All Forum Posts by: John Warren

Thanks for the feedback everyone! @j scott there is definitely a nice margin on this deal. The seller threw out 350k during the first conversation and the comps I pulled are all over 700k in this neighborhood.

I appreciate the good tip about days on be market as well @Russell Brazil! I will be looking into that. 

Thanks as well @Julia Blythe for showing some numbers from a similar flip. I was thinking it would cost quite a bit to do this right and it looks like you have had a similar experience.

I am currently speaking with an experienced flipper. We may partner to do this deal which would be my ideal situation since she and her husband have done many flips successfully.

I am looking for general advice on how to handle a first flip. I have a very interesting off-market opportunity in an "A+" neighborhood. It would be a fairly expensive flip, but the upside is also pretty amazing. Is it better to start with a "safe" flip, or just go big if the opportunity is there?

Hi BP community,

My wife and I bit the bullet and did our first Direct Mail marketing campaign. We have a very good problem! We sent 70 letters and have had 9 calls! Five of them are leads on multi-families that we will be pursuing, but we found out about two very interesting off-market opportunities that would be good flips. We were not expecting this much response or that it would happen this fast!

What should we do with these opportunities? We probably don't have enough capital to take on flips at the moment and I had never considered wholesaling until now! Where should I begin!

Welcome to BP! Check out the podcasts. I have learned a great deal from them 

Congrats! Check out Chicagland Brokers. I have been happy there and the low cost of maintaining a license is very "investor friendly"!

Where is the wood? I have a piece of rotting fascia board on a building. I ended up scraping it, caulking all the gaps twice and painting it a lot. It looks good from the ground and bought me a few more years. 

So this last week one of my tenant's called from the building my wife and I just closed on three months ago. The kitchen sink wasn't draining, so I headed over like a good landlord. I started taking the p trap off, and then the galvanized pipe broke in the wall... awesome...

One call to a contact from the local REIA to get a handy man/plumber, and $290 later the sink is back in operation.

Lesson learned! Operating costs happen, and you can't fix everything yourself!

for sure! I did the labour myself and paid about $220 per window. 

I am with Chicagoland Brokers. It is not "free" but it is 100 percent commission and low cost per month. I can refer you if you would like. PM me for more info. 

You might ask around to find a local window place. We replaced 26 windows, and we bought them from a local building supply store. They were much nicer than the home depot ones, and they were cheaper too...