Hello all. I just wanted to post a little about myself and my background. I have lived on the Mississippi Gulf Coast all of my life. I am a 28yr old Real Estate Broker, and I own my own company, Blackstone Realty, LLC. I typically focus on new construction, but I have changed my focus somewhat to rehabbing properties due to the overflow of foreclosures coupled with the potential to earn huge profit margins while beating the current market prices and quality of construction.
I have bought and sold 3 properties in the last 6 months, and I currently have 3 more under construction right now. I have sold all three of my properties within weeks of having them on the market. I recently sold my last one after only 2 days on the market. Most properties are in the "affodable range" which is at or below about 140k here. I have stepped outside the box on two of the current 3 under construction. One is a beautiful 3400 sq ft waterfront home I picked up for half of it's "as is" appraised value. I plan to put it on the market after some "fixing up" at 100k less that comparable homes. I am certain I will be able to sell it.
The other is a 4 plex that I bought. I plan to sell that one to an investor so that it will cash flow at least 800 to 1000 per month after taxes and insurance. We added laundry rooms to the units because the comparable properties typically do not have those in the apartments. Construction should be done in about a week.
The third property is a single family that is over 2000 sq ft that I picked up for 60k. It is going to take about 28k for rehab costs, and will easily resell for around 140k which will still keep me around 10-15k below the comps.
I do have a partner on these deals, and we will not buy them unless they are "no brainers". I am always seeking out new ideas and advice from others involved in the same game and would be more than happy to share my ideas with anyone interested.
Thanks for reading and take care.