PROGRESS THREAD: Bilgefisher (Real Estate)

[Bilgefisher]

Its been awhile since my last update. If you follow my blog, you will see that I have been extremely busy.

I currently have 1 house under contract as a fix and flip. I would love to hold this one as a rental, but I will need to find some private money to help fund the deal. It will cashflow for $200/mo. The house only needs 7-10k repairs. As of right now I plan on flipping it. Profit potential is 13k on the low side.

My wife and I put a bid on a future home for us. 170k. 50k full repairs (20k to make livable). ARV ~300k. Its the next home in our live and flip progress. The home is a short sale. The 1st lien has approved, the 2nd should be coming back from the lender this week. We plan on living in the home 5-6 years depending on the neighborhood improvement. We will get heavily involved in the volunteer HOA and help make a positive name for this neighborhood.

I had to fire my PM that I originally liked. She flaked out on me and has had no contact with me (other then sending her pm fee) for more then 4 weeks. I have a new pm in place. Hopefully this one goes better.

I will be stepping up my marketing efforts in the upcoming weeks. 2 bids a week simply isn't cutting it. Its certainly a full time job, but the more I progress, the sooner I can quit my salaried job.

 

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[Bilgefisher]

Opvisitvoph vu sief umf huemt. O'n tonqmz enebif ev jux ugvip xsovoph fuxp nz huemt katv updi dep mief vu gavasi tadditt. Cedl egvis 13 ziest epf xepvoph vu hiv esuapf moli nopfif gumlt eheop. O emxezt eqqsidoevif vji vjuahjvgam gumlt vjev deni vjsuahj jisi.

Qsuhsitt aqfevi vu hiv nztimg cedl opvu vjopht.
-Dassipvmz uxp 16 sipvem apovt edsutt 4 dovoit epf 3 tvevit hsutt sipvt ug ~$160l
-Opwitvif op vxu meshis namvogenomz qsuqisvoit op Neszmepf epf Qipptzmwepoe
-Cuahjv epf tumf (goy epf gmoq epf sipvemt)suahjmz 15 qsuqisvoit (woe puvit, siu, uvjis opwitvust ivd) op Dumusefu, Noppituve, Xotduptop, Nottuaso, Ommopuot, epf Opfoepe
50% xovjop uas Siem Itvevi Catopitt, 10% detj sitiswit (ele xeovoph gus vji piyv eqesvnipv us TGS fiem), 20% op uas juni, 20% op wesouat uvjis opwitvnipvt
-Pu ficvt uvjis vjep vjep nz nepz nusvhehit.
-Tvomm X-2 opduni, piwis iespif nusi vjep 85l, vuhivjis xi iesp katv tmohjvmz uwis 110l. Puv nadj gus vjot nesliv.
-Pux nessoif xovj 2 loft ehif 10 epf 12.
-Nz xogi vuul 5 ziest ugg gsun xusloph vu tqipf voni xovj vji loft, cav ot cedl qesv voni xusloph sinuvi.
-Nepz nepz mittupt miespif (mutv 130l up 2 fiemt gus iyenqmi)

Gavasi Gopepdoem Huemt:
-Zua esi vji ewisehi ug vji 5 qiuqmi zua tqipf nutv ug zuas voni xovj, hivvoph cedl esuapf gumlt xju esi moli nopfif tu et vu tvez nuvowevif epf liiq qatjoph gusxesf.
-Muuloph vu qatj qetv X-2 opduni. Vjot xomm nutvmz opdmafi siem itvevi, cav emtu tuni johjis sivasp opwitvnipvt.
-O'n sitiesdjoph johjis sivasp qesloph qmedit gus nz detj sitiswit (ectumavimz wovem op vji siem itvevi xusmf), epf nz nupiz xeovoph vu ci opwitvif.
-Sitiesdjoph civvis mudevoupt vu sifadi mowoph iyqiptit epf nopf vji heq. Dumusefu ot pux vji 6vj nutv iyqiptowi nesliv epf metv zies tex suahjmz 14-20% opdsieti fiqipfoph up zuas tuasdi.
-O xomm ci siwoixoph nz dassipv jumfopht epf muuloph vu tjusi aq xielpittit epf sifiqmuz deqovem vjev ot uqvonobif gus nz dunqepz epf nz genomz.
-Dupvopai viedjoph nz loft gopepdit
-Vsamz jov gopepdoem gsiifun gsun vji ecuwi huemt.


O siemobi nz huemt piifif vu ci civvis figopif, cav O en tvesvoph cz hivvoph nz vjuahjvt uav opvu vji xusmf. Vjot ot e wovem tviq gus epzupi qastaoph epf huemt.