All Forum Posts by: Robert Williams

In my area, the norm is to purchase investment properties "as-is."  That is one of the enticements to get the sellers to go with your presumably below market offer to purchase the property.  

Now, since it sounds like you included a home inspection contingency in your contract...sure, go ahead and ask them to make some repairs. The worst they can say is "no." However, I would not ask them to fix everything...that's not even the norm for a regular MLS sale.

I would not mention the lease option.  Frankly, most people have no idea what that is and may think you're just a scammer just because they don't understand it.  

Do NOT pay for a mentor or coach!  

I would LOVE it if someone approached me with everything that you have to offer.  Be persistent, keep offering your services in exchange for some mentoring and you will find someone willing to take you up on what you have to offer.  

To frame out, drywall, and paint a separation wall and a closet for the "new" bedroom, and to add a new entry door should be relatively cheap ($700-$1000, including all materials).  Of course that's assuming each bedroom still has a window and it's own HVAC duct.  If those have to be added for the new bedroom then you're going to see your costs increase.

It all depends on the numbers.  Get some quotes to repair the foundation damage.  If including those repairs still make the numbers work for the deal, then it's still worth considering.  

Has this worked for you?  How many people return your phone calls?

Welcome to BP.  You've come to the right place!

Hi Jeffrey,

I'm a developer in Washington DC and I started flipping properties part-time.  I own a residential real estate brokerage and was working full time as an agent when I got into flipping.  Granted, there's a lot of overlap and complimentary skill sets, but I'd say my first deal took only about 10 hours of work per week max.  

Now, I think it would be a lot more difficult to flip a property if you don't live in the area.  I think it's critical that you visit your flip site at least once every two days while work is underway, especially since you have a construction background.  Stay local if possible...otherwise you'll need to allocate more time to the project for travel, etc.

-Rob

One other way is to find motivated sellers.  This could be done using bandit signs, yellow letters, door knocking, etc.  

My experience with REOs is very limited, but all of the bank contracts I've seen are not assignable. The banks want to get their REO property under contract with a buyer who can purchase the property and get it off their books, not with a wholesaler who needs to shop it around to get an eventual buyer. If you're making them an offer to get under contract, they'll want to see a lender pre-approval letter of proof of funds from you.