All Forum Posts by: Patrick Knapp

@Brad Swearingen

I would say it depends if you have any renters you’re going to be acquiring if not not really

The correct way would be to set up an LLC and make them a partner, if the deal is good enough you could use longhorn investments and get 100% financing.

@Nancy Bachety

I’m a licensed general contractor and I am specifically trained in restoration work. You need to file a claim, your wiring could possibly need to be all completely replaced. If you ignore this and try to fix it yourself and god forbid you have a fire from it you could get denied for that claim.

Will your rate go up? Possibly but how much? $30 bucks a month or something. These types of jobs can cost 10s of thousands of dollars.

So let’s say your rate goes up $100 a month so $1200 a year. If the damage is $20,000 and you think of it as an interest free loan we’ll guess what it will take 10+ years for it to be paid off if you stay with that company.

Lighting can cause tons of damage you can’t see unless you have X ray vision. You also can usually get the insurance to cover lost money from rent. So if you lost 3 months of rent well that’s and extra $$$ money on top.

Once you get everything done ask the electric company to install an surge protector on the meter box which is like $200 bucks, than get level two surge protection on the panel box inside. Tell your insurance and see if they will offer a discount now that you upgraded that.

Hope this helps

@Candace Hagen

The Raleigh area is fantastic! I live here and love it! I’m a licensed general contractor and investor so I see both sides, I suggest looking into corporate housing, it can pay way above the 1% rule.

So update we went live and boy does it suck! It’s like the market just fell off the earth over here

Either we are priced to high at 350k or because everyone is trying to go on vacation being it’s last week before school starts. Anyone else seeing these issues in the market right now?

@Alexander Kim

Negative killer its 4 units

5 is concerned commercial

@Karl B. Damn that's funny hahahahahaha

Ya I would tell him ok sue me or leave your choice.

Update on deal 1

We are over budget lol estimate about 10k over being we are adding a shower where the laundry was and now re doing the kitchen cabinets since we are now adding the Washer dryer in the kitchen area. Even though this sucks my team( wife and realtor) believe this will be best which I agree since we are asking top of the market pricing and expect an above asking offer with how we have seen it been.

Painting crew used Valpar paint instead of Sherman Williams brand like we talked about and color is way off so they are coming out of pocket and having to repaint the walls.

So far so good, only crummy thing is I have to assemble these cabinets being the shop is backed up by 5 weeks so I guess I have to work a little.

@Chrissy Posney 40 years experience contractor I'd be worried he might not show up cause of a heart attack lol

All jokes aside, this doesn't sound like a good deal. 15k equity for a flip is Nothing. You have to factor realtor fees, holding costs, overhead and profit.

I'd be offering 130k max which I understand in California they will laugh at.

You are in a good position right now because you haven't made an offer, so it's not embarrassing. I'd make an low offer and see if it works. Plenty of investors in here able to help on the money side, it's how good of a deal that matters.

@Shane Lafleur great question. I found this on zillow, it was a FSBO