In Utah, where I also invest, I use a local credit union and they can do portfolio loans for me that are very reasonable. I think my point was simply that any person should do more homework before they dive in. Of all the information out there in books, at meetings and on the internet, there seems to be a lack of real numbers that go into a deal, so this was refreshing. I am doing new construction RSF home in WA, the process is so long and there are so many costs which were not on my budget when I purchased land.
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Rehabbers! Know ALL the Costs to Flip that House
Chase, Points, in this case, is thaf cost of the loan. Use a private lender or see if your state has the equivalent of an FHA k loan. I agree, the most difficult part is locating a true deal that takes into account all the real costs the rehabber will undertake.
I had an LLC when I held property in joint ownership and would not hesitate to form one again today. I recommend starting with basic rehab projects. All very good, especially this one.
Flip That House TV show
This and other shows might make one believe that a flip is a sure bet. Justin Pierce on September 14, 7: So many people that I talk to who tell me about properties that they think are deals but they have no idea about all the costs involved. I usually budget to pay at least some of the buyer closing costs. Thank you for this post Justin. I like getting paid for my work.
Justin Pierce on June 21, Derek on December 18, 9: Every deal is so different. Hard money is expensive. I work with a good licensed and certified general contractor so he handles or oversees most thta aspect of the job.
Construction costs vary depending on location. About LLCs — when do you suggest forming one?
Flip This House
By my calcs, I thought we had a huge spread — that has dwindled. Justin Reply Report comment. What about taxes when you go to sell the property? Justin Pierce on June 17, 9: Brooks Conkle on June 19, 7: Kathleen, You hluse right.
Lisa Thoele on August 9, 7: Most people know to account for repairs, although, most people I know greatly underestimate repairs.
Robert Ruschak on October 23, 7: Thanks for reading and taking the time to comment. I like your breakdown on the numbers. Mark, Amen, brother… amen.
That is inside the Washington D. There is plenty of that in my market as well.
However, I am very amused when they show the final numbers. Thanks for sharing your experience — its very validating!