All Forum Posts by: Jay Whitfield

How about something for schools or shopping. Its a nice house for a large family.

Jay

It would not hurt to get some more price quotes, I think you have less than 300 dollars worth of material, so the labor is about 4500? If its over 500 dollars you need a license contractor for work being done, I think that is the law. I had work done in Sacramento and that's what they required.

Jay

Still no good info on these to hard money lenders. I have not got one person that confirms of a loan or how the process went. Thanks Jeff for the info. I contacted Kansas City Investor Funding, I will post how that process went. I had advertising on BP.

Jay

I would think about this property, 1 if your going to sell it in the future, a 3/1 is hard to market. 2 rent it to a family, a 3/1 is hard to rent because of the 1 bath. Check, eappraisal, zillow or trulia, on home values. You can google home values and get to all of these sites. This will give some ideal where the market value stands. I been checking out the Pensacola area for property. Go to Hud.gov or Homepath.com .

Jay

Hello BP folks, anyone ever did business with (Dohardmoney) or (Private money goldmine), I think that is the name. I know they charge a fee and want you to join something. Never looked to far into it when you have to pay to get a loan.

Jay

Will post photos in a week, working on the hardwood floors. 

Thanks

Jay

New to the BP site, been in the real estate business since 1991. Seen a lot of cycles in the years, done a lot of rehab, renting and flips. Moved from California last year to the Mobile Alabama area. It took about 4 months before I focus on 1 area to do my investing. Found a great deal compared to where I came from. My objective is buying and holding property under 50k with about 30k in equity. Working on a home purchased for 15,510 (VA repo), spent about 12,500 on repairs and home is worth about 72k to 85k. That is why I focus on the Southeast area because of the investment potential. The long distant landlord or flips didn't work out for me in the past. Would like to invest in property driving distance from my home. Good luck to all and happy investing.

Jay

Welcome to BP, I'm in the Mobile, AL area. I do investing in a 200 mile radius, from past experience, it works for me. Working on a total rehab on a property now. My question to you is, how expensive is home owners insurance and flood? I come from the west coast and was shocked at the price of insurance in the gulf coast area. My quotes ranged from 1100 to 3000 and my home is 160 mile inland. Good luck on building you real estate business.

Jay

I bought a total rehab in January, 3 bedrooms,2 baths,1 carport,hardwood floors,all brick,deck,workshop. I gutted the whole house and had a contractor do some drywall work in the family room. Myself and my two sons worked on the house for two weeks. I been working on the house for the last 6 months, reason being I wanted to know every aspect of a total rehab. I took a little more time than I thought, but the hands on experience you just can't get from any book or video. Now on my next rehab I will use a contractor for most or all of the work. I know how to do the work and how much I am willing to pay. I'm out the pocket about 12,500 for repairs and saved about 10,000. Time consuming yes, but whats the hurry. I see many deals where I bought this home. Have about 80,000 of equity in the home that is free and clear. A full rehab should take you 3 months and cosmetic fixer about 6 weeks.

Jay

Thanks for the info.

Jay