All Forum Posts by: Ricky Sabogal

@Gregg Heminger congrats!!!!

Looks amazing!! Congratulations!!

Thanks Kevin! I have been living in the area about 4 years, my wife, her whole life. I am glad you are making me think of things differently. I’ll look at what rentals go for in the area and see if it makes sense. Thanks again!!!

So I'm looking at a home that on the other side of the block has nice homes, a street I would walk through at night alone.  This home is on a street, I wouldn't like to walk down that block alone.  I drove by the property yesterday during the day and I asked myself if the comps would come in for this property.  Has anyone had experience with a situation like this?  I keep telling myself, "There is a number for each home." but I still have some concern.  I'm not going to pursue this property but I would still love to hear about anyone who did a fix and flip in a rough neighborhood.  What are some things that should be considered?

@Jason Runkle thanks Jason! I’ll take your word about the bad experience. I appreciate the info!

I am looking into HMLs for a fix and flip property I am interested in. I have been doing a lot of reading and have seen which lenders work in Virginia. I am wondering if anyone has used HMLs in Virginia (Chesapeake, VA Beach, Hampton Roads area) and what their experience has been with them. This would be my first flip. Thanks for any advice anyone can provide!

Hoping to get some guidance. I love the fix and flip calculator, I am in the process of analyzing some properties with the hopes of purchasing one in the next 21-30 days. I was wondering if there is a space on any of the calculators that you can add a link to a comp that you used to figure out the ARV of the property as you analyzed it. It seems that right now, when I send the PDF worksheet to my partner or investors I have to send along a couple of links to show how I came about to the ARV value.

Thanks for any help/best practices the BP family can give!

Thanks for the insight! @Ben McMahon a question about the liability comment.... is that bc they may run into a cost overage and not change the agreed upon price?  Sorry, just want to make I’m understanding correctly.

Is it common practice for the contractor you hire to charge a “PM fee”? I’m interviewing contractors in Hampton Roads, Virginia, and one of them said their structure with other investors is they charge a fee of 10% (of profit) as a Project Management fee. That is in addition to the money charged to remodel the house. According to him, they are just charging materials and labor costs but not their profit. I had never heard of this model, so hoping someone can shed some light. To me it only makes sense if their bids are lower than the other contractors that already build in their margin to the quote. Thanks for any insight!

Is it common practice for the contractor you hire to charge a “PM fee”? I’m interviewing contractors in Hampton Roads, Virginia, and one of them said their structure with other investors is they charge a 10% (of profit) as a Project Management fee. That is in addition to the money charged to remodel the house. According to him, they are just charging materials and labor costs but not their profit. I had never heard of this model, so hoping someone can shed some light. To me it only makes sense if their bids are lower than the other contractors that already build in their margin to the quote. Thanks for any insight!