All Forum Posts by: Christopher B.

The local reia tends to get a lot of traffic. I believe they're discussing note buying this month but I wont be able to be there. Where are you at in the process of getting started? 

Hello my fellow Knoxvillians, I wanted to reach out to all the local folks that frequent Biggerpockets. I look forward to connecting with you all and hope to see the Knoxville thread frequented regularly. Hopefully it can be a good resource for us all. 

There's a local reia that meets at the holiday in off cedar bluff once per month . A bit expensive at $500/year to join imo but not a bad way to start. Your profile states you're looking for a network, what exactly are you looking for? Contractors, agents, lawyers..?

I don't think you are stretching anything Alex. I've been through it myself and faced similar doubts from people. You did good, you produced a level of quality and style that many experienced investors don't or can't produce. Most investors are investors only, they mind the dollars and cents and do not have the vision or skill to make a rehab fulfill it's true potential for the defined budget. Their homes "smell like home depot" as I like to say because they can't see further than the bottom shelf of the local hardware store, especially in the beginning. You'll only get better as you do more rehabs as well. Congrats on your successful deal. 

go to your local Keller williams. You need to make a wage income before you sets your sights on being an investor. They have great training programs and you will get exposed to real estate in general. From there make it a point to work with investors. Search these forums to see how most investors have trouble with agents. If you can become a good investors agent, then it's only a matter of time before you become a good investor yourself. Good luck. 

I like where your head is at. People think we make a killing of this stuff, and in aggregate can do well, but if I have a rental that's making me $150/month it doesn't take much to eat away at my profit. I did some foolish things when I started and will implement some of yours as I offer a product that is nicer than my competitors. I dont go wild but some small touches. 

To the point, I used to apply application fees to deposit, I stopped doing that which is an extra $35-$50 saved upfront. I currently take $100 out for cleaning fees but like your requirements for pro carpet cleaning company, I'll use that as I know a good company. I just started charging pet rent on a house, small at $15/month but like you said they didn't mind and it helps cover pet related damage/cleaning. That's about it, I need do more. I've thought about washer/dryer but don't want the extra maintenance. My area requires a fridge so that's standard for me. I've got a garage on one property I'm going to turn into on-site storage, should bring an extra 150-200/month. 

Great ideas 

 Your comments are disrespectful to her and this community. Go look through my posts, I posted pictures of my very first rehab, it looked incredible and I did it myself just like she did. You going to call me a liar as well?Asking for opinions and researching ideas on how to make a house look good like I, and I am sure she did, does not take away from the fact it was our vision and we pulled the final trigger. If you had no vision on how to rehab a house with style when you got started that's your fault, nobody else's. Why can't you just be happy for someone, even if she is stretching the truth I don't see how commenting like that is accomplishing anything. 

Nice work, that was a big budget for your first flip! I think that's good though, while there is always more to learn I bet there isn't much that will scare you now. I know because I was 26 when I bought my first flip. It was very similar, a total gut with a $100k rehab budget. I knew very little and less than I thought, I got ripped by a plumber and electrician but I learned A LOT and made money. I look back now and taking on a big project like that and having success has been a catalyst for my growth and success since. I bet you'll see the same, congrats and good luck to you. 

http://www.nreinsurance.com/ is who I use as well.

I have 4 policies with them right now. 3 rentals and a rehab. Probably not the cheapest overall but they have pretty good customer service and are easy to work with. My current project has $1M liability and RC at $225k, I pay $191/month. 

I don't think we're missing the point, just based on our experiences things don't typically work the way you're describing it will. It can though so don't get me wrong, I once owned a house for about 20mins before I sold it for $30k more than I paid. That was a good day. If the house is truly worth $120k as-is then you're looking to "wholetail" as Brandon dubbed it which is awesome when it can be done. 

So to your specific question, 12,500 return is a 26% COC on your $47k investment, that's a pretty good return but not a lot of cash. If you can get in and out fairly quickly, don't expect a lot of hassles with rehab, buyer inspections, etc then consider it if you feel confident in your team and that's worth your effort. Just verify the rehab numbers. My .02. Good luck.