All Forum Posts by: Tim Bishop

Welcome to the site!

I grew up in senecaville so canton was the closest real city haha.  A lot of my family still lives up there in cuyahoga falls.

I would definitely consider borrowing against the home you already own outright.  That's one of the best methods IMO to get started without tons of cash.  We're planning on using ours to grab some rentals in 2015.

The hardest thing I've found about flips is accurate estimating.  Ypu may not have that problem, it spunds like ypuve got a gpod working relationship with your contractor too which is hard to find.  Bp has a book on rehab estimating here http://get.biggerpockets.com/flippingbook

I haven't read it yet because I'm a slacker from se oh but its highly regarded here and has great amazon reviews!

Congrats!!! The first of many!

I'm thankful for the absolutely free information and networking opportunities.  My wife and I were talking about all of the rei knowledge readily available on here and how generous it is for the successful investors to share what they know with guys like me.  

So thank you Brandon Turner for starting this awesome site!!! JK @Joshua Dorkin 

I filled one in this spring.  Bids were from 3500-6000 on a 10000 gallon fiberglass pool.  A gunite pool would be more for sure, vinyl liner should be about the same... This was in the DFW area so I don't know how similar the bids would be up there.  Access for the equipment will play a role.  

I ended up renting a 90 pound jackhammer for the concrete deck surround and a friend brought a skid steer to finish it... So it cost me less than 500 but my hands were numb for a week from the hammer. 

@Adam Wright is great

What's the sellers interest rate?  My issue with selling it on owner finance to a different end buyer is that if the loan is ever called due in the future the end buyer would have to be able to refinance quick to prevent a disaster.  If interest rates rise significantly banks might start calling these sub2 and wrapped deals due.  Most buyers who would owner finance cant get a regular loan and you cant count on them to be able to qualify later on.

I personally would only do a sub2 and then lease or sell it to a buyer with a traditional loan.  Do you know what the market rent for it would be?

The monthly payment amount seems low if you're talking principal, interest, taxes and insurance.  It might work as a sub2 deal, depends on how much market rent will be, how much deferred maintenance there is and how desirable the neighborhood is.

With a 95k arv, in the off chance that the bank calls the loan due you will have to come up with cash to sell it quick if you don't have any better exit strategies.

Welcome to the site!

The podcasts work best for me.  I learn much quicker from hearing a conversation than from surfing the forum but the forum is a great place to search for and ask targeted questions.

Do you have any idea what it will rent for?  Are you planning on using property management?

I would love to meet with a few bp members.  I already gave @Adam Wright a soft yes on the saginaw library meetup so it'd be great if that works out.  Weekends are my preference but I try to be flexible. 

That critique is more valuable than anything you will pay a guru to say.  Gurus will NEVER turn down your money.