All Forum Posts by: Karin Crompton

Hello!

We are offering a flip w/an estimated 50k+ profit in Ledyard, Connecticut. This is a 3 bed/2.5 bath, 2600sf Colonial on 1.5 acres in a quiet, cul-de-sac neighborhood. ARV of 320k, rehab 55k, asking 175k.

Feel free to ask questions here or to message me/email me for additional information. We have comps, additional photos and a breakdown of estimated repairs. We own the property and it is available to be shown anytime. If interested, please have proof of funds available for showings.

Hi @Joshua Dow - if you have the availability, you should be able to find a class that meets a couple of days a week and gets through the hours in about 5 weeks. It's been a couple of years since I took the course, but I found one in Old Saybrook, and I'm sure there are others. I know I started in about the second week of November and was done by the end of December. Then I took, and passed, the exam in January. The catch is that the classes were on two weekdays, but I was able to clear my schedule.

Try this link on the state Dept of Consumer Protection's website to find available classes. On the drop-down box for License Number, choose "RPL" and click search; that should show you a list of schools.

Good luck!

Good stuff, @Jonathan Makovsky . It's kind of hard to believe you're working on your first deal right now, because you carry yourself like someone who has done a bunch. Keep on keepin' on!

My apologies if I wasn't clear on the profit-sharing aspect, @Michaela G. . He is absolutely still a part of the profit sharing (which is being split 3 ways, btw). He found the deal and I would never renege on that.

The agreement was that we'd split profit and he could also have the job, but he would be hired the way we'd hire any other GC. We used this guy once before as a contractor and were very leery of hiring him again, due to his poor organizational skills and lack of contacts or a real crew. Whenever a fellow investor says that contractors don't change, listen! This guy was as poor as ever in those same regards; again, not a bad guy, just very frustrating to work with. So it was a very short leash. Bottom line: he stinks as a General Contractor, but he certainly gets credit for finding a deal.

I agree, @Account Closed - a good GC is worth their weight in gold and I would gladly pay the money for someone who can do the work quickly and do it well. Unfortunately, I haven't yet found that person. Also unfortunately, I'm not that good at haggling, so I've probably overpaid as well!

Thanks for the input, everyone. I certainly don't want to slander the guy or come across as slanderous; he didn't rip me off, he just couldn't get it together as far as providing detailed quotes or scheduling people. And cold weather season is fast approaching.

@Jean Bolger that was part of my thinking as well, that it perhaps doesn't hurt to let it be known that I already let one person go. On the flip side, I don't want to give the impression I'm a hothead who's quick on the trigger and thus scare off contractors who may fear that I'm unreasonable.

@Franklin Romine  this is an approximately 130k rehab. (Keep in mind this in CT, where prices are higher - though you're probably familiar w/that in California.) To state the obvious, it needs everything. And it's a 3100 sf gambrel Colonial.

Hey all,

I'll try to keep this brief to start. We had to fire our GC on Friday and decided to take a deep breath and a couple of steps back and start from scratch. This means I'm calling contractors myself for all of the components of a very multi-faceted rehab. I believe that, although we'll have a temporary delay, it will wind up faster and more cost-effective in the long run.

We had started some work already, so when I bring new contractors in, they will see a house that's been partially gutted and a Dumpster in the driveway.*

Here's my question: what do I share, if anything, with the contractors I'm now bringing in for quotes? Do I inform them that I had to let the contractor go? I feel like I need to say something, b/c it will naturally be a part of my description of where the project currently stands. So what do I say, and how do I say it?

(*About the Dumpster still being there ... The guy who was acting as GC had brought us this deal and we agreed to split profit and give him the job, but he had to perform and was on a short leash. He has zero organizational skills, which is why we had to let him go as GC, but he does decent carpentry work so we will probably hire him for some individual components of the job as long as he can get us a coherent quote. He's the one who had ordered the Dumpster and will probably still use it. Hence, the Dumpster in the driveway.)

Hi, @Marshae H. - welcome to BP. I'm in SECT, too! We're practically neighbors.

Can you clarify a bit more about what it is you're doing? Are you wholesaling/acting as a middleman, selling your own property directly to a buyer, etc? Where did you get your Purchase and Sale Contract?

In CT, you will use an attorney to close and they will handle title search/title insurance, as well as other duties, including handling monies that are exchanged during the actual purchase/sale. They essentially serve as an escrow agent as well - though, as a bit of a side note, if you are using a real estate agent, the agent will probably have collected and then deposited the earnest money deposit into an escrow account held by their broker. The agent/broker can guide you on how that works and where and when that deposit check comes into play. It varies by county, i.e. by real estate boards (ex: my mother is a broker in Litchfield County and that board handles deposits differently than they do here in New London County. It's really just semantics as to whether the broker turns the check back over at closing or deposits it.).

The buyer can wire money to the attorney or will bring a certified check to the closing (we've done both). The attorney can help walk you through the steps; actually, the paralegal in the attorney's office will most likely be the one walking you through it and handling the paperwork.

As others have stated, the closing date can vary. If it's a cash transaction and the attorney's office isn't booked and can do the title search quickly, you can conceivably close in a matter of days (though I wouldn't try for anything less than 5 business days). If the buyer is using a lender, whether traditional, hard money, private, then you'll have some more paperwork and waiting times.

Welcome, @Joshua Dow ! This is the best place to get started on your education and networking.

If you decide to stick around eastern CT and find deals, keep me in mind. We could use a good wholesaler around here!

Best of luck.

Thank you, @Daniel Raposo - what you've pointed out made me realize I wasn't clear. When I referred to property management, I meant the leasing end of things (and, of course, the sale, which hopefully is obvious on its own). I'm glad you chimed in!