All Forum Posts by: Jason Fiet
Jason Fiet has started 6 posts and replied 16 times.
Post: Finished our first flip
- Amsterdam, NY
- Posts 16
- Votes 4
Thanks Ron Briggs.
Post: Finished our first flip
- Amsterdam, NY
- Posts 16
- Votes 4
@ Joseph Conrey, I couldn't seem to load them. You can see on my link listed above.
Post: Finished our first flip
- Amsterdam, NY
- Posts 16
- Votes 4
Well, just wanted to follow up. We just listed our first flip 5 months to the day! Place came out great. We went over budget of course, but it looks like the market will allow us to recover the extras and then some.
All in for about $150K, (Purchase, rehab, taxes, closing, agent fees, etc., holding costs)
Listed for $189K
Pics available at the link below, please take a look!
Thanks everybody for your your insight.
We already have our eyes on the next one, just no money, need to figure that out. We don't want to have to one and sell then search again. Need to find a reasonable money stream as we build up a cash stream.
Post: Do you purchase as a business or individual?
- Amsterdam, NY
- Posts 16
- Votes 4
Well, just wanted to follow up. We just listed our first flip. 5 months to the day! Place came out great. We went over budget of course, but it looks like the market will allow us to recover the extras and then some.
Thanks everybody for your your insight.
We alreasy have our eyes on the next one, just no money, need to figure that out.
Post: Active Investor in Upstate NY
- Amsterdam, NY
- Posts 16
- Votes 4
Originally posted by @Mindy Jensen:
Awesome, @Jason Fiet. I hope your flip goes smooth as silk. Remember to stick to your budget. This house isn't for YOU, so YOU don't have to love the finishes.
Are you DIY-ing or hiring out? If you're hiring out, make sure your contractor stays on task. Also, DO NOT pay him the final 10% until the job is 100% done. After that final check, they tend to be difficult to get a hold of...
Good luck! Take lots of before/after shots and share with us!
@Mindy Jensen,
Good Info! Thanks for the encouraging words.
Post: Active Investor in Upstate NY
- Amsterdam, NY
- Posts 16
- Votes 4
Whats' up BP land?!?!? Been following y'all for a little over a year. I am grateful for all of your information. Closing on my first flip on Thursday! Looking to flip, build cash reserves, buy and hold, repeat!
Post: Do you purchase as a business or individual?
- Amsterdam, NY
- Posts 16
- Votes 4
Thank you all. Makes sense. Excited to close next week and get this ball rollin'.
Post: Do you purchase as a business or individual?
- Amsterdam, NY
- Posts 16
- Votes 4
Originally posted by @Linval T.:
Welcome to BP and congrats on locating your 1st REI acquisition.
However, I see some key words in your post, namely friend, money, business.
Sometime they don't mix well and can even become very volatile if things are not going
right.
So, my suggestion would be for you to form a LLC with your friend to ensure that all
business related matters are handled accordingly under one entity.
Please take the extra step and time to do it right before you get started, as somewhere
down the road you may be glad you did.
Good luck and best wishes with your future REI activities.
@ Linval T, Good advice. Nailed it. Corp, partnership agreement in place and a go to clause when there is a disagreement. :)
Thank you.
Post: Do you purchase as a business or individual?
- Amsterdam, NY
- Posts 16
- Votes 4
Hello all! First of all I'm writing this from the new BP app on my smartphone. Way cool! Anyway, we are about a week away from our 1st flip investment. About a year ago my contractor friend and I decided to pull the trigger. After much research, many a open house, and hours of analysis paralysis, we got an offer accepted. We plan on buying this one with our new start-up corporation and using the profits to build the business.
My general question is, are most of you investors buying personally or as a business?
Post: Numbers for a 2 family rental.
- Amsterdam, NY
- Posts 16
- Votes 4
@ Bill S. When I say utilities paid by renters I'm referring to electric and gas
I figure this,
Taxes -$3000 Rent $1400/ mo
INS. -$1200
Mort -$3,600
Vac 10% -$1680
Maint. -$1680
Total -$11,160 $16,800 /yr = + $5,640 / yr
Purchase price $55,000
Overall the rents are anywhere from $500 to $850 in the area. 2 family average price is approx. 56K -75K in this area.
I am not familiar with the 2% idea, but seems on the money.