All Forum Posts by: Logan Russell

With two gut rehabs going on that the moment, holding cost, labor, and construction materials are like a black whole you throw checks into. 

Looks like a good spot for a small 900-1100 sqft spec house. You could likely be into a project like that for less than $100k  with good potential for profit if its in a decent area. 

I've had the best luck with smaller local banks. Your best bet would be connecting with prominent business people in your area and asking them if they would refer you to a good banker. Depending on a variety of factors you'll likely be looking at a 6%-9% interest rate. 

You can core holes through the drywall on the interior and blow it in or if your property has vinyl siding you can remove it on the exterior of the home and then core holes to blown it in. If you do the interior it will be very dusty and messy inside the house. If there is electric heat you could upgrade to a gas or propane furnace and help on the long term utility bills. 

You may need to increase your budget for a contractor. Good ones are out there but your not going to hire them for $30/hour. 

Looks good. If you do for some reason have issues getting it sold I would recommend replacing the roof judging by the pictures. It may still have a few years of serviceable life yet but thats the first thing potential buyers will ding you on when they pull up. Happy neighbors are a great bonus, except i've never got a check from one for increasing their property value! 

Shower only shouldn't really be an issue for most people unless they have small children. I would forgo a glass door and just have the tenant supply there own shower curtain, one less thing to clean. Also a good practice on rental bathrooms is to have the ventilation fan wired to come on with the lights. Keeping the moisture out of the bathroom with help a lot long term. 

1. Look on craigslist for rentals available in the area you want to market in. Call the number and start a conversation with the landlord. 

2. Run a search on your auditors website for duplex and triplexes. The people that own these types of property would likely be interested in a good deal on other investment properties. 

3. On your MLS run a search for cash transactions in the price point you want to wholesale. Look up the address on the auditors website to find out who bought them.

4. Go to your local sheriffs sales and make friends. 

This 4 quick strategies require a little work but will give you real, active buyers in your community. Everyone wants a huge list of buyers but you only need 1 to make a deal. Get focused and find the right buyer for the property your trying to market. Whats your strategy for wholesaling when your an active agent as well??

I would just google foundation repair in the city the property is located in. Talk with a contractor that does this type of repair frequently and get their opinion. If you hire a "structural engineer" from an engineering firm, I can only imagine how badly they would blow the problem out of proportion. Would be a lot like Web MD'ing a headache. Many times some tuck pointing and some more support underneath will keep the property in good shape for years to come. 

Your best bet will hitting the streets and looking for distressed properties in person. I assume your not looking to tear down a trap house in the middle of the ghetto and put up a nice town home in its place. The type of properties you may get from a data provider will likely be just that. Find the neighborhood where you'd potential like to build and scope it out. That type of deal isn't a shotgun approach, it takes the right property in the right neighborhood. Mail carriers often know what houses are vacant in a neighborhood.