All Forum Posts by: Katie Neason

Good luck! When I first started I looked at probably 30 houses and put offers in on 10 before I actually got one. That was before the market was crazy hot like it is right now. I have bid on many auction houses and have yet to get one.  It will require patience and perserverance. If it is easy, it probably isn't a deal.

It is a numbers game. What is the cost to repair versus what you can sell it for? What is the cost to tear down and rebuild vs what you can sell it for? Along with cost you should consider time and risk. Every market is different, but in my market, the numbers rarely justify tearing down a single family home to replace it with another single family home unless it is in a transitional neighborhood where you can get a premium. The challenge I find is that you need to get new construction prices in a neighborhood without new construction comps. So you run the risk of it not appraising vs comps of the neighborhood or it not selling because people don't like to own the most expensive house in the neighborhood. Most things can be fixed and if it can't be fixed you need to make sure you are paying no more than the cost of the lost less the cost to tear it down. 

fear of failure. 

I would only consider buying if you can find a Tenant with a long term lease. I would put it under contract with a 90 day feasibility period. If you can't get a tenant during the 90 days, walk away. I would not take a start up business tenant. It would need to be an established business looking for a new location. 

The most direct way is to talk to the city staff. If they support your proposal consider moving forward. Then talk to the neighbors. If they support the proposal move forward. If either are against it don't waste your time. 

Cute house. Looks good. What are the numbers? 

@Account Closed did you have to use a special paint or application for painting the treads?  I am building 3 story townhouse and am planing on painting the treads, but I am nervous about it. 

Colton, welcome to Bigger Pockets. I am a full time real estate investor here. You can add me to your buyers list. PM me and I can let you know what we are looking for. Best of luck. 

Where are you getting the deals from you are looking at? If it is MLS those opportunities have all but dried up in my market. Are you doing any direct marketing? What market are you looking in? Have you talked to other flippers in your market to see what they are doing?

I am a long way from you, but we have flipped houses with foundation issues successfully. They have not stayed on the market longer. We always disclose before a contract is signed so if the buyer has an issue we know before the house is taken off the market.