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Congrats! Job well done!
Congratulations! Nice rehab!
@Johny Omaga the house looks awesome and good luck on finishing the deal!
We invest in Northwest MO and I’m curious about how you do your hard financing with 1.5% simple interest? I’ve got a couple places I’m interested in but am looking at different ways to finance than traditional. You can DM me or reply here. Thanks!
What due diligence process are you working through for buying, what I assume to be, sight unseen foreclosures?
A co-worker of my partners gave us a loan through a promissory note. (We both work at huge hospitals, turns out everyone who works at the hospital has money they have no idea what to do with). 1.75% is about $1,050 a month in interest only. Turns out being about 21% annually. So it is in our best interest to pay it back as soon as possibleOriginally posted by @Bryce Bunton :@Johny Omaga the house looks awesome and good luck on finishing the deal! We invest in Northwest MO and I’m curious about how you do your hard financing with 1.5% simple interest? I’ve got a couple places I’m interested in but am looking at different ways to finance than traditional. You can DM me or reply here. Thanks!
This was our first foreclosure. We did almost zero due diligence (not a good idea) but it still worked out since our rehab costs were fixed with our contractor. We probably wont be doing anything like this again unless the discount is substantial. However we always make sure to keep our rehab costs as low as possible to factor in anything that may come up later. Originally posted by @Luke Meeker :@Johny OmagaWhat due diligence process are you working through for buying, what I assume to be, sight unseen foreclosures?
Updated 2 months ago
I shouldn't say zero.. We sent our contractor to the home before the end of the auction who was able to look on the outside. Then after the bank told us that it was tagged as a dangerous building they allowed us in, to make a final decision of the purchase. We then asked for an additional discount. We originally won the home for 80k.
Good job and thanks for sharing!
Thanks for sharing! How was your experience with the contractor (other than going slightly over the projected schedule)? Also would love to know who did the work if you were happy with the experience!
Looks great. Congrats on getting your feet wet
Originally posted by @Johny Omaga :Our Second BRRRR!
Our Second BRRRR!
What system/tool/guideline did you use for estimating your rehab work? It looks like you got fairly close to your projected rehab estimates.
@Johny Omaga The property looks great! Congrats on your second BRRRR!
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