All Forum Posts by: Terri Lewis

On the site I am showing it for $45k. Or that is the amount we have it up for sale for. 

Good, point @Hattie Dizmond 

I want to say 2 different levels of rehab. Basic needed: replace exterior door, repair kitchen ceiling and check for leak above the area. 

Full rehab: paint walls and ceiling, refinish hardwood floors, repair and stain decks, dishwasher, and new windows. 

The value's are showing lower now for the property, but only a few k on county appraisal. Various sites showed mid $80's and now they are showing mid $70's 

https://sites.google.com/site/1729windianaaveelkhartin/

The property is worth around $50k-$55k $1,500 of repairs. 

Rento meter has it at $700.00, 

In the spring when this whole deal came around it was valued at $85k with a rehab of $12k. 2 other proerties with in 2 blocks were listed at $90k and $95k.  One was supposedly sold at $90k. I checked the county records and it showed a $0 for the transaction, but there was a transaction. 

One recent at $90k but has true river views. That sale is pending.

These are all in nice neighborhoods, same or similar to the subject property.

Some of the recent sold comps are in closer to the heart of the city 4 to 5 blocks away, Those are either closer, or in the war zones. $15k to $45k.

So if I run the marketing with the web site, is it open enough for both investors and owner occupant? 

@Sandy Blanton  They could have passed the info to the asset manager for that property.

 They are really great folks. We use to do rehabbing for them, must have been in their busier times. Could have been the transfer of a jerk of a new Realtor on a project. He delayed the final inspection by 2 months, stating it wasn't done when he had not been out to the property during that time. ( he sent his assistant who never entered the house) This was for us, about their choice in the local Realtor and not knowing he was not showing up to the meetings. He also had his own crews, so go figure. 

Anyhow some of the properties they use to dump were large rehabs at a possible loss. Any that can make them money, they fixed and flipped. As @Jake Kucheck stated they are going to make money on it. As far as I know they have no need to break even if they can make money. Since the property is in A+ condition it's doubtful they will make any deal that is not strongly in their favor. They use to fund some of their properties to investors or rehabbers in certain areas. That was just some info, one of their asset managers told me back then.

When they are ready to lest the property they will put it on the market for less than the ARV to move it to a OO quickly, but only about 10%. We learned a few things from them, and will always be grateful to them for that.

Welcome @Chameka Meadows, the BP community is a great place to learn and grow from. As you interact on the forums you will meet a lot of great people willing to take time and help direct you. You can search topics and read the forums listed. As @Dmitriy Fomichenko and @Jon Klaus listed some tools to help you get headed in the right direction. Also the podcasts have a lot of information in them. 

That really is a great looking house now. You did a lot of renovations. I am surprised at how much the new windows, siding and landscaping changed the curb appeal. Both definitely make the house look like a brand new one. 

Great post @Christopher B. it was very encouraging to hear your experiences through the first year. Did you find your partner here on BP? Also what experience did you have going into the fix and flips? Did you do a lot of the work yourself or sub it out?

Also done here, I hope. I need to use and learn more about facebook. lol Or get my partner to help in that area. 

BP, founders, and moderators all deserve a lot of recognition. The site has done so much for us in such a short time. Thanks to all of you for all the time you've spent developing and monitoring it.

I hope I added the link right. It goes into depth on contractors and the difference with GC' ing it yourself. As @Dawn Anastasi states that a lot of the time, the budget is what you need to work with mainly. It is far too easy to go overboard and do more than what is needed. Also depends a lot if it is going to be for resale or a rental. I wouldn't cheap out on a rental either, just that you wouldn't want to put a Jacuzzi tub in a mid class rental. but if you have a high end rental or sale, you might benefit with the upgrade. Also if you factor in your time and if you want or have the time to spend at the property. Even as a GC you get calls, questions, trips to the property to check on work, sometimes drop things off, or see any issues the contractor might run into. homewise.com gives you some ideas for costs even for being a GC.

http://www.biggerpockets.com/forums/24/topics/1470...

Another great post @Account Closed states to use several to get a good average. Penny has several rentals around you and might be of some help.