All Forum Posts by: Mike Hibbs

Great job Keith Jourdan . I just moved to Royal Oak, and have began looking for potential flips. Curious to know what area of town this one is in? Also what was the purchase method? (MLS, Auction, wholesale)

Brandon Hardy any updates on this project? Would love to see completed pics.

Recently used Lily Ann cabinets for a flip, and was extremely happy with quality for the price. I assembled them onsite for the crew to hang. Ask for a discount when ordering!

@Jennifer McCollum Investor in Hampton Cove area, decided to not get flood insurance.  (Cash purchase)  Other person in Blossomwood, got flood insurance for ~$700yr I believe.  It was less expensive than anticipated, due to replacement costs of particular home.

How do you know the flood plain touches the structure?  Has a flood elevation survey been done?  I have used WIlliam Hill for this, and was satisfied with his work.  IF he determines the property to be in flood plain, BUT the structure not to be you may be able to be removed for insurance purposes. 

Hi Jennifer McCollum , sorry to hear about your discovery. We as agents often relay on the information given to us by our clients. Unfortunately this information isn't always correct. When in doubt I make a quick call to our engineering dept. for them to run the address, it takes a quick sec. I also would have thought, when you inquired for insurance quote the insurance agent would have seen this? Fwiw - Huntsville has recently had several areas rezoned. Recently discovered a listing I had in Blossomwood was in flood zone, owner didn't know. Home had no mortgage, and likely discarded the info when the home was rezoned...insurance agent found it.

Michelle Copney I can't exactly answer your question, but I can offer my email and say I'd like to be notified of anything you may have. I'm a cash buyer in Huntsville. Send me a PM and I'll provide my email. -look forward to working with you.

@Katherine T. I am part of a few FB groups in your area, and see rentals posted often within these groups.  They always seem to be inquired about.  Feel free to PM me, and I will send you the specific groups.

Good luck.

Great point, newness factor would be gone. Fingers crossed.

John Weidner I agree the numbers aren't exactly where I wanted them to be. First deal learning curve. Question, our immediate exit is to cash out to have cash for another flip while waiting for the purchase. Approximate costs $1,000 plus 4% on what ever I draw out. With the cash flow of $1,500/month minus cash out costs...you would have still held out for conventional buyer? I looked at that as a way to offset RE commissions.

@Michael Schueler Completely agree, now.  First one maybe the ego and excited got in the way.  Moving forward I don't plan to tile floors, showers cabinets...etc.  Hire professionals like yourself!