All Forum Posts by: Tyriek Hull

Hi @Tyriek Hull You can 100% buy the property without you realtor for a wholesale deal. The agent wont be able to provide you much other than support since its a wholesale deal.

If you want to include your agent in on the fun just throw a 1% fee their way and just let them do the rest.

So, you do the math on the comps first.  Ok, let's say I like a house in area XYZ, US.  I have my agent on the ground there do a comps package for me for the zip code.  He shows me in the last six months, 5 houses have sold and the average of their sales was 220k.

Now, there's a house for sale that I like.  it needs work and is being listed for 110k.  How much rehab can this project afford and still be a good project?  That's your question.  So if we use the 70% rule, meaning the project cost should not exceed 70% of the SRV then 70% of 220k is:

154k.  That's my max project cost I want to be at.  So, at the sale price I can afford 44k in rehab.  So now the contractor walks through and you ask him if this can be done for 44k.  He walks through and he tells you you need 50k to do it right.

So now, you go back to your agent and tell him/her that max purchase price for you is 104k and you make a 104k offer.

That's the way I do it for my clients.

Imagine if a lender just gave you everything up front.  You buy a house for 100k and put 60k into.  You put up 20k so the loan amount is 140k.  At closing you get a house plus 40k profit.  What if you move to Europe.  Now what?  What if they give you it all and you blow the money in Vegas?  Now what?

They have to operate on reimbursed work only or else the industry would crumble.

Usually, you front like 20% of the budget to the contractor so he can buy materials and pay labor costs until some work is done and then he can live off the draws.  The last draw would be you getting your money back.

 Did you find the website and our calendar of events?

We are over 600 members strong! So tons of opportunity within our group.

Next main meeting a presenter will be going over how to rehab houses and the proper order to do things. Should be very educational.

July 17th at the Embassy Suites on Verde Rd in Greenville 6PM to 9PM

CONSTRUCTION, SUPPLIES AND REHABBING, OH MY!

In what order should you work to make the job go more smoothly?
What supplies need to be ordered immediately due to supply chain disruptions?
How do you coordinate contractors so they are not stepping on each other and interferring with each other's work?
Who determines which order you start with?
Who writes up the scope of work?

What do you as a Rehabber/Borrower need to show to Lender to advance the next draw?

What about rehab costs in today's market?

Josh Dennison, owner of Flipped Out Investments will share his knowledge and experience.
Josh and his wife Brandi Hancock have been finding, buying, rehabbing, selling properties in Pickens County for several years.
They have a good eye for spotting a good property and what needs to be done to it to command a fast sale, high demand and high
retail price. You will learn a lot from Josh.

Checkout Upstate CREIA.

We have a website and focus on education.

You can see our calendar of meetings and educational events.

Our next main meeting will teach about flipping and doing things in the correct order.

We meet at the Embassy Suits for the main meeting and it is the 3rd Monday of every month.

I host monthly real estate meetups here in Greenville! You actually just missed July’s, it was last night. Would love to have you next month!