All Forum Posts by: Jared Lichtin

I may be moving to Houston soon for work. I am 50/50 on whether I should sell or rent my house. I flip houses part time, and selling my house right now would probably net me about 40k. I don't "need" the money right now, but I am doing the math with the rental option and I feel like I could net about 100k by renting out and selling in 4 or 5 years, or just get my down payment and change back and selling it. Numbers below. I do not own any rentals but I think I might want to pick up a few this for the passive cashflow. This seems like a good rental deal. What kind of tax benefits am I looking at? And do you think this is a good deal? The house is fully functioning, pretty much everything is brand new now. Any advice would be much appreciated. Purchase-183,000 (appraisal came in low so we had to renegotiate, so I got a good deal and put more down, was in contract for 202,000) 32,000 down Could sell now likely for 190-205,000 without an agent Mortgage balance 147,000 Monthly payment: 1,030 Rental market value: 1600-1800 (have confirmed this with several agents. There are zero homes for rent in the area, as I live in a very good school district, so could put a renter in there very quickly.)

Also, if you have good credit, you can probably qualify for chase ink or amex blue for business.  I qualified fairly easily for these, which gave me about 12 months of 0% apr of about $12,000.  I pay them off in full every month though... as others have advised.  

I have been flipping houses (part time, while holding f/t job) for a few years now and would like some input on investor returns.  For instance, right now i have a 75k remodel that I have done all the research, getting quotes, talking to my contractor, negotiating w. agent, signing contract, etc.  My name is on the title, and I plan to market this one myself, show it, and sell it. I have two investors pitching in 15k each.  I would ideally like to keep 70% of the profit.  In deals where you have investors loaning straight up cash, and nothing more, what do you offer on returns?  If I offer 15% for 15k, as opposed to 18 or 20%, is that fair?  Are mine good, normal, or worse than average?  I hope to make about 20-30k on this project.  Let me know what you think.  The deal is in Akron, Ohio.

I think in suburban Midwest areas you will see a lot of baby boomers still retiring or dying and that will still leave a good inventory of houses to rehab, depending on the market. I think interest rates will stay competitive, hopefully under 5%, and a lot of first time homebuyers will pull the trigger. I work in oil & gas and can see gas prices deflated for at least another year or more. So, I think a home will become more affordable. It seems less people are going FHA, and I think you'll see relaxed regulations from them as well as Fannie Mae loans available to investors.

I just looked online. I am not familiar with this area, but it seems like a lot of inventory, so I would pull more comps to make sure the days on mkt isn't so high. Not really sure who buys around there. But again I'm not familiar with this area. I'm in negotiations on a few houses right now. Pm me and i would be glad to discuss. My last job was a 60k remodel in fairlawn heights.

Dave, I live in akron and rehab homes here. It totally depends where you are buying. What neighborhood is it in? Are you planning to sell it or rent it out?

i mean, they arent terrible, but i took them w my iphone, lol

Also, @Jorge S. @Dawn Brenengen @Sam B. , i totally realize we dropped the ball on terrible pictures.  I just got so busy at work I never got a chance to get back to the property.  We are staging this weekend and I'll update with some better photos.  Might be hiring a realtor next week.  Thanks for the advice!

The cabinets were $6300 the granite was 3600 and with carpenters and blowing out that wall it was probably about 14,000

I reduced the price to 229k and am offering a $1,500 realtor bonus.  I am holding an open house Sunday 12-2pm if anyone in the Akron/Canton/Cleveland area is  interested in coming.  It should be staged by then.  Address is 435 Schocalog Akron 44320.  Hit me up if you have any questions, I wouldn't mind showing you around and going over my costs.  

Jared