All Forum Posts by: Jacob A.

You should check out J Scott's website... 123flip.com. As far as laying out, step by step, the process of flipping a house and all the factors involved it's about as good as it gets.

A lifetime of knowledge for the price of a book. There's no fluff, it's straight to the point. If you are a beginner and ever plan to flip houses or do any kind of home construction this book is a must read.

I'm never a fan of credit cards unless you have an absolute emergency, with that said they are pretty much the easiest thing to get. There are certain credit cards you can get that may offer 0% interest for a year or something similar that may work out for you. My understanding is that there aren't a whole lot of banks that will offer unsecured business lines of credit without some kind of history in the business, which makes it extremely hard to start a new business this way. I'm sure lots of people on this site will scream at me for saying that and they would advise you to go to a small local bank to see what they can offer you. I will tell you that I found a program while searching for funding this summer with Wells Fargo that will fund the purchase and rehab of a home up to 75% of the ARV. I'm not sure if you are looking to fund both the rehab and the purchase or not but I would advise you to take several meetings with different banks and you will eventually find the right option. When there is a will, there is most definitely a way. Good luck to you!

Keep in mind the property brothers are all of the following: RE agent, general contractor, interior designers and they have the support of a massive network behind them. Sounds good in principle but for a relative no name person to gain the trust of random strangers sounds a little farfetched. But I like the creative thinking!

I'm a CPA but feel free he's a smart guy.

You would simply credit the asset account to remove it and debit the expense account. For future references if you did have any accumulated depreciation on the asset you would debit the accumulated depreciation account to zero it out and debit the expense for the difference between your cost basis of the asset and the accumulated depreciation (better known as a plug). This is all assuming you are writing the asset off. If you sold it and received any cash it becomes a different story and would either recognize a gain or loss on the transaction.

You got it. I'd set up a new expense account called "loss on retirement of asset" or something of that nature to your chart of accounts and throw it in there. At the end of the day an expense is an expense it just comes down to classification of the expense at that point.

So after about 2 weeks of back and forth with the insurance company it looks like I'm going to be ok and will get reimbursed most of the cost of the vandalism. By the end of this week we will probably be very close to done. It's not much fun watching the same things get done twice when you know in the back of your mind the house could be on the market right now. Anyways, hopefully I'll have some good quality pics sometime next week and we can move on to the next one!

@Will Barnard

I'm just curious, but if you don't mind me asking, what does it cost to stage a house of this size and class? I'm assuming you don't have all your own furniture, but I could be wrong.

Alexander,

I'd like to preface this with the fact that I've lived in Raleigh my whole life and I'm pretty familiar with the Zebulon area. This seems like an ok deal. The biggest problem you are going to have with it is the fact that it is out in the middle of nowhere. #1 it's going to be extremely hard to pull comps on it and #2 whoever ends up with it is going to have an extremely hard time finding the right buyer. For me, as a rehabber, to take on this kind of risk I'd want to see a larger spread in the deal. That's just my two cents, but then again I tend to be on the more conservative side. Best of luck!