All Forum Posts by: Justin Noethe

@Victor Rallo, thank you for the advice. I've got an email into them to check out if they have the ability to print and what pricing looks like.

Have you done some research into where to get the best value? I'm considering placing an order for some.

@Tim Herman thanks for the clarity, Tim! Very helpful for me in my future pursuit.

Thanks for the sight! That all seems to make logical sense to me. Does that need to be written into the terms at all, or is that standard practice?

Hello all!

I have an opportunity to buy a house using owner financing. The seller is open to it, but is older in age and would like to know what happens if they pass away before I am able to pay them off in full. Does anyone out there have a good answer or resource for this? Intent to reach out to a real estate attorney, but I wanted to see what I could find out before Monday rolls around. Any input or help is appreciated.

Thanks!

As already mentioned, it depends. Personally, my wife and I got our start in the rental game. We were able to find a 5 plex that calculated an 11% cap rate, which have been hard to find around here. But, now that we have that we have been wanting to do a flip or two to create cash fast for a down payment on another rental property. I think most people would prefer BRRR method in the long term. Flipping is a considerable amount of work along with being able to find the right deal and contractors you trust.

I work for a GC in the residential remodel and new build segments. I can tell you that most contractors will give you an estimate to do the job based on their willingness to do the work and by how much they can charge you and keep working with you (if you’re a repeat customer anyway). They do seem to have general guidelines for how much they charge for particular things, but even those vary.

I would recommend connecting locally with people within the construction industry. Try searching for project managers on LinkedIn, or ask a friend if they know anyone in the industry to get you started.

I was actually given a couple recommendations on contractors from a home inspector that I used on my first investment on a rental property. He just so happened to own rentals himself, so that worked in my favor.

I also tell you that my boss bought a book to better gauge some pricing within our business and he said some of the estimates they gave in there were realistic, but others weren’t close to what he’d expect for certain things. So, they can be useful, but the books can’t be the only source.

I am in a similar position that I would like to do a flip. With home prices being higher right now, at least in the market that I'm located in it seems appealing. From my perspective a lot of it is dependent on purchase price and after repair value. If you can buy it, fix it, and sell it within the timeframe that the market remains hot then it doesn't really matter. If the numbers make sense then I say go for it. At least that's my mentality at the moment. Everyone has to start sometime. There are always deals to be made.

Wes Wedewer... making things happen! Awesome man. My wife and I are closing on our first rental property here next week. I mean, it's no Chicagoland investment, but it should be a good start for us.