All Forum Posts by: Account Closed

Hey @Brynn Misener. Congrats on your success! What areas do you rehab in? (I'm from Chicago, and curious)

A nice gray color of paint would look nice in this room with the white columns, giving you a clean aesthetic. I would recommend a simple DIY project that I think could go a long way: Replace the baseboard heaters and unit cooler with something newer and a little bit more modern looking, and then add crown molding on the ceiling. People love that and it will match the Victorian aesthetic, plus it will mask the slightly deformed ceiling. If you have the money, a darker floor would look great especially against the gray-wall/white-trim pallet. 

@Nicole S.- Exactly what @Micah Truman said. The construction management portion of the project is where a good architect can really shine. 

Though the contract really is key in this matter. Typically consultant costs are extra, and the architect earns a fee of the total construction budget, but it does vary depending on the agreement. 

@Mike Just

Hey there Mike! Glad to see other NJ people on the forums! I'm just up route 1 from you, so if you ever need some design/materials/construction advice be sure to let me know! 

Good luck with your flips!

@Manuel Yepez

This is my issue as well: too young, unstable income, student, etc. I don't know what the "best" strategy is but I would write down your goals first and then think of a step-by-step systematic way to get there. (This is what I've done). It might involve education, finding contacts, securing private money, finding a partner, or others (all of which are free!). This way you can keep your enthusiasm up and move in the right direction. 

I would be hesitant to "jump-right-in" because there are obvious issues involved with buy-and-hold. Do you have the time/money to purchase, evict, handle a vacancy, handle damage and cap-ex? Unfortunately these problems do require some cash reserve, or else a partner with cash reserve. 

However, over time everything can be overcome, but it all starts with having goals and step by step working towards them. Q. How was the Grand Canyon made? A. One drop of water at a time. 

Best of luck to you!

Hello Serge! 

Nice to see that even people in Belgium are interested in REI! Good luck with your development career. I'd also love to create a beautiful housing for families in a honest way while making a living. Hopefully we can both be successful!

A wonderful website that I've come across is "Social Explorer" (www.socialexplorer.com) they've got a ton of map-based data that you can look through. You do need a subscription (though limited usage is free) and you can look at crime statistics, home prices, education, etc. When you look at this data on a map, it's easier to pick up on trends that can show you that "oh, hey, this neighborhood is cheap, but actually very safe despite being on the so-called wrong side of the tracks". 

However, I would assume that the numbers themselves; the house price, the renovation cost, etc are more important because they're totally inescapable. 

Good luck with the flip, hopes it works out great! I love Western Michigan, my cousin used to live in Grand Rapids! 

What you do obviously depends on your budget. You could always remove the drywall from the jump, and just replace it and paint or put up a new tile wainscot.

The tile looks pretty glossy, so I'm not so sure how the painting would work and how the finished product would work. If this was my bathroom, I would probably strip the wallpaper, and carefully chisel off the tile as well. 

You can then just patch and paint the drywall, or if it's too damaged, you can always replace the drywall, which does indeed take longer, but on the other hand, drywall (even water-resistant or "green" drywall- what you want for a bathroom) is not super-expensive and is DIY if you have the time and inclination (Though it is on the harder side as far as DIY projects go) 

Wspaniala robota Panie Marcinie! Widac ze wszystko zrobione "fachowo". Szacun. 

I've got a newbie question, which I apologize in advance for.

If you go on the Philly Sheriff's website, you get a list of properties with some general info. When you click on a specific property and then "distributions" you get a category called "Real Debt". In this case, the "Real Debt" is $368,288/78 and this is a mortgage foreclosure. So if one were to purchase this property at the auction, let's say at a winning bid of $100,000 would you be required to pay this "Real Debt" or is it cleared as part of the auction? Basically, would your total cost be $100,000 or $468,300?