All Forum Posts by: Janessa Storlie

@Sherif Zayed have you checked out EXP Realty? You can become an individual agent or start a team with them. They then partner you with a mentor. It is just a suggestion if no one is responding to you.

@Josh Bakhshi Thank you so much for the advice! I am meeting with an inspector today to tell me about everything that needs to get completed in the home. I had a company come and look at the mold issue and it turns out there is no mold. It is just salt that is building up. So I was happy to hear that good news! I plan on calling roofing companies to get quotes. The advice for three quotes is a very good idea! I have spoken with one contractor in regards to the remodel and he said it would be difficult to give an accurate bid because it would all be done by the hour. I am hoping the other few I am meeting will provide a little bit more insight into the situation. Also, thank you for reminding me about the bottom line! I am trying to fix the problems that need to be fixed but also keep in mind what buyers want.  

Thank you again!

Hey everyone, I was hoping to connect with some other house flippers. My husband and I have done one house flip in the past in Spokane, WA and then the market turned and it became very difficult to find deals. We are now living in Williston, ND and we are flipping a home here. I will be the one managing the flip this time and I am just sort of nervous. I have done a lot of research here on BP and I think I know how to find the contractors, handle financing, and oversee the project. I am just nervous that I am missing something and that I am not covering all of my bases. 

The Deal:

We purchased a home with cash on the auction for $125,000. The home is a 3/2 and about 1500 square feet. After renovations I believe we can sell the home for $250,000. The house will need any where from $75,000-$85,000. I need to get rid of mold in the basement, finish off the basement space, replace the roof, do some minor landscaping, open up the main floor, rearrange the bathrooms, and then of course update everything. I am also assuming that we will need new plumbing. It is a long list, but I am hoping to keep it on budget. I am also getting my real estate license so that will help save some money when it comes to closing. My goal is to have a profit of about $30,000 after closing costs. 

Any advice or kind words would be greatly appreciated. Like I said, I am nervous and I would like to connect with others who also chose the house flipping path. 

Thank you in advance! 

@D'Andre Byers

So I am just going to post a very stubborn woman’s opinion in this situation 😅 me being the stubborn one.

Also, my husband and I are very independent of each other. We both have our individual ambitions and our own businesses but we rarely listen to each other because we are both stubborn and have our own ideas on how our businesses should be ran. We have both found a compromise and understand how to communicate with each other after a long three years. You guys can do it too!

With that being said here are some tips on how to make your fiancé interested in real estate investing. I would start with the conversation about money management. There are a ton of places to start! Dave Ramsey, the bigger pockets money podcast, rich dad poor dad... the list can go on and on. Also, try introducing her to inspirational women. Rachel Hollis is a great example! She has books and a podcasts. Also introduce her to Marie forleo and a podcast called the often ambitious. Unfortunately, most women only like to listen to women who have hustled and who have a system that is working for them. Starting with money management can really help tie in the benefits of REI. The idea is to save up and have enough to retire early. These resources will help her understand why it is important to you. Pitch it as "working for a few short years so we can sustain you being a full time mom" (if that is what she wants) or "a way we can travel and not be tied down" point of view. Find out what her goals are in life and figure out how real estate can tie into her goals.

When you are dealing with a significant other that is unsupportive it can be so so draining on your soul so also remember to take care of yourself and not let your dreams dwindle. She will come around.

Also, if she needs someone out reach out to she can always talk with me. I flip houses for a living so I know a thing or two about jumping into something that can seem unpredictable.

I hope this helps and adds a women’s perspective!

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $205,000
Cash invested: $5,000

My Husband and I purchased this property since the location is very close to Gonzaga University. For the first couple of years, we house hacked and had roommates. We only owed about 250 each month to cover the rest of the mortgage. Now we are turning it into a full-time rental property. We are hiring a property manager since we will be living out of state, so total back to our pocket will be around $350/month!

What made you interested in investing in this type of deal?

At the time, my husband and I were looking to purchase a multifamily home to get out of our apartment. We were going to live in one of the units and then rent out the other units. Unfortunately, the small multifamily properties in the Spokane were way too expensive compared to the market rents. We opted for a single family home close to Gonzaga University because we knew that college students would always need a place to live.

How did you find this deal and how did you negotiate it?

This home was just listed on the market. I contacted our real estate agent and we placed a lower offer then what they were asking. It was on the market for $225,000 and we were able to purchase it for $205,000

How did you finance this deal?

Traditional Financing

Hello everyone! What does everyone think about staging a flipped home? Is staging a home important to factor in the budget? Does it depend on the type of neighborhood? Thank you in advance for your advice!

Hello Everyone! I will soon be living in the Spokane WA area, and my boyfriend and I hope to get started on flipping homes. We are both currently looking for regular full time jobs so we can qualify for an FHA loan to purchase multi family units in Coeur d'Alene. We would also like to start flipping homes in Spokane so we can build profits.

I was wondering if we can use hard money lending for the first few flips in Spokane, and if we can still qualify for an FHA loan to purchase multi-family units. Will the bank turn us away if we have used hard money lending for multiple homes to flip? Or will the bank allow us to get an FHA loan even though we have purchased homes in the past? I know that hard money lending does not go on credit reports, so I am wondering if the banks will even know about the home purchases?

Thank you everyone!

Thanks everyone for your feedback! I just was not sure if anyone else has ran into a similar situation. Where we have been renting, our landlord did not make the units completely separate. We had roommates for about 2 years. They were all friends of ours, but it was still awkward going into their space for laundry. I would never wish For future tenants to put up with what we had to go through. I want my future tenants to enjoy their space privately. 

Hopefully we can get the city to approve our plans on turning it into a duplex. 

Hello, my boyfriend and I just recently got our first property in Coeur d'Alene Idaho. We hope to turn it into a duplex, but we might have some restrictions with codes. My boyfriend thinks that it would be ok to have the washer and dryer in the downstairs unit for both units to share. I really dislike this idea! I am a true believer in privacy. If I were a tenant, I would not accept another tenant to be able to invade my personal space. We hope to put a washer and dryer in both units. What could also work is putting the washer and dryer in a separate space upstairs so both tenants can access it without the invasion of privacy.

What does everyone else think? How important is privacy to tenants? Is the roommate concept ok?

Thank you,

Janessa Storlie

My name is Janessa, and I am interested in flipping homes in Coeur d'Alene/ Post Falls, Idaho. I currently am working in North Dakota. I plan on moving to CDA in a couple of months. I would like to find a full time job, real estate investors, and real estate deals before making the move. Is there any way that I can get financing or find investors while I am living out of state? Any advice would be greatly appreciated!

Thank you!

Janessa Storlie