All Forum Posts by: Eric Doud

@Char Wyche welcome to the site, always happy to see more people from Hampton roads on here.  There is a ton of information on the site.  Both my wife and I are investors as well as in the business. She is a real estate broker and running a property management company, currently just over 200 properties managed, and I am a realtor working with investors and first time buyers and a licensed contractor. Feel free to reach out if you need any help or information.

@Anthony Carlson welcome to the area soon. The market is good here for both investors and home buyers. The easiest way to break into the market is to buy your first property to live in with the intention of turning into an investment. You would get a lot better interest rate by doing this.  That is how we got started and it has worked out great. 

It's doen here in Virginia all the time. I would call a few siding companies in your area and ask them, rules can differ from state to state.

You should be asking your realtor for the ARV numbers. Not his assessment of what he thinks. Your realtor will be selling it, always use real numbers. Get you contractors over and have them look at it if you don't know exactly what your looking at. All wholesalers know the numbers and percentages that your looking for and will try and bump up there ARV value to try and get a little more. You said that you have a team ready, have them take a look at it and if it looks good from your end pull the trigger.

@Susan P.  welcome to the site, glad to see another local. There is a ton of great information on here. Don't be shy and get involved in the forums and posts.  What type of investing are you looking to get into. We have always been buy and hold and now looking to getting into fix and flip if the property and price is right.  Good luck and if you need anything let me know.  

several years ago my parent build a cabin in Montana that they estimate is worth and would sell for 750,000 to 800,000. This is there primary residence, and are married so they would be able to keep the first 500,000 tax free. They own the property free and clear. Is there Any way around this? Could the do a cash out refinance for say 300,000 giving them something to pay off when they do sell so they would only clear 500,000 at the sale. If this is the case how long before they sell do they need to do the cash out refi?

@Cassaundra Bernardez Welcome to the site and glad to see more people from the area joining the network. There is a wealth of knowledge and if you don't know an answer put up a post and you will have a dozen in no time. Don't forget to put in your keyword. I look forward to networking with you.  

@Josh Norris Are you calling these contractors for the first time and requiting this? Even the estimate above took probably four hours to prepare. If these guys don't know, and you don't even own the house yet this is probably all your going to get if your lucky. If you continue to use the same contractor and develop a relationship with him and he knows that when he looks and bids thing the work will come, the details will follow and probably some repeat discounts.  

Its like the post that is threading now about why contractors don't return calls, same reason, the guy dent own the house and is just looking for someone to do his due diligence on what it will take to put it back together.  

In that type of time (2 months) and i just went back and looked at the kitchen, you are probably going to get off the shelf home depot or lowe's cabinets and counter tops. 

Hope this helps but i am the same way, when people cold call me asking if I can give them an estimate to repair a house i ask them who they are and where they know me from, The contracting side is a relationship game just the same. watch the flipping shows on TV and they have the same contractors go out to look at the house and they always say, "same flip materials" so these people have developed that relationship and know what they want and what to expect.

@David Krulac your right but I thought the profits were already talked about in this post. 250000 for single and 500000 for married. I was just giving a quick answer.  

@Brandon Sturgill If it is your primary residence you don't need to do a 1031 exchange. You just need to own the house for two years to not have to pay any capital gains tax.