All Forum Posts by: Glenn Espinosa

Awesome tips. With the influx of novice flippers coming into the market (I consider myself one also even though I have 2 under my belt btw) there sure are a lot of properties around my way going for 10k, 15k even 20k more than I would have ever paid for. The product of these bidding wars are often very poor rehabs and inflated ARVs. I've seen numerous flips that have sat in the market for way to long because novice flippers are pricing themselves 30-50k over what the market is dictating.

This makes getting into a property so much harder though. Do you guys see a slow down in the flipping craze anytime soon, and does anyone have any strategy in combating this influx of new flippers? Or is it simply a numbers and waiting game?

I just want to say thanks a lot for this! I will model my own SKU spreadsheet using this.

I would think the area you are investing in also has some say in terms of what can be considered a reasonable profit or not.

I too am a Mac fan. Its just very intuitive and I feel much more organized on my Mac than when I was on a windows based computer.

I would agree with Jon, however, that my decision would rest mainly on the machine specs as opposed to the OS.

While deployed with the military, I've spent this time reading and researching new ways to grow my rehab business upon my return. I've typically followed a similar formula to Jscott's in that I want to have a better house than the competition (eg. upgraded finishes, etc.) priced below the competition. In doing this I've accepted a lower profit margin while simultaneously enjoying very short market time and faster turnover of capital.

This formula has worked for me and I don't plan to stop anytime soon. I am, however, looking into the future and am hoping to corner my market in a rehab niche per se. The ideas I've been looking into include:

A) Going semi green (at minimal cost) and reaping the marketing benefits. I'll focus on cost effective solutions such as opening up south facing windows, installing rain barrels, predigging a garden bed, water saving toilets/faucets, tankless water heaters. etc.

B) Adding value by developing inlaw suites and basement apartments. This will allow me to attract buyers who wouldn't normally be approved for the home without the rental income factor.

C) Senior citizen friendly homes. Homes strictly rehabbed to maximize the safety of senior citizen who chose to age at home. I am thinking about marketing this to seniors looking to downsize into a safer home as well as children who want to move their parents into these type of homes. The main renovations would include wider entryways, non slip baths with handle bars, kitchen designs that minimize reaching, etc. This one seems like a stretch because the market for this type of house would be limited. Is there even a viable market for this?

I know these ideas are still highly dependant on the situation be it the house layout, location, cost analysis, etc. but in general how do these ideas sound? Far fetched? Viable? These are just a few thoughts that have ran through my mind the past few months while on this deployment. Any thoughts and/or further ideas are greatly appreciated!

Thanks

Glenn

(Double post, I posted the original in the wrong forum, please delete)

please delete

Congrats James! Currently following your footsteps by investing while im in the Navy. Looking to get out in 2014 and really kick things up another notch!

Welcome Kristin!

Quick question, what exactly did you do for the above training?

From one active duty military member to another, congratulations on deciding to work for yourself and planning ahead for your financial freedom!

Being in the military and investing in real estate is challenging, I've done it. The first step is to save money and build your credit.

Too many people want to get into REI and are expecting to do it with no money down, bad credit, and no experience. In reality, setting up your finances just to be in the position to invest can take years depending on your situation.

In the meantime bird dogging and wholesaling will help you in learning how to find the right deals. I'll be honest in that I've never attempted to do either. I found my first few deals strictly from zillow/trulia and from an agent that I work closely with. Soo, MLS deals can still be found nowaday, just much much harder. Im sure others on here can help you out in that avenue.

Having a wife who is an agent puts you one step ahead of the game. I'm trying to finish up my license right now and If I had it during my first few deals I'd have a whole lot of extra money right now.

Anyway, good luck brother and let me know how I can help! If you haven't checked it out already I would definitely recommend JScott's site 123flip.com!

How long are their leases good for? Once theyre month to month I would imagine you could serve them up a 30 day notice reason being the need to rehab the unit. Also, if you raise rents and they dont go then I would just let them stay, improvements or no improvements.