All Forum Posts by: Nicholas Salnicky

@Jesse Spaur

My simple answer is.. Ask yourself the question of whether or not you are a speculator or an investor.... trying to time the market and waiting for the bottom, would be speculation. You probably will never catch the market exactly at the bottom or the top. If you are an investor, you're not trying to time the market you're investing in it because it cash flows and will appreciate in time.

@Maxine Kunimura

That's probably the best idea on your situation, look for a property that is more cosmetic instead of a total disaster.

Once you have a property secured it'll be a lot easier to get a contractor out there, and then you can pick his brain and form a business relationship and he'll see that you're not just burning his time.

@Einat Menashe

Id say go to Zillow, click on the map then lot lines this will show you an estimate of all the homes surrounding it. And the yellow dots are what the homes in the area of sold for. I would take to compare homes with like homes.( tri- level with tri- level. Ranch with ranch. Etc)..... i would say to look at what homes have sold for not what they are listed at. And also know that Zillow isn't accurate to the tee. I would say its pretty close and can swing 10% either way.

Hope that helps.

@Tim Lin

Easiest way, have your renter pay a deposit.

This will put you in control of that situation and you can make the call as to how much of the deposit you will refund when they move out. Hope that helps.

@Sean Tippens

Yes in a lot of states there is a labor shortage in trades. It sounds like he's just really busy and doesn't have time. So you can either buy him off or walk away from the table. But 8k is still alot, I'd say if youre trying to save some money ask if he can do it for 5k...

@Maxine Kunimura

You are going to have to pay a good contractor to come out. I would say to treat him how you would want to be treated in that situation. I'm sure you value your time. Pay him well and i would say to tell him what you are doing and if you are sincere and arent going to nickel and dime him on jobs, i would say they are willing to help. L

A general contractor is going to hit you for at least 15% for the project management and supervision of the job and having to pull in his resources to do a complete home remodel.

I have my class c gc license and would say to find sub contractors that are in the specific field of work you need. But on a property you haven't secured yet also thoughts another kink in there.

Also realistically even if the contractor makes you a list of the work, me being a contractor and submitting offers with things that need done, if it's on the mls i would say best of luck to you trying to gget the home... i can't imagine the comps that a real estate agent who put together a CMA would be over 100k off.

I apologize if this sounds rude but i would not spend too much time with perspective investments like this. It sounds like you are forming a personal attachment to the property for some reason. It sounds like you are hell bent on getting this particular property when it's just about the numbers. It sounds like you have a case of Hopium. But i do hope you realize that it's a numbers game. Also i wouldn't go with rough estimates. It's all about the numbers and they are critical.

@Maria Luna

All it would take is roughly 6 properties a year that cash flow $200 a month. That's a property every other month. You got this!

@Alexis Monroe

Like wholesaling?

Sooooo, I found an awesome deal, it's listed below value. I need short notice financing, I am so new to this i haven't secured financing with a portfolio lender yet.

I found a house today that's an awesome deal, in a desirable area in Omaha. It has no garage. Was going to put new concrete in the driveway and throw up a detached garage. It's technically a 2bd/1 bath right now. It can easily be converted to a 4/1 because the rooms are already framed out, just need to change out the windows in each room and make them egressed per code. Was looking to take some square footage from the dining room and make a master suite and put a bathroom in ther basement. So this property would be a 4/3 with a master suite there are none like this in the area. There's a 4/2 with no master suite with 400sf less going for 169k going for $126/sf it does have an attached garage.

So the total all in budget on this property is 165-170k this would completely deck this house out. Create an open concept, make it a 4/3 with a master suite, completely update interior and exterior. Even at $120/sf with 1700sf that's $204k and we're all in at 165-170k. After running the numbers on a flip this house should generate a +20% return. Also they are developing a beautiful park with a little lake and building brand new apartments on the other side of the lake I can't see this property not appreciating.

I need a hard loan or a partner the guy i was working with keeps backing out of deals, i think he's afraid to pull the trigger. The agreement since im a Class C GC, he was going to provide financing and i was going to do the project management and work.

Anyone have any ideas?

@Peter Vazquez

Thanks