All Forum Posts by: Sheen Ford

I'm currently involved in my first flip. Doing a live in flip to negate the necessity to use private money, and to really take the time to learn the process. The house is off of Detroit Road in Rocky River, right before Westlake and across from the golf course, and is a colonial style 4/2.5. My value add proposition is to turn what is a walk-in attic off of the master into an ensuite master bath. I've run into multiple areas of trouble, and I'm starting to see gray in my hair but not in my will. The comps for a house in RR with 4/3.5 are a vast range from 265k-450k. We already planned on updating the other two bathrooms, and then doing the addition but with comps the same as my purchase price 265k it's hard to tell if updating is worth it. 

My realtor ran the comps for me, and suggested since we have already invested in updating the electrical wiring that we turn the attic into a closet unless better comps come out. The attic square footage, the size of my two car garage, would then be added to the value of the house along with the two new bathrooms. 

Just looking for a little direction from someone who has experience in dealing with a similar spread in comps. I don't mind taking the loans out for the addition, but it's all predicated on the speculation that i'll make my money back on the hind end. The spread that is available makes me a little uneasy.

Ok, awesome thanks guys! Brent I actually may be taking a job in Cleveland! I'll send you a colleague request. I'm coming up there Sunday for a site visit to see the operation of the plant. I will call my loan servicer, and fax them a copy of my termination papers along with my job offer to ensure that they get the whole picture.

I recently closed on my home, and have more months that I am supposed to owner occupy. I was fired from my job, and have two job offers out of state. My questions is how do I move without committing mortgage fraud? I plan on keeping the house and renting it out, but don't know what will happen when I change my address for mail.

I'm looking at acquiring a 30,000 sq ft lot. The plan is to build a 12-unit complex. I sat down with the owner of the property, and he gave me a survey that he had conducted on the property. I have preliminary drawings of the dimensions of the apartment and units. I am looking for builders for quotes that will help me with where we are in Norfolk, Virginia. All of the builders I have spoken to only do residential.

Welcome to the BP community, best of luck to you and your wife in your real estate endeavors!

Welcome to Biggerpockets! Do you have a specific niche in mind while moving forward with your real estate endeavors? I would recommend listening to the BP podcasts, and dialing in a niche if you haven't already. There is a gold mine of information and books in the podcast that give you info on the benefits of each realty route.

There are both hard money and soft money lenders at PREIA, the Hampton roads meetup. Have you visited your local REIA?

Hey Tyrell, have you started going to any local REIA's?

In relevance to getting a quote, just call your car insurance provider. Mine was trough USAA and a red flag was when they told me they didn't insure in my area.

Great, the only other thing I would say to be mindful of is the possible need of flood insurance. I didn't start factoring into my numbers crunch, and ended up needing it. It did take a chunk out of my cashflow, but still allowed me to break even. Now I know in the future to get an elevation certificate as a contingency with my offer. At least when operating in this area.