All Forum Posts by: Eamon Sullivan

@BradGarrett most of the properties are land. 3 are homes which the seller is in the process of claiming the rights.

Guys. 

I have been working on Land Flipping in Florida. Sending out mailers, originally trying to buy land for pennies on the dollar. A gentleman received one of my mailers and notified me that he had approximately 50 properties that he acquired via Tax Deed. I originally thought no way, I can't buy $250,000 worth of land but maybe I could help him sell them via assignment. He agreed to allow me to sell them via assignment. 

So now I have 50 properties to sell in Florida.  Some of the properties are not worth much more than the value of his tax deed ( agreed sales price). There are a few that I may 'cherrypick'. The properties range $3k to $15k in value.

 How would you advanced/ experienced wholesalers go about this??

I am targeting craigslist, sending flyers to local neighbors, putting signs in.... what is most effective?? 

@Jay Hinrichs Yes, this is in the south and the cause looks to be having no gutters on the roof. All the water has unsettled the slab. This is what I have been told. The house is only 1100 sqft but the center of the slab seems to have a depression.

@Thomas S. This is more what I was thinking. I guess this would be called a pig?

The seller wants me to make an offer but she says that there are " government guidelines" that limit on how low they can go on an REO? Has anyone ever heard of this? I'm suspicious.

Guys. 

@JP A. I have several other quotes from companies in the area. They simply walked around the perimeter and eye balled the problem. The quotes I have in are $25k ( measured the slap and completed a thorough investigation), $10k, and $8k.  I trust the $25k quote more than the lower quotes. 

@Jeshua Patrick This is kinda what I was thinking. 

@Account Closed  The structure is a CMU construction with a concrete slab. 

Does anyone have any experience BRRRR'ing on a house with structural issues?

Hey Guys. 

I was under contract on a REO home that needed a roof, HVAC and foundation work. The foundation work turned out to be alot more than what was sensible ( Estimates from $20k-$25k).The bank wasn't willing to negotiate on the property. I decided to walk away from the property.

And now 2 weeks later, yesterday, the bank comes back to me willing to negotiate, they were not aware of the extent of the foundation. 

The asking price was $37,000. ( This price was based on the roof, hvac and minor foundation work)

The typical sale point in the area is $85,000-90,000

Rent for this house would be $950-1100

Estimated Repairs

HVAC $4k

Roof  $5K

Interior $8-10k

Foundation $20-25k

Land in the area typically goes for around $15k for a 1/8 acre.

I am considering purchasing for $20k ( too high, too low?) cash and would try to BRRRR the property.

Option 1: Pass

Option 2: Fix some of the outstanding items to make it rentable, HVAC and Roof. Minor repairs to the foundation. Rent the property until the building is unsafe and rebuild a entirely new structure. 

Option 3: Entirely overhaul the property.

Does anyone having experience trying to BRRRR a property with structural issues?

Has anyone been down this path? 

Thanks! 

2 points 2 month project 505 interest only monthly payments Taxes and insurance 140 month Monthly Expenses 250 month Selling commissions 6000

Guys. Take a look at a deal I have. Needs AC, Roof and Foundation work(all quoted) 3/1 CMU Ranch 1975 Contract Price: $37500 Repair: $25000 (10% contingency included) ARV: $90-100k I am a newbie and just wanted to see what more advanced experienced flippers think of this deal. Thanks Guys

Shawn Ackerman that is exactly what I am looking into doing Shawn. As you discussed the problem is appraisals and finding financing for low priced property. I have been looking for a hard money rental loan and a lot of there terms are $50k minimum. I am simply trying to use the BRRRR method on these low income homes and net $200-$300 in cash flow per unit. Any ideas on finding financing on homes around the $30-45k range? Thanks!!

George Skidis Thomas S. thanks again guys