All Forum Posts by: Larry Flanagan

I got an offer on a wholesale flip today from a buyer preapproved by Wells Fargo.  I just bought the house a month ago and havent done much to it, will I have issues with seasoning?

I've looked at some stuff but dont really like the risk/reward and/or time factor with most other things.  

I manage a couple rehabs a year, pick up a few rentals houses to hand over to my property manager from time to time, but primarily wholesale to investors.  My net has been about $250,000/yr for the past few years, but I feel like my business/income has sort of plateaued. Has anyone else experienced this?  Sometimes I feel like I should be doing more...

I know I can force a sale and it would be worth the expense.  I'm looking at it from more of a moral/ethical perspective...

I signed up a great deal a few weeks ago.  A few days from closing, the seller calls me and "doesnt want to sell anymore".  Based on other information gathered, I am 99% sure an agent told him he should be getting more $$ for the property.  What would you do?

The simple fact is equity does not convert to cash dollar for dollar.  Equity is good for over-inflating owner's egos, but thats about it.  Its best to not even think of it as yours in the first place.  On my financial statements I typically discount real estate market values by 10% to get a closer approximation of true net worth.

Realtor.com used to publish a nice sortable table of MoM and YoY price and DOM statistics by MSA.  I can not seem to find it anymore, any ideas?  Or maybe something similar on Zillow, etc?

My daily driver is an Acura which is a pretty inconspicuous luxury car.  My fun car is a Porsche turbo which I would never dream of driving to a meeting with a tenant, buyer, seller, contractor, property manager, etc.

Yes, these do not include GC profit.  The plan is for me to fund, him to manage, and we split the net profit after sale.

I have been considering building a spec house.  A GC gave me these costs for a house he built last year.  They seem low to me, I am concerned he may be jerking my chain.  They are for a nice 2,682 SF two story with 950 SF of finished walkout basement and 3 car garage.  I am in a typical Midwest city with approx. 500k population.

Costs:

https://drive.google.com/file/d/0B6ZzDavW-lJVSWt3R1g5OFoyMGc/view?usp=sharing

Pics:

https://drive.google.com/file/d/0B6ZzDavW-lJVNWFiaHAzT1dfZ0k/view?usp=sharing