All Forum Posts by: Sylvia Hanna

Six months went by and I still didn't buy my first rehab project.   I'm looking to purchase in the Orlando area in Florida.  There are homes for 30-60K I see online and the resale could be 85K on the lower end in some neighborhoods.  I know this from the research I've done.  

When speaking with a local agent, he insisted that I shouldn't purchase without seeing the property.  While this is a very reasonable statement, I don't see why this is a must.  I know the property is already in shambles.   Seeing it doesn't give me anymore information than I know now.  I am not at the phase where I can look at a home and say, it will cost x dollars to fix.  So what's the difference if I see it or not.  I did my research regarding the neighborhood.  I can see the streets using google earth.   Am I missing something?!  

I have to hire a handy man/ contractor  to go see what the fixing cost will be.   While I realize this cuts into my cost, this is my first one and I expect to "pay".  The style there seems to be tile floors.  How much do tile floors cost in a 1000-1200 sq ft. home cost? what else can be bad?  Plumbing, roof?  I already know a roof can cost between 5-7k.  How much can plumbing cost?   Wiring/electric?  What else can be bad in the home?  

More concerns....

I've spoken with a general contractor and during our conversation he mentioned that he only works about 4 hours a day and that was perfectly normal.  FOUR HOURS A DAY??!  I never heard of such a thing.  I expect the rehab to be finished within a month tops.  It wouldn't be possible to finish it in a month if you're working only 4 hours a day/weekend off.  I haven't dealt with contractors in the past.  Is this the general mentality?  I am not very understanding of clock puncher mentality.   If the work could actually be finished within the time period then I don't care if someone works 2/3 hours a day. It's about getting it done to my specifications and within a specific amount of time.  During the fixing up time-I would be present.  

What else should I consider?  Thanks for reading!

Sylvia

Put it on Realtor.com as well.  Theres also pad lister and hot pads.  Good luck!

Sure you can do that but I'd wait till the house is ready.  Doing so before completion-you might get  people asking you to things according to their preference.  Since it's not totally ready, you may not know what you're going to price it at either or maybe you do-I don't know.  

 Thanks Mark, I believe that it is!

Congratulations Steve!  I hope to do a flip myself one day.   You have about two weeks tops in December for any action.  I'd start creating the hype now.  Reach out to people who you know might be interested- it makes it more exclusive; as if it's a pocket listing.  Get people to make offers. Your edge is saying you will put it on the market in January and they are getting the first chance.  If you want an agent, I can refer you to someone in NJ.  

Thanks for your input Ned. I went on your website. Lots of good stuff!

Thank you so much Larry! I'm sure I'll be reaching out.

thanks Mark!  I'll definitely look into the podcast.  I love Red Bank. Those condos on the water seem to get decent rental prices.  They had an alcove studio for sale a few months ago around 120k.  

I went to NYREI. You can get your license fairly quick there ( although it's NY). I think ( not sure) Kapre has online for NJ. Try Kapre.com.

Hi Everyone! 

 Currently I work  as a Real Estate Agent in Manhattan, selling, marketing and renting property.  I'm also working on getting licensed in New Jersey.  I have a real passion for NYC and real property.  Originally I got into real estate to become an investor. I am very interested in purchasing tax liens, fix and flips and turn key rentals ( where there's a property manager in place).  I'm also interested in construction and project management.  I'd like to connect and learn from people on here who are active in some of the things I've listed on here.  I believe this is the best industry to be in-always something new and  interesting.  In my former life(pre real estate).  I worked in the fashion industry ( mens fashion).  I'd like to have my own line one day- resort wear.  Ideally I'd have a house on the beach and be able to wear the clothes in my line and maybe even sell some beach front property!