All Forum Posts by: Glenn English

Thanks for the responses. I do currently have a home equity line of $200K on the home. I've used up about $130K of that for which I pay about $850 per month on. I'm estimating the home would be appraised at about $475K. I don't think I'd be able to pull much more equity from the bank on the property since I don't have the income I had previously. But maybe if I rented it and showed the bank a lease, perhaps that would help? Something for me to consider now..thanks

I'm sort of a newbie. I joined BP about 3 years ago when I did my first (and only flip so far), but I haven't really been active since then. And I'm looking to get back into investing. However, I was laid off from my software sales job a few months ago and during the last couple of months, I've realized I do not want to go back to working for someone else - especially an inside sales job sitting in a cube all day dialing for dollars! 

I'm now in the process of getting my real estate license to become an agent. I know there' still some dialing for dollars involved, but eventually I want to get back into house flipping and I think having my RE license will help me down the road. 

Now obviously it will be tough for me to get a bank loan and fund my flips without a job. However I do have a good amount of equity I could get from selling my own home. I could get roughly $350K cash from a sale based on what I owe on the mortgage and what the homes are going for in my area. The other thought is, should I just keep the home and rent it out? I think I could get about $2500 per month, which should net me about $800-900 each month after expenses (taxes, mortgage, insurance and maintenance). I could move in with a friend while I start investing again and get my real estate career up and running. Any thoughts or advice? Should I take a huge risk and go all in by selling my house, or should I rent out my house and collect the $800-900 per month while I get my real estate career going....??

-Glenn

this is a good one: http://www.biggerpockets.com/forums/67/topics/113848-how-do-you-guys-keep-track-of-your-receipts-and-expenses-on-flips

Never mind - I just found another thread with the same topic!

I am about to close on my first flip. Yay! I am a newbie at this, and have recorded all of my expenses in a spreadsheet and I have receipts, bills, invoices, etc in a pile and now I'm wondering what the heck to do with all this paperwork?? I realize I need to get organized for tax purposes, but where do I start? maybe this is more of a question for my accountant, but just wanted to see what others have done as I'm sure there's a better systems than mine (which essentially is putting the transaction in a spreadsheet and then throwing the receipt in a pile).

please help!

-Glenn

I agree Shaun, rehabs costs are already up around $100K without doing the new boiler and a/c, leaving about $65K for profit...and I'm going to assume there will be some other unforeseen issues that will come up anyway..I agree that if I dress up the radiators, then I'm hoping a buyer will be good with that. I still need to demo the place so this could all change..

Thanks for your reply. The ARV should be around $400K, purchased for $235K.. I do planning on flipping it, but that $25K is a big chunk of change and the steam boiler is only about 3 years old. No gas line on the street so that's not really an option. I'm thinking of just keeping the steam boiler since it is so new and maybe just adding a/c if my budget allows.

Just bought my first investment single family in Mass. It's a 1600 sq ft single family built in 1900. It has a steam boiler fueled by oil. Big radiators around the house so ideally I'd like to get rid of those, but if I do an upgrade, I'm looking at a hydro-air system that will probably cost me $25K at least. Is it worth it? or do I go with a forced hot water system and separate a/c unit? or forget the a/c all together? The place needs to be gutted so it would be an ideal time to add those HVAC features..