All Forum Posts by: Philip Williams

This reminds me of a flip thread I was reading, the flipper who had never done a flip before claimed he was going to make 150k on his first flip. HE did a ton of arrogant things in my opinion tagging people and claiming he knew best. He got a ton of views likes and responses, how beautiful the house was etc. Well that flip is still on the market the profit margin looks to have potentially sunk to 50k at most and it's been listed over 6 months. Before you think but 50k is a lot of money, they are in for close to if not more than 500k. The odds of this being completed in your three year time line are probably in line with the power ball. 

Have the humility to learn from those around you. 

John C. Maxwell

Yeah see if must just be a market thing lol, our market in Illinois is not hot by any means. It may be just me but i'm not sure bidding wars happen around here ever unless you price at 50% of ARV or something silly.

Hey @Russell Brazil perhaps your areas are much hotter than ours here in Illinois. Most of the areas I have flipped in around here it makes no difference from what I can tell. From what I know none of my buyers have actually ever went to the open house they just scheduled with there agent. 

Hey BP Nation how are you guys doing! So looking to get your guys and gals opinions on open houses. We have just listed our latest flip and had our first open house. I've never really crunched the numbers but I cannot seem to find any correlation between how busy our open houses are and when our houses get under contract. While I don't mind having them because I don't feel that they hurt in anyway i'm just curious if other's have had different experiences? Have you ever gotten an offer at an open house or perhaps right after? I know it's a great way for my realtors to meet clients potentially looking to buy a house so that's always a benefit to them. Any feedback would be greatly appreciated!

Do HOA fees ever go down lol mine certainly never have....

Hey @Matt Salinas sorry to hear about your son's disability. Do you by chance know what percentage his disability rating is? I'm not sure what county he is in but a lot of places if he is over 70% disabled he doesn't have to pay property taxes. This can definitely help with a refi, also is this a VA loan? I wish I could offer more advise but there is no way to just remove yourself from a loan, but depending on his disability the VA has some great programs that might be able to help.

This whole thread was like a car accident....I just couldn't stop looking

Hey @Laurie Falk Congratulations on getting started in real estate! When new investors ask me the number 1 thing I would change if I could start over again my answer is always the same HOUSE HACKING!! So as for things you should look for in a duplex you would be living in, the same things you would normally look for in a single family. Get a home inspection done etc, the additional things you need to do that you probably aren't familiar with are mostly tenant related. There are a thousand more but here are a few things I would look at. 

1. What kind of leases are in place

2. Were the tenants properly screened (you will be living next door)

3. How long is left on both leases (especially if your doing an owner occupied loan)

4. Do the tenants have security deposits? 

5. Are the tenants paying market rent

6. How long have the tenants been in the building

@Mesha Graham Hi what I would do in your situation is try and find a veteran wholesalers who operates in your area already. If this is actually a deal they should be able to split the deal with you and should have the capital to be able to put up the earnest money for you. 

@Tianna McKeithen I understand what you are saying and there are certainly ways to build capital without any. What @John Thedford was probably referring to is the way some wholesalers do business, if you tell you owner you are going to buy the property and don't have any intention to that is by definition fraud. If however you tell them you are an investor and you are going to find an end buyer within 30 days or whatever amount of time you agree upon that most certainly is not fraud. The problem a lot of people have with wholesalers is they lie and intentionally mislead motivated sellers and actually make there problem worse. Reassure them you will close 100 percent just sign here......

I think perhaps you need to slow down and take a breath, you don't know how you would service the loan if they accept your offer? What would you do if the furnace broke in the first month, or if you got a tenant in who couldn't pay the rent? I hope you have saved up some money for emergencies at the very least but it seems you aren't quite ready to make a purchase.