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Home Buying & Real Estate Thread - Page 112

post #3331 of 3338
the ferrari coming with the house?
post #3332 of 3338
Awesome reno work fellas.
post #3333 of 3338
Quote:
Originally Posted by BeezyGotSole View Post

@VaGixxer
 you all killed it pimp.gif  . That type of appreciation is exactly why Richmond/vcu area has always been of interest.
I will be reaching out to you man . Wish you more success !

Thanks homie. Ended up selling 17k over list.

Quote:
Originally Posted by turbospartan View Post


Man, that place is ******* sick.  Nice job. 

Thanks fam.
Quote:
Originally Posted by xwestbullyx View Post

Awesome reno work fellas.

Thanks.

Quote:
Originally Posted by theocentric View Post

VA Gixxer. I admire you patients, 3 years is a good amount of time to sit on that property.

I bought specifically in this neighborhood about 4 million worth of real estate 3-4 years ago with the intention of holding onto all of it. In the meantime, I've bought/Sold numerous properties so keep the money coming in while we waited it out. Also own a Class A construction company. The investment def turned out to being the best play I've made so far.
post #3334 of 3338
Quote:
Originally Posted by mynameaintG View Post

the ferrari coming with the house?

If the price is right...then yes.
post #3335 of 3338
Quote:
Originally Posted by ekREV98 View Post

Took us a while to finish because the backyard was just trashed and that alone took 3-4 weeks to completely demo.

looks terrific. mind sharing the #'s? also what did the backyard look like before?
they were the mighty ones who were of old, men of renown
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post #3336 of 3338
Quote:
Originally Posted by Stork View Post

looks terrific. mind sharing the #'s? also what did the backyard look like before?

Bought for $650k. Rehab was originally $60k budget but we went over because we had to put a new roof on the house, small misc. items needed replacing, and discovered a sewer pipe was corroded/leaking so we had to fix that as well and the rehab came out to a little under $80k. I wanted to do more to the backyard like adding a pergola, BBQ built in, and a fire pit but we were already way out of budget so I wasn't able to do it.

I wish I took pics of the backyard but it was a mess...the pool was drained, there was a dead possum chillin in the pool lol, garbage everywhere from on the ground to inside the pool, big trees and vines growing out of control, old school satellite dish where the bushes/trees surrounding it engulfed the dish because it was never trimmed, there was pergola that was rotted out, the fence was leaning and needed to be replaced....the whole backyard was a mess to a point where you couldn't see the cement on the ground. It was really bad but I knew the potential the backyard had because of the backyard views and it's the only house on the street where the backyard is leveled unlike the other homes where there's like 2-4 levels where it dimishes the size of the backyard.

I'm just happy we are finally done and putting it on the market this Wednesday for $839k. So far we've had great feedback from an open house we did on Sunday and I'm doing an open this Saturday. Hoping to sell this one quick because I've got 1 project that's going to close escrow in 7 days and ready to be remodeled and I should be buying another project by the end of the month/early April. So far this year has been great and busy.
post #3337 of 3338
Quote:
Originally Posted by ekREV98 View Post

Bought for $650k

That's pretty good, 77% of ARV. Is your deal flow still MLS or are you getting deals off market/another way?

Was your first deal(s) w/ your partner hard money or bank or private?

I'm building list of dilapidated/vacant properties, so far have about 20, plan on using hard money if it comes to fruition.
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post #3338 of 3338
Quote:
Originally Posted by Stork View Post

That's pretty good, 77% of ARV. Is your deal flow still MLS or are you getting deals off market/another way?

Was your first deal(s) w/ your partner hard money or bank or private?

I'm building list of dilapidated/vacant properties, so far have about 20, plan on using hard money if it comes to fruition.

The last 4 deals have been off market referrals. The next 2 projects I'm purchasing are off market as well. I still check the MLS listings to see if there's anything good and the last offer I made on property was $515k listed for $525k and it ended selling for $550k. This house had really bad foundation issues and outdated. My main concern was the foundation because I've dealt with projects with foundation issues and it can be an easy fix or can wreck your rehab budget so I was cautious with the offer. MLS deals are still good but the competition is ridiculous and they have been going for way over list price. eyes.gif

When I first started, it was ALL MLS deals. 2 years into it I've met a lot of people who now just email or text me any off market deals. I get about 2-3 a day and just cherry pick the deals that pencils out right for my company.

My partner and I use private funding and our own money first and foremost because we don't have to pay interest/points. We've also done hard money and it just depends on the situation, project, time frame, and how much money we want to spend.

Hard money is good but you just gotta make sure your ducks are all in a row. I worked with an investor who was using hard money and he had no idea what he was doing and he had to back out of a deal which was very lucrative and I ended buying the property because we had the funds to do so.
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