Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Rob Beeman

Rob Beeman has started 57 posts and replied 262 times.

Post: Cincinnati fix and flip lender

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Troy Brown Troy, I can help with that. Please send me a message or reply to one that I will send to you. Rob

Post: Tips for Locating Off Market Properties PLUS Awesome Networking!

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

Want to learn how to locate OFF MARKET properties? Now you can. Join us for the March Knowledge & Networking FREE VIRTUAL Event and discover how to find deals you missed before! PLUS, AWESOME networking! 

REGISTER here: https://hopin.com/events/knowledge-networking-march-2023 

NO SALES PITCHES, just Knowledge & Networking! Attend from anywhere.....its virtual! See you there.

Post: Carolina Snow Flip!

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Justin Sutton Absolutely agree. Thanks for the info. With most rehabs come memories, stories and occasionally nightmares. Hopefully you encounter more pleasant memories than nightmares on the ones to come.

Post: Rehab -or- Sell

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Long Vo  Sell, take the money and avoid the headaches. Personally, my comfort zone for investing has been limited to a 2 hr. drive from home. More than that has proven to be not worth the headaches/time commitment.

Post: Fix & Hold Deal in New York City

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Kobi Nagar Like the numbers - nice spread. Looks like the cost to ARV (Cost of $280/ARV of $499) is around 56%, great job! Good luck on your next.

Post: Carolina Snow Flip!

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Justin Sutton Finished product pic looks impressive (open floor plan). The numbers seem OK, but not awesome (some are better than others). The ideal numbers is to have the costs (purchase + rehab) be at 70% of ARV, or less. It looks like this project was around 80% of ARV (PP$135K RE$85K = $220K/$275K ARV = 80%). The purpose of having the costs be as low as possible in regards to the ARV is obviously if you are flipping the profit is greater, but also if you are holding the return is greater (and if doing the BRRRR, there is room for 75% refinancing and leaving minimal (hopefully no) cash in the deal.

Finding deals that produce the best financial results typically require a ton of time allocation and locating off-market targets. Not easy, but more profitable. Good job on this one. Good luck on the next.

Post: Buy and Hold Real Estate works

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Brett Young  Brett - if I am reading the numbers correctly it looks like the property produces around a 10% annual cash-on-cash return before taxes and depreciation. Not bad (better than a CD). Certain that their is equity as well, however I didn't see the numbers on that in the post.  Real estate, in my opinion, is still a good avenue for income and returns, with much flexibility, however buying right and having a solid plan is crucial. Good job sir.

Post: Flip or Flop - East TN style

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Millie Pendola  Thanks for sharing the deal. I agree with many things that you expressed:

Being the project manager (GC) is a challenge, however if you have someone other than you in that spot, you MUST keep a watchful eye or you can get burned (ask me how I know).

Flipping low end props has draw backs (neighborhood, cost/value restrictions on the level of rehab and still keep it profitable, rehab lenders aren't interested in small loans, and maybe even the unappreciative or qualified buyers). One interesting fact that I discovered when I migrated out of low end props was that operating in better neighborhoods attracted better contractors (they didn't want to work in neighborhoods with higher crime rates - go figure).

Making money when you buy - PURCHASE PRICE IS EVERYTHING! It is also the figure in the deal that you have the MOST control over. Overpaying can lead to under rehabbing which can lead to a lower price to move the property and ultimately less profit. If a real estate investor seeks to improve on anything, it should be on negotiating and buying RIGHT (whether flipping, holding or wholesaling).

Time is $ - ABSOLUTELY. Smart investors reduce the rehab time by negotiating 24/7 access to the property BEFORE closing on the purchase (a contingency in the purchase agreement). This allows you to get contractor bids, take measurements, game plan, have orders ready to be placed for larger supplies (windows, cabinets, HVAC, etc.)(however the orders are not actually placed until the day you own it), schedule start times with the demo crew & contractors. This step when done properly can reduce 2-3 weeks off a rehab.

I might be able to help you with rehab funding as you target higher valued neighborhoods for your next project and I will  send you a message. As for this completed project, it reminds me of a saying that I used when flipping - "They look best in the rear view mirror".

Post: 76 Hillview Ave, Franklin Park NJ

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Nick Webb Nick, you didn't share the numbers on the deal other than the purchase and your cash in to date (like rehab & ARV). Guessing from reading your post that you are familiar with this area and sales, so hopefully the numbers make sense and the rehab goes as planned. Older properties sometimes bring surprises when you begin removing things (kitchen, bath, etc.). Good luck.

Post: BRRRR Duplex in Dallas, Texas

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 293
  • Votes 115

@Jorge Gonzalez  Very interesting property. Nice find.