All Forum Posts by: Rodney Marcantel

Just an update. Purchased my next property (3rd flip this year) in an adjacent neighborhood built in 1998. Newer home from this one I flipped that was built in 1980. It's a 2 story 1453 sq.ft. home with 2 1/2 baths and large master suite and on-suite. Water damage from a previous hail storm that was never rectified but other than that, really good. Looking to make around $30K on this one. Expect 6 weeks reno. Numbers: Purchase cash for 160K, financing some of the reno cost, $40K rehab, list for $240K, profit $30K. Inventories here are very low and houses are very low days on market.

Sold after negotiating to a 5th buyer for $207,500. Making $25K profit. Half of what I thought I would make. From purchase to sale was just under 6 months as the 5th buyer had to sell their existing house that took an extra month. But I made 13% profit on my money over 6 months or 26% annualized. Not bad for really only 69 days of my work.

What are the best foreclosure and REO websites and software programs out there? Auction.com, ReatyTrac.com or other sources? I'm having a hard time finding properties in my area without paying a wholesaler or competing with others when I have cash to purchase homes under $150K with low (cosmetic) rehabs. Got lucky on my $50K flip property finding it really cheap but it's not easy in DFW when you're goal is $25K or more profit. Would love some feedback on this subject. Who's having success and with what software/websites?

Hello @Roderick Goldthwaite. Glad to see you on Bigger Pockets. Look also at success stories. They provide good inspiration for new RE investors. Here's one that's my latest flip story you might like.

https://www.biggerpockets.com/forums/223/topics/44...

Originally posted by @Sam Shueh:

Good rehab job. How much would be your gain if you contract out all of it and use a full service realtor?

Thanks

Sam Shueh

Silicon Valley, CA

 Well, add about $15K in labor over what I did and cut time down about 2 weeks from 69 days of rehab (which equates to about $100 savings in carrying costs since I purchased with cash) That's $50K - $14,900 = $35,100 profit. Oh and add in another 2% to sell over what I'm paying with Listing Spark and that profit drops to just over $25K profit. Does that answer your question?

Well, once again an FHA buyer has failed to qualify and the house is back on the market. They didn't qualify after we received a qualification letter because a foreclosure from 2011 wasn't cleared until 2014. That's less than 3 years that FHA allows for clearing on their requirements.

Back on the market. Would love to find a conventional buyer this time.

Bachelors of science in Electrical Engineering from University of Texas at Arlington. Worked Alcatel 18 years. Have 2 patents on DSL technology. Helped develop FiOS and Uverse technologies. Run a web development company do IT support when called upon. I run my RE business full time as the other jobs slow down. I'm a right and left brain person. Drives my wife crazy. I'm very technical and precise on designs but can also visualize redesigns and develop a plan to completion that gets quick results. Offers on flip properties. Good with architectural/graphic design and interior design.

One day later (Saturday), accepted second offer. Full price ($229,900) and closing in about 2 weeks. Qualified FHA buyers. God is good.

Back on the market. 90 days of ownership and the FHA buyers didn't qualify according to their agent. Not sure if I believe that but it is what it is.

Originally posted by @Robin Boyer:

   @Rodney Marcantel amazing work. Maybe you could be s mentor for some of us. I have a few questions if I can maybe pay you for a half hour advice or something I know your a busy person. Getting ready to do some big real estate moves and I am going deep with just bigger pockets information witch is good! 

 Like the idea of getting paid for my time. :-)