All Forum Posts by: Viktor R.

I think you guys did a phenomenal job! The house is beautiful without a doubt. I see the house is located in Federal Way but I'm curious how the neighborhood compares to this house. My thought is that the house may be over rehabbed which cuts into your profits. What I have learned through my research is that the best way to know how much to rehab is to look at the retail houses on the market that sold to see what the bare minimum you need and compare flipped houses sold in the last 6 months to see what you are competing against. This should give you a ballpark of the type of work you need to do on your flip. You don't want to over doing it but at the same time you don't want to under shoot as well. You'll need to find a good balance. 

Russell Ponce Rick Harmon thanks for the great advice. I love the question that was asked. I'm in the same place right now with my Wholesaling. I'm going to be following this thread.

I'm quite jealous. Spokane is a great place to live in. The housing prices are drastically different than in the Seattle area. I wish you the very best. Word of caution. Get to know the neighborhoods of Spokane very well. There are certain parts of it that are like Detroit. Joshua Dorkin can tell you all about how awesome Detroit is.

It's really nice to read through these post and actually have met the people who wrote them. Thanks to all that attended. We should do this again sometime :-)

You are doing a great job! Way to think ahead with rehabbing your place & making a nice profit. I would advice you to think about tax implications on making $80K. I'm not giving you tax advice nor am I qualified in anyway but look into the tax break of selling your primary residence after you've lived in it for two years. I believe you don't have to pay any taxes if your profit is under $500K that is if you choose to sell it. However your questions are geared towards a CPA. I would advice you to start a relationship with one now so a professional can guide you of what your pros and cons are with each options so you can make the best decision. You will need a CPA eventually so might as well be now especially since you have a lot of money on the line. Make sure that it's a CPA who knows real estate investing otherwise you'll be misguided.

Great advice. I think this too is extremely helpful because trying to communicate your thoughts and ideas from your mind can be difficult especially to a GC or a sub. I've had a miscommunication with the cabinets company and because of the 3D software I was able to correct it right there without needing to spend thousands of dollars on cabinets, wasting time, and reordering. Great tip!

I have no idea how old this post is but I'm going to reply anyway because I know the answer! So I've heard of zoho.com and podio.com. They are CRMs aka Customer Relations Management software. I haven't used them but I am for sure going to in the near future.

I'm torn on this one. Each state is so different in how they operate, I error on the side of safety. I'm not a lawyer or tax advisor so my opinion is that I wouldn't want to represent myself in court if I were sued or fight the IRS if they filed a tax lien on me. Let the expert do it correctly and you know that everything will be done right. If you had an infection, would you try to prescribe yourself antibiotics? No, you'd go and talk to your doctor. That's where I am coming from.

I feel a little frustrated as well. I know that to be successful you need to have a plan, write it down, follow it, and then evaluate how you are doing toward your plan. Thanks sounds fabulous, right? Well my frustrated stems from that I'm still learning what I need to do in order to be a successful in assigning contracts aka wholesaling. I'm diligently working on a business plan but I have wholes in my plan mostly in the Financial sector because I yet to close on a deal. It's hard to write a plan for something you don't know how to do yet. Oh well. I'm keeping track of those wholes and I will fill them in as I come across the answers.

Count me in. Please add me to the guest list. I look forward to meeting everyone there and networking. Thank you Brandon and @Tiffany Plovie for setting this up.