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My 2nd flip...

Tenchiro

Attention K Mart Shoppers
Jul 19, 2002
5,407
0
New England
$24,000?!? That is all that cost? I hate Seattle more and more everytime I hear about housing costs in the rest of the county...
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
Tenchiro said:
$24,000?!? That is all that cost? I hate Seattle more and more everytime I hear about housing costs in the rest of the county...
It will cost someone else $85,000 in 8 weeks... :devil:

Not in the best part of town, but still amazing value for the house...

Here are a couple of the interior:



 

amydalayna

Turbo Monkey
Aug 16, 2005
1,507
0
south lake tahoe, ca
Tenchiro said:
$24,000?!? That is all that cost? I hate Seattle more and more everytime I hear about housing costs in the rest of the county...
heya. i hear ya. when i started looking for houses in tahoe i freaked out. started looking at prices of houses back east. then i reminded myself i moved out here for a reason.
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
douglas said:
cool, whats going on w/Flip# 1 ?
It went on the market last night... but still needs a kitchen and bathroom floor and a few light fixtures... Ill have completed pics sometime next week... Nice little house...
 

douglas

Chocolate Milk Doug
May 15, 2002
9,889
0
Shut up and Ride
Crashby said:
It went on the market last night... but still needs a kitchen and bathroom floor and a few light fixtures... Ill have completed pics sometime next week... Nice little house...
cool.

are you finding these places at an auction?
 

Tenchiro

Attention K Mart Shoppers
Jul 19, 2002
5,407
0
New England
I just did a real estate search for Rochester and made myself sick. I could literally afford like 10 houses there and in western Washington I can't afford even a single house.
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
douglas said:
cool.

are you finding these places at an auction?

Actually no. So far, these have been straight bank foreclosures.

I have a couple people that want the house for much more than I paid for it.

Next year, Im going to do what is called "contract assignments". I would identify houses, "buy" houses by showing proof of funds, and sign the purchase offer with "myname or asignee". That way, I can charge someone else a few grand more for the house and simply walk away... no money spent - pure proffit.

Real estate kicks a$$.
 

Heidi

Der hund ist laut und braun
Aug 22, 2001
10,165
724
Bend, Oregon
Crashby said:
Actually no. So far, these have been straight bank foreclosures.

I have a couple people that want the house for much more than I paid for it.

Next year, Im going to do what is called "contract assignments". I would identify houses, "buy" houses by showing proof of funds, and sign the purchase offer with "myname or asignee". That way, I can charge someone else a few grand more for the house and simply walk away... no money spent - pure proffit.

Real estate kicks a$$.
That's the same as an option, no?
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
Heidi said:
That's the same as an option, no?
Something different yet again... Ill be doing Lease Options too next year.

This is where you own a house, and lease the house to someone who agrees to buy the house at a later date (12-24 mos. out). They have to put down a non-refundable deposit (3%).

One of the benefits of this is that the seller will hold the asset for 12+ months, and escape with 15% capital gains tax instead of 35%.
 

Heidi

Der hund ist laut und braun
Aug 22, 2001
10,165
724
Bend, Oregon
Crashby said:
Something different yet again... Ill be doing Lease Options too next year.

This is where you own a house, and lease the house to someone who agrees to buy the house at a later date (12-24 mos. out). They have to put down a non-refundable deposit (3%).

One of the benefits of this is that the seller will hold the asset for 12+ months, and escape with 15% capital gains tax instead of 35%.

Sounds like a lease option. Maybe I just know it by a different name. Good luck yo, sounds like you are doing well.
 

mack

Turbo Monkey
Feb 26, 2003
3,675
0
Colorado
My Dad has had his flip for 4 years now. Still not done. Well, not so much as a flip as it is a convert a old barn into a house...
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
Brian HCM#1 said:
I want to get involved in these real estate deals.
If anyone is seriously interested... PM me... I plan on being involved with 50-75 of these types of deals in 2006. Many with investors from out of state.
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
Brian HCM#1 said:
I'll live here and have them fixed up:thumb:
Thats actually the model that I and my Realtor are setting up for next year. We already have 2 clients from out of state. Once from Cincinnati, the other from Boston. One wants to do about 3 houses next year, the other wants to do about 30 :eek: .

Neither will step foot in NY, but will retain title and liability for each house. We will simply charge a consulting fee, a rehab management fee, and of course the Realtor fee for the sale. All in all, we will be looking at 13% fees on total sale price of every property. This will still deliver about 30-35% ROI on each house, and about 100% ROI annually.
 

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,007
149
The Cleft of Venus
Crashby said:
Thats actually the model that I and my Realtor are setting up for next year. We already have 2 clients from out of state. Once from Cincinnati, the other from Boston. One wants to do about 3 houses next year, the other wants to do about 30 :eek: .

Neither will step foot in NY, but will retain title and liability for each house. We will simply charge a consulting fee, a rehab management fee, and of course the Realtor fee for the sale. All in all, we will be looking at 13% fees on total sale price of every property. This will still deliver about 30-35% ROI on each house, and about 100% ROI annually.

Not a bad little side biz that can quckly grow into a full time gig! :thumb:


There is nothing like making coin the good al' fashioned American way, that's for sure. Owning your own biz and working hard at it.... and slackers think that working for someone else for salary is the ticket to freedom... :p

You can thank college for that... they don't do much except teach people to work for someone else.
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
N8 said:
Not a bad little side biz that can quckly grow into a full time gig! :thumb:


There is nothing like making coin the good al' fashioned American way, that's for sure. Owning your own biz and working hard at it.... and slackers think that working for someone else for salary is the ticket to freedom... :p

You can thank college for that... they don't do much except teach people to work for someone else.
True... but spending 6 years in college shore wuz fun...:thumb:
 

Crashby

Monkey
Jan 26, 2003
947
1
Rochester, NY
1st before and after pic...

Garage:



I haven't closed on the property yet, but I wanted to get the garage painted before we get our usual 100+ inches of snow... :rolleyes:
 

narlus

Eastcoast Softcore
Staff member
Nov 7, 2001
24,638
26
behind the viewfinder
N8 said:
There is nothing like making coin the good al' fashioned American way, that's for sure. Owning your own biz and working hard at it.... and slackers think that working for someone else for salary is the ticket to freedom... :p

You can thank college for that... they don't do much except teach people to work for someone else.
that's pretty funny for someone still sucking off the taxpayer's teat via the armed services...