All Forum Posts by: Joshua Blond

@Dawn Vought

Now that I'm looking at a map that is far for a good comp. Maybe I'm going a little too against the grain with this since i cant find any good comps within a mile. The more i dig into this it's looking less appetizing.

@Jim Viens

Appreciate your input. That's exactly what I've been thinking. People from Cerner would definitely not be looking at properties out there. I'm going find out today the DOM on the Brooklyn house and some other similar properties. I'm just trying to do my due diligence since this is my first deal in RE so any profit at this point will be a learning experience. Of course not looking to loose any money. 

About to close on my first flip. 

5247 Garfield in KC.

Total purchase price after back taxes paid is 9k. My contractor said if we pump 15-20k into this property it can definitely sell for over 50k..

There was a similar property 3527 Brooklyn KCMO a couple blocks away with the same square footage that closed at 67k last week. Please take note that this is considered the "hood" here in KC. The Brooklyn house does have a few things going for it I definitely understand that but i definitely feel as if I can get atleast 50k after rehab on Garfield. A big company called Cerner is breaking ground on a 4 billion dollar project that will bring 60,000 jobs to the area. A couple realtors have advised that the area is in for big changes. I would love to be there for the beginning of this change. 

I also have a very good connection with a good contractor that is a friend of mine which i feel like will definitely work to my advantage in the flipping business.  

Let me know what you guys think!

As I'm awaiting possibly my first wholesale deal to happen I'm keeping my eyes peeled for some potential flips. I've been sifting through the HUD home store and finding some properties out in independence that need quit a bit of work but if the numbers work i'm diving in. I've been trying to find comps in the area but property values are all over the place in this area. Curious if anyone is actively and successfully making money in Independence?

@Gordon Cuffe

 That is a good idea. I really don't have any investors at the moment except for ones relayed from my buddy/seller. I was wanting to make a little more then 12k but if I go that route I'll definitely be in contact with you. Also, do homes in the ghetto sell to owner occupants or is it mostly just investors? 

@Lauren Lockettthank you! 

@Kyle Cabral thank you, my buddy knows my full intentions. He is actually the one that proposed this situation to me. He just doesn't have the 15k on hand for some reason. He says he's received letters from investors almost every week wanting to purchase some of his properties. Pretty much I'm repairing these properties with my own cash and using his investor leads to sell. 

@Steve Vaughan I'm going out of town for a week and when i get back the deal is going to the table and some real numbers will be made. At this moment its all hypothetical but looks good. Purchasing all three properties and repairing/selling one at a time sounds like a good plan. I just couldn't see anyone purchasing a property in the hood. That's why doing all three was proposed so that it could be a package deal for an investor. We'll see what i come up with once i actually see the properties and some real numbers are known. 

Thanks @Steve Vaughan

I know it is a good opportunity just want to make sure i execute it properly. He wants 6k a property and i can purchase three. Which brings it to 18k. I've dug a little deeper into the deal and I guess these investors want them to be tenant ready (low income area-not asking for much) and they will offer around 20k per unit if so.  my buddy told me each property needs about 5k in repairs on the conservative side. Now we are looking at roughly 33k. My funds are being privately lent to me so i cannot have it tied up for very long. As i said previously this would be my first deal in RE and I'm nervous these investors could back out and i'd be stuck with properties in the ghetto and 33k owed to my lender. I know I'd eventually be able to unload the properties just don't have enough skin in the game to be confident. 

Hi BP,

I'm new to forum and to RE. I'm still in the learning process and been lurking the site for a few months now. I've been looking for the perfect property in Kansas City for my first flip for the last couple weeks (of course this makes me nervous) I have a good connection on all/any repairs that need to be done. 

Anyways, I've ran into a deal that was thrown at me from one of my REI buddies i grew up with. He purchased 80 low end properties about 2 years ago and is renting them all out in a C-D class neighborhood in Kansas City MO (Ghetto). Without getting into any number details he's offered to sell me 3 properties at 6k each. If I know an investor that wants to purchase these properties at 15k each as-is how would i work an assignment into the deal. I really don't want to purchase these properties privately (do not have an LLC yet). Im pretty sure this is considered wholesaling. The motivated seller is a good friend of mine so i trust him. The deal just sounds too good to be true. Also, for my first deal in RE i feel as if it is a little complicated.

Any feedback is greatly appreciated!

Hi BP,

New to the board and am getting very close to purchasing my first flip. I heard this is the best place to network within the REI community. I'm in the IT industry but looking to get away from the desk 9-5 life and I've always been really interested in real estate and would love to create a career with it. I feel at the age of 23 that I'm not taken too seriously at times but I'm determined to succeed.

I'm approaching uncharted territory but that's what has me excited. I'm receiving private/family funding for my down payment/repairs/updates/realtor/taxes/closing costs to the property. My self and a family friend handyman will be performing any repairs or updates. My biggest issue is what type of mortgage to take out once I do find that perfect property. Am i able to tell the bank that my first flip will be a primary residence and not have to exactly live there or can I only strictly take out a short-term investment loan which carries a heavier down-payment. I'm really only concerned with the initial down payment. I'd only be making a few mortgage payments so the interest rate wont be too much of a concern on a long-term loan. I'm not trying to get in trouble tax wise once it comes to selling the property and I'm sure I'm missing something here. Any wisdom will be appreciated!