All Forum Posts by: Sharon Anschultz

I would like to know about getting insurance for a rehab in Florida.

@Manolo D.

This is my first fix and flip.  Can you give me some figures on what a project manager makes.

@Chris T.  I am investing remotely.  He has been wonderful and I want to make sure our organizations can maintain a business relationship.

I am working with a fella that I contacted to just get an idea of the market in the area before I purchased a property at an online auction.  I am already going to pay him a 3% commission for the purchase as he has been inspecting the property multiple times and giving me regular updates on the market and pointers on how to negotiate with the seller (bank), but he is also assisting me with getting bids for the rehab.  He is being my boots on the ground.

When I sell the property (leaning towards a fix and flip), it seems that the commission is not enough compensation.  If he gets the full comission, it might be fine but 3% on an $80K home, is that adequate for managing the rehab and selling the property?  As there a contract the a specific contract that I should use with him for this work?

I'm currently using Note Servicing Center, Inc.  I have a note with them, as well as a loan.   They send monthly statements.

http://www.noteservicingcenter.com/

Yes, I have a list of buyers who purchased for cash, but if you cannot get ahold of them then the list doesn't do you much good.  I have sent letters, but phone numbers are not available for all but a couple.  I spent weeks googling and search and found 4 phone numbers. on my list.  That is not a very good list.

Mentor has asked me to find buyers in my area.  Santa Clarita bans bandit signs.  I have done mailers from real estate sales list, but have not gotten any responses.  Any other methods besides bandit signs and mailers.  Did the craigslist thing as well.

I got a great deal on a property.  The broker experienced in flipping told my not to pay more than $50K at the auction.  I got it for much less.  Does anyone know of any spreadsheets that can help me determine the best course of action.  The broker provided me rental comps at around $900, though I might get more if I rehab the 2 bedroom into a 3 bedroom.  The home is 1700 square feet so creating a 3rd bedroom should not be a problem.  He said he could sell the property for between $95K & $115K.  If I rehab, I'll be into the property for about $50K.

I have a wonderful gentleman who helped me complete my first remote investment in Florida.  The property was an auction property and for particular asset that I won, the Auction said the bank was not paying a commission on this property.  I was considering paying him the commission myself.  What should I pay?  He drove to the site, took pictures and emailed them to me, did comps for both rental and sales, and as a flipper himself, provided rehab estimates on the property.  Should I pay the full 6% or 3%? 

We are planning on doing other deals, if I can find them.  He is stoked about this one I just got and is ready to do more even though we do not have any formal agreement on compensation.

  Secondly, He is also assisting me with rehabbing the property by getting bids for me.  As I am remote, I will need him to check in on the work, send me pictures of the work and such.  What is a property fee for a project manager?  Rehab is going to run about $20K.  I'm assuming it will most likely hit $25-30K.

@Christina McManaway  Its not about paying someone to do the work, its about trusting that they have my interest in mind.  This did not happen with my first and currently only rental property.  We are newbies and like young turtles, popped our head out into the real estate world.  Well this first experience has us back in the shell not trusting all the other creatures outside.