All Forum Posts by: Amy A.

In 20 flips I've never lost money, but I had to rent one and wait for a better market. It cash flowed so was okay, but it taught me to be a bit more careful about the ARV. This one lacked easy parking and was not in a good neighborhood, yet I underestimated how important that was. I only paid $28,500, so thought it would be easy to make money. Oops. I ended up with a profit of $6800 after a year of cash flow. I've had 3 others where I made less profit than estimated and 12 where I made more. For three of these, I made double my estimated profit thanks to an appreciating market. Keep in mind that this doesn't count my time, and I and my husband do a lot of the work ourselves.

What helps me calculate ARV is having my real estate license. Remember that as an investor you have to act fast and often don't get the deal, so you would be quite a demanding client for an agent.

@Mike Dymski I'm trying to revive this thread and hope you and anybody else who sees this can help.  In what ways have you found on-site management (and I assume maintenance) to be better?  Also, what is the GOI required to afford on-site management/maintenance?  My goal is to eventually purchase a property that is large enough to support on-site management, maybe in SC, NC, TX, AZ.  Thank you.

I believe this situation is quite common, which is why some REO sellers now require buyer agents to make the offer through their online portal. Of course, Fannie Mae has an owner-occupant only "First Look" period. I've seen people lie about that too and flip the property. I've found it easier to have my real estate license so I can get into homes quickly and make offers quickly. I don't take investor clients. I tell people who ask me to be their agent that if I find a good deal, I'll buy it myself.

I had a tenant who always complained about noise upstairs.  I found out that she had also complained about the previous tenant to the previous owner.  She was a very heavy smoker and I wanted the building smoke-free, so I got her to move anyway.  Over several weeks I was at the apartment often, working on it, and never heard the tenant upstairs at all.  In fact, I was worried about them, so did a smoke alarm inspection to make sure everybody was okay.  The new tenant never complained about noise either.  I think the first tenant was crazy.  Maybe it's the same for your tenant.

I have lots of wiring in conduits in my old buildings. You will find that electricians and plumbers love to rip open walls and leave you a mess. I'm for leaving the wall intact. Good luck!

If you are offering the best product in the price range where people are buying, your flip will sell. Just be conservative on your ARV.

That's election day. Make sure you landlords vote!

I understand your frustration! For years I tried WalMart, Sherwin Williams, HD and Lowe's paint.  I'd standardize to one color/brand for a couple years and then they'd change the formula!  They'd guarantee a color match and it often didn't match. I liked the convenience of going to these stores because I could also buy other stuff I needed (and Sherwin Williams would deliver to the job site!)  Now I go out of my way to a local paint store that only sells paint.  It's expensive, but I get a landlord discount that makes it comparable to the other stores (another great reason to join your local landlord association).  The guys there really know how to color match and how to adjust it if the formula has changed.  They have my colors right in their computer.  I've found Benjamin Moore covers the best and drips less than any other brand.  It's an extra errand to run, but it saves time in the long run.

I would have shut off the water main to stop the leak and fixed it when she was ready to let the plumber in.  Of course, I've seen people live in an apartment without water, so it might not work if she's ok with living in filth.

Be careful of anything in Augusta. Check with code enforcement. They are forcing landlords out of business, so make sure there are no outstanding violations and that it's been inspected recently.