of and or delt with was upfront and the frazology was such that I knew they had control of the deal and packaged it, done a good job before bringing it to me. I always ask good, direct and pertinent questions.

That niche serves a purpose.