All Forum Posts by: Peter Fennig

Great job !  Would love to know some more details on how  you acquired so many doors in such a short period of time

Awesome for you, congratulations!

That's awesome Frank, congratulations

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hey BP,

So I've got a house that I've looked at and now running the numbers on that I'd like to be my first flip. So far after pulling comps the numbers look very promising if I can purchase it for the 25-30k price range, another 25k in rehab, and the arv  is between 85-90k. I'm not sure though... Or confident enough that after getting it under contract I'd be able to get financing for the deal seeng that I don't have the purchasing rehab funds upfront out of my own money. That said I was wondering what experienced wholesalers  do  or would do to dot all their i's and cross all their t's on the property to ensure there aren't a bunch of liens or other issues that would disrupt a smooth closing before calling a title company and spending hundreds of dollars for them to do the same thing?

No, that's less than $50 a door in cash flow per month

Definitely write up a contract!  It helps keep everything  organized  as to what the contractor is responsible for and what the  home owner or investor is responsible for . Doesn't have to be anything fancy  and expensive written by an attorney  but just something that outlines the scope of work  estimated start and finish dates  and Cost of work. I've used a generic contract for the last couple of years on any job I do especially someone that I haven't done repeat business for on jobs exceeding $1,000

I totally understand, the concern with this being your first investment property  and I highly recommend doing as much research and due diligence on  the area you're investing in  prior to purchasing. Just thought I'd throw my two cents in there regarding my experience with a very similar situation. The house I own in that area is also a duplex along with brand new modern apartments that were built within the last 2 years. There was  also even 3  houses just one house over from me that were built brand new from the foundation up and my experience in all of that was very good rentwise especially after having the same concerns you're having now prior to those things being done around my property

I'm in an area in downtown Fort Wayne Indiana that  also  had  and is having a similar situation . It does create  some competition  but just  see what  the amenities are that the complex is offering in comparison to what you offer with your units such as on-site washer and dryer, dishwasher, garbage disposals...etc. The upside is that there's demand to live in that particular area which typically means better rent rates. In the last 2 years for instance I've been able to increase my rent has nearly 7% per month. There's a chance you may have to do some updates or minor rehab depending on the current condition of your units but it should mean that the increase in rents will pay for itself

This past vacancy, we simply told the other applicant that went through with the process and paid the fee that the other applicant was more qualified and in that situation we actually refunded their $40