All Forum Posts by: Delicia M.

@Dennis M. I never considered about owner finance. I was so stuck on offsetting this project. I like the idea. Thanks for the advice.

@Will Barnard, this was definitely a learning experience. I made many mistakes along the way. Thanks for your advice, I will complete renovations and sell it at a profit so I can re-invest based on lessons learned.

I purchased a 3 bed/2 bath bungalow one year ago for $20K with the intent to flip.  The home is located in a part of SC that's hard to find available contractors or help. After a month of searching, I found a unlicensed person to add a 1/2 bath, gut and renovate the entire house. He does great work but he works by himself or sometime with his nephew. The house is 90% complete and I've ran out of money. The supplies are there but the house still need things such as kitchen cabinets, floor tiles, and door knobs throughout as well as re-bricking around the bottom of house.  The comps are $135K - $155K. To date, I've spent approx. $85K, including purchase.  Now I'm broke! Should I sell the house as is or should I try to secure more funds to complete the project? Thanks for any advise. I'm feeling overwhelmed. 

@Ed Tamayo Hi Ed, I want to try Tax Liens and Forclosures this year in SC. I've been trying to get my hands on an FLC list from Horry and Georgetown counties but, they are never available.  You said you won "some" of your money from redeemed properties. Did you lose money?

Property #5 Location SC Purchased 2018 # Units 1 Orig/Refi Price 20,000 Interest Rate 0% Current Bal 0.00 Renovations 45,000 Market Value 99,900 Equity 99,900 Mthly Mortgage/Ins/Tax 193 Zero Rental Income NetMthly Rental Income (193) Annual P/L (2,316) Note: Reno will be complete May19. Should I flip, rent, or take out equity?

Property #4 Location NY Purchased 2018 # Units 2 Orig/Refi Price 401,300 Interest Rate 5% Current Bal 395,368 Renovations 30,000 Market Value 601,391 Equity 206,023 Mthly Mortgage/Ins/Tax 2,724 Mthly Rental Income 4,500 NetMthly Rental Income 1,776 Annual P/L 21,312 Note: Rental

Property #3 Location SC Purchased 2016 # Units 1 Orig/Refi Price 13,500 Interest Rate 0% Current Bal 0.00 Renovations 75,000 Market Value 100,000 Equity 100,000 Mthly Mortgage/Ins/Tax 37 Zero Rental Income NetMthly Rental Income (37) Annual P/L (444) Note: Vacant / Need Reno. Not Insured.

Property #2 Location NY Purchased 2005 # Units 1 Orig/Refi Price 380,000 Interest Rate 5% Current Bal 375,403 Renovations 50,000 Market Value 605,000 Equity 229,597 Mthly Mortgate/Ins/Tax 2,998 Zero Rental Income Annual P/L (35,976) Note: Primary Res

Property #1 Location NY Purchased 1999 # Units 2 Orig/Refi Price 350,000 Interest Rate 4% Current Bal 339,942 Renovations 30,000 Market Val 576,500 Equity 236,558 Mthly Mortgage/Ins/Tax 2,040 Mthly Rental Income 3,630 NetMthly Rental Income 1,590 Annual P/L 19,080 Note: Rental

I’m a married, mom of 3, working full-time and manage all renovations and rent collections. It wasn’t until I purchased my third house I realized I’m considered an RE Investor. Now, I have 3 properties in NY and 2 in SC. I’ve never “flipped” a house. How do I determine whether to keep a house, flip it, or take out equity to buy another? I’m scared to make the wrong decisions. This is my first post or attempt to network. Thank you.