All Forum Posts by: John Seitz
John Seitz has started 23 posts and replied 57 times.
Post: First Flip - Organizational Tools Recommendations
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
FINALLY bought my first property (well, it's under contract, so no cigars just yet). I am looking for any recommendations on tools flippers might use to track work, expenses, their sanity, etc. I will be doing a lot of the work myself so any project management tools recommendations would be great too. Additionally, any recommendations on prioritizing things, eg. First, apply for permits, secondly ... would be helpful. Thanks guys. Happy flipping to all.
Post: Taking Care of Your Agent for Wholesale
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
Hello,
I have an ethical question. I have been working with a real estate agent for about 6 months now (she is also a friend) on a fix and flip. I have not purchased any properties yet although she has shown me many and has been a great advisor. I recently started working with a wholesaler (a friend of a friend) who I may wind up buying a property through. If I purchase through the wholesaler I would not need an agent to do it. What do you think is fair?
- use her for the purchase anyway and give her the commission?
- calculate what her commission would have been and pay her a commission out of pocket + use her for the sale on the flip sale?
- give her a percentage of the profit + use her for the sale on the flip sale?
- only use her for the sale on the flip sale - business is business
Post: Comps for House on a Slab
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
I live in St. Louis, MO where the vast majority of the houses have basements. I also have an opportunity to purchase a SFH that is on a slab. I'm having trouble finding comps to find the ARV. Any suggestions?
Post: Getting deals as a fix and flipper
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
Quote from @Ethan Neumann:
Quote from @Bob S.:
Quote from @Ethan Neumann:
I'm currently flipping about 1-2 properties per month. I'm looking to scale up things on my acquisition side. For those of you doing 3-5+ flips per month, where are you getting most of your deals? (not looking to go direct-to-seller).
Most of my deal flow right now is coming from wholesalers. If that's where you're getting the majority of your deals, any tips and tricks for scaling this?
Are you flipping contracts to investors as a wholesaler? I have about 500 yes 500 in my market but all to investors as rentals.
Not wholesaling anymore, have done about 75 wholesale deals but now focusing only on fix and flips. Getting most of my deals through wholesalers right now but a few on market as well.
Post: Looking to Connect w/ St. Louis Investors!
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
Welcome to the Lou!
Post: When to replace roof
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
For a fix and flip, if you had a house with a 12 year old roof, no issues, would you replace it to add more value to the house? It's a 950 sf house with a hip roof, so I think a new roof would be around 5K. Thanks.
Post: Rehab cost estimation tools
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
Thanks, Jacob. The BP book has been ordered!
Post: How are people making money when using contractors?
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
Quote from @Kyle Ebersole:
You have a great advantage that you can do the work yourself instead of paying a contractor to do the work. You won't be able to scale as quickly as you can only be in one place at once, but you will be able to make deals work that others can't because you are doing the work yourself. As for me, I normally GC and manage my own flips to keep costs down. If I know I have to use GC, I just run my rehab numbers a little higher. Best way to answer is I don't cut my margins, and they don't either, I just have to find the right deal that works for all parties. Hope this helps!
Thanks, Kyle. I am a DIYer. I'm new to this so I may not have the eye for the deal just yet. IDK if it's just the way the market is, but I can't see how anyone is making a profit for fix and flips while having to pay the contractor price.
Post: Looking for a Wholesaling Mentor
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
Quote from @Jordyn Newman:
Hey Hugh, welcome to BP!
I completely agree with Bryce, but everyone has to start somewhere! In terms of St. Louis, I would attend numerous REI meetups a month. Best way to do this is by joining local Facebook groups, Meetup.com, and any other event-based platforms.
I'm here in St. Louis and I've had conversations with a lot of wholesalers at these events, you're bound to find like-minded people attending as many meetups as possible. Wishing you the best of luck!
Do you have any local meetups you'd recommend?
Post: Flipping using Hard Money calculations
- Investor
- St. Louis, MO
- Posts 59
- Votes 30
Quote from @Daniel Llauger:
Quote from @Carlos Ptriawan:
If you want to do it right , don't do all these calculation but
1. Find out the trend of PSF comps and its low and high range
2. Really really analyze the trend
3. When you purchase this house, how much is the PSF and the discount factor compare to #1.
You need to come with scenario where your rehab is inaccurate and run again the number.
Your comps will show you the price per square ft. Compare that to your property's ARV price per sq foot to get a more accurate comparison. You could take the average of all your comps per sq ft price and use that as the factor.