All Forum Posts by: Shawn Thom

He who has the money, makes the rules :)

Heck if I know. I just don't want to delay closing :)

Purchase price= $63000
Rehab plus items they wanted fixed= ~$18000

Agreed selling price= $115,000 (of which I pay $4000 of buyer closing cost)

Wife just got a call that buyer's bank is asking about purchase price of the our first flip set to close on 3/8. they wanted to know the purchase price and rehab costs.

anyone know why they would need it. I want to be prepared for any issues etc.

Background: This house was purchased from a wholesaler and was never on MLS etc. I purchased house on 11/14 and it is set to close on 3/8.

Buyer's loan is FHA. I have not seen the appraisal. The buyer's inspection came back with some stuff and we fixed them all.

Anybody have any ideas on how to figure out who they are and get them on your buyers list?

Some people have a seller facing website and a buyer facing website. That way you can customize them based on that.

I'm a newbie but I put my first on a facebook page I created for my business. Another great place to put photos is google. Just get a gmail account and go to more (on the top of gmail) then photos. It will store them in full resolution and you can have really large albums.

Here is my first flip
before

https://www.facebook.com/media/set/?set=a.418013768265162.93296.383553101711229&type=3

after
https://www.facebook.com/media/set/?set=a.436690313064174.96825.383553101711229&type=3

I'm interested.

+1 for "how to analyze a property" and anything related to things like that.

I'd also suggest archiving them so people can play them later if they miss the original airing.

I did exactly what you mentioned. I would not have been able to start with out it. I didn't remove my full equity though, I just took a portion which was enough to get a good start. I was extremely nervous about it as I was a big time Dave Ramsey no debt guy.... but after much deliberation I found some peace in it.

I plan on doing flips and buying SFRs along the way. I am going to TRY to pay portions of the profits back to pay down the house as having a paid for house is a goal of mine.

Hami Hot it was not a foreclosure. It was a deal I got from a wholesaler.

Thomas Manuel , everything I've read says it is better to stage. When my cousin saw the pics he thought I was crazy for staging a home in this price range. I felt better doing it. I was lucky because I got all the furniture on the cheap. My parents were basically getting rid of half their furniture so most of the furniture you see what bought for $300. There are a few odds and ends that I bought (some of it not pictured). To be honest, my wife and mom were drooling over getting to stage a house, so for them it was all part of the fun. I have to admit, staging on the cheap is kind of a pain. Doing it all via uhaul trailer, trying to unload with just me and my wife, trying to get the sofa through the door etc etc. In my mind I am telling myself it helped :) and I definitely don't think it hurt. I learned there is definitely an art to staging. You can't just go out and get stuff at garage sales.

J Scott, thanks for that link. I'll definitely use it for this and future ones.