All Forum Posts by: Rod F.

I leave one in the living area , rest replace with light fixtures, Renters never clan them and when i do get the house have to replace them . finally said heck with it. 

John, when buying foreclosures, every house has a story, We never know the story or at least the whole story. Most of the time the neighbors are happy to see something happening with the house besides it setting empty and going down. 

There's one across the street from me now same story as yours.  I never give it a thought besides i would like to see someone move in. she rented it for a few months , but kicked them out over a dog. been empty every since.

Oh I don't want to leave the impression that there wasn't  plenty of contractors come and go on this job.  What I mean by one man is no one from our properties company worked on this one. NO partners, and NONE of our regular help.  I'm definitely not that talented.  There were window, flooring, hvac, plumbers, electrical, construction and painters / sheetrock. even the lawn mowing was contracted.

Brian thank you for the heads up! I will be sure to not do any of the work.

I was very pleased with the work those guys did.  I just wanted to show it off,

But I have definitely learned my lesson not to post anything here again.

My intention was a flip or buy and hold discussion.   

Thank you for every ones input,

Don Harris . My original objective was a buy and hold Rental, This was done in my IRA.

(Cash purchase, cash rehab.  Total investment at this time close to 41K. ) That's probably where I will end up as a rental.

I'm running adds now for rent in the 725 to 775 range,  Not getting many responses, it's early yet.  This is a military base area. The rental comps in the area are in the 750 range.  

At 700 I should be in the 18 to 20%  annual return on investment.  5 year cash back. Assuming no major catastrophe happens. (everything has been fixed or upgraded during rehab).   That was the original plan.  

I just want to see what the market will bear on the house as far as a sales price.   and what the return percentage on the flip will be? There are plenty of available opportunities around. 

One thing that's a concern in our area about flips is that there Is a company here buying , rehabbing, and flipping for a small percentage in 30 to 60 days.  It's dropping the comps in our area. I realize there making money , but it's affecting the market.

I have about 6 month of weekends or approx. 56 actual days in this rehab.  invested about 12k in rehab work  and would like to see a nice return on investment. 

If I cash out I can buy another right away. If not about 2 years I will be able to cash another one. With the IRA investing . I only do cash deals. I'm just waiting on the numbers from the broker to see where I am at.

I will post more as I can figure how to take pics of bedrooms. I'm kind of happy how this one turned out. Wanted to show someone my work.   some of the bedrooms still have tools in them. I am still doing some touchup stuff.

Brian Holt, I always say I'm going to take before pics, just never really seem to get it done. I just jump into the rehabbing part of it.  I may have a few but not many.

Dale Shin ,  lets see,  replaced all windows, due to discoloration and damage,  the pic of the two windows the one on the right was a patio door,  the garage was 3/4 enclosed and used for dogs, ( found 9 portable kennels in the attic). and it smelled like it too.  I removed the garage door moved the wall to the front of the house added a window, (made the third bedroom) HVAC was already plumbed into the room, compressor was bad. replaced compressor. unit is 7 years old according to the HVAC specialist.  Plumbing was mostly ok, had a water line busted in yard, gas line all checked out. (licensed plumber approved and repaired the bad stuff). fixed gas fireplace.  Replace shower surround, repainted bathtub, and plumbing (professionally).  rebuilt about 3/4 of the privacy fence in the back yard.

New carpet and pad in bedrooms,  new paint top to bottom. French Mocha on walls , and white enamel on all doors, jambs, moldings, cabinets,  repaired any damage to walls, replaced doors that were either gone or damaged. all 6 panel now.    Ran squirrels out of attic, repaired siding where they chewed there way in while setting empty.  new light fixtures, and ceiling fans through out the house,  (master electrician in the family).  Honestly if it's broke, or damaged I fix it.  that's what I can remember off hand.

I keep walking through it seeing a little touch up here or there,  I have to keep reminding myself the renter will tear it up anyway. 

Of course the first question I get is do you allow pets.   Believe it or not a lady told me this week I have 4 dogs 3 German Rottweilers, and a Chihuahua.   there house trained.

Yeah right.  

Thanks everybody for the comments and encouragement.

This is the second one in my IRA investing.

We have others in different llc's

Bought my latest rehab in march. It's about 40 miles away from where I live.  Called my broker to get a current market analysis. Trying to decide to rent or flip? Should be finished this Weekend. This has been a weekend warrior project. I'm glad it's almost done.

Just waiting on the numbers now.

. 

Hi David , I'm in the romance Searcy area, feel free to contact me anytime .

We do mostly buy and hold investing. Rehabbing owner finance type investing .

Currently invested in tuckerman, Newport, Augusta, Judsonia, Kensett, Searcy , griffithville, 

England, ward, Jacksonville, Carthage, prattsvile, fordyce, conway, and Morrilton. We have been doing this going on 10 years now. 

I,m still a novice but have plenty of experiences to share. 

Detric, I have been in sales for over 30 years.

The one thing you have to remember about cold calling is The worst thing they can say in no!  In the mean time you have made a contact, Maybe they will remember your name. with repetition they will.  In sales I opened new areas for our company.  I would call on a potential customer abut once a month. give them a year before I would move on. that is 12 calls, I would get a chance to know them. give them a chance to know me and  usually with my "Charm and Swagger"  LOL they would eventually melt.  If you ever get the chance to produce for them you might have a customer for life.  And they will tell a friend.

Be calm , apologize for interrupting what they were doing. and ask if there would be a more opportune time for you to talk. Your farming , planting seeds , letting things grow. Leave a card behind.  

Like I said the worst thing they can say is NO!  Instead of dreading it, look at it as the opportunity to meet a new client. I know I wont close every deal today. but I do want them to remember me when it's time to make the deals.

Matt did you find an accountant or attorney?

Hi Kristi, local investor here, Most of our homes are Single family residents. Been investing for about 9 years . mostly buy and hold abut 43 properties in our portfolio today. working on one's in ward, and Jacksonville now. We specialize in the low or no money down foreclosure market. Do a lot of our own rehabs, it's a slow steady process. Recently started investing IRA in real estate .

Any REI groups around?