All Forum Posts by: Reed Starkey

Any updates @Daniel Long @Sterling Chapman?

@Dell Schlabach  May I ask what you came up with?  What method did you find was the best to handle your rehabs?  Thank you.

As always Bigger Pockets comes through with great answers.  I have decided to take the class and get licensed.  So far it seems to be mostly common sense stuff for anyone in the field.  @Tom Muller if you want any info on the Real Estate license, feel free to reach out to me.  I also agree with you on permits.  I have found inspectors to be more than helpful to me, even those that others complain about.  I will leave it at that.

Thanks to all who answered!

I am a licensed Realtor and I am looking into possibly getting my residential builders license.  I see there is a  60 hr course to take, but what else is involved?  Do I hold my own license, or do I need someone else to hold it like a Realtor must do with his broker?  Are there boards that are required to subscribe to?

I want to help a friend and possibly others as a project manager of sorts acting as the General Contractor.  I was going to manage the rehab without paying any of the subcontractors directly, but have been advised I would still need a license for this activity.

Thank you

@Yasmine Bisumber

Have you made any progress as a PM for Real Estate Investors?  What ever became of this?

Thank you

@J Scott

Great read with the 10 rules to improve your sales closing success!  Have you noticed any difficulties with your process with the new lending regulations?

@J Scott

What do you use to track this information.  I am looking to track as much info as I can on flips to look for patterns, and areas to improve later.

Also, do you track the performance of contractors used?  I am trying to figure a system for this as well.

I am also assuming, there will be $10,000 to $15,000 in paint and carpet when the current renter moves out.  I have not seen the inside, but will before I offer a final purchase price.

@Brian Gibbons@Bill Gulley

I recently began direct marketing to find deals to rehab.  In this process I found a deal that is probably a great SLO.  I admit, I have been so focused on Flipping, that I never took SLO seriously.  Anyway, here is the deal.

Michigan Condo in good school district.

HOA $210

Owners Mortgage balance $100,000

PITI Payment $1100

Currently Rented for $1200/mo

Property Management fee $120/mo

Comps at $165,000

Obviously the Out of State owner is negative cash flow, but could probably sell this thing pretty easy with the equity in the place.

Could I offer the SLO to her at:

$1,310/mo lease (to cover her expenses) 1 yr lease with 2 extensions

$1000 for the 3yr option consideration

Option to buy at $135,000 to $145,000

Then sell the option as follows:

Option to buy at $165,000

option consideration $8250 (5%)

monthly lease payment of $1400-$1500, (This is FMV for rent in this area)

I tried to keep this thread to just the details.  Please let me know if I should adjust any numbers in this equation.

I am a licensed RE professional in the state of Michigan.

I will have my RE attorney draft all agreements, so the legal is covered, just looking for structure.

Also, if this deal looks like it would be better for another option other than the SLO, let me know your opinions on that as well.

Thank you!

@Brian Gibbons

Do you have an updated link to that video?