All Forum Posts by: Phil C.

quick question, how long did the whole project take from purchase to sold? im putting my biz plan together for my first flip (or income property) and woukd be reallygreat toget some real life time lines.

Holy Cow, these are incredible numbers, mate. Congrats, hope you celebrated and treated yourself to something nice after closing (like another flip!) Cheers and good luck in the future!

hi joe, first is congratulations on your firstof many more flips to come. may we ask what are the numbers for this fl

hi Gabe, can i ask how much you purchased our plan to purchasethe house for and what are your rehab costs if any.

thanks,

great job Jonathan. keep living the dream!

keepus posted on your other flips. im still planning and research phase for my first one hopefully later in the year. but i have no contractors or trade team in place at the moment so it'll be a bit tough but I'm gunna make it happen one way or another!

I think you will be fine leaving it as is and not even bringing it up. It's probably not even an afterthought for any one living in that apartment, best not to kick the hornets nest. Good luck!

Hey Brian, If it did not meet the reserve, does that mean the house went back on Auction? If so, did you re-bid?

Hey Dave, How did it go? It's been a few months since your post so curious how it went. There seems to be a lot of Occupied Foreclosures in my area NY/NJ so before I jump in, I wanted learn from other peoples experience. Let us know!

Thanks
Phil

Obviously you deal with tons of legal headaches when you try evict the entire tenant, but I'm curious, do you have to face any eviction issues if the family kicks out a family member? Did you have to deal with any other legal problems?

P.S. I feel bad for the family that it has gotten so bad they had to kick their own daughter out of the house. I hope she can fix up her life. But that's a whole nother thread.

In RE Salespersons Class, Commingling is defined as mixing money or properties of others with personal or business funds. But the example used was if a client put down a 50k deposit on a house and you put that in your own personal bank account. The law is designed to keep accurate records of funds so there's no issue later. I believe you can technically put different funds in the same account, but you better keep accurate records and the $'s better add up. It is advised to put separate funds in separate escrow accounts to keep the funds separate.

But I think in the context of your speaker, I dont think it's commingling, you are just raising funds to buy an investment property jointly.

I'm relatively new to the game, so please correct me if I am wrong in any of this!

Thanks

Phli