All Forum Posts by: Abe Macias

Hello friends! In need of some of your good advice!

I was offered a rental property directly by owner who doesn’t want to deal with this out of state property. At first, I offered $85K for it over the phone and owner accepted. I then sent her sale contract, and owner went on to thinking about the deal. Now owner is leaning to $98K to do the deal.

House is currently being under rented at $800 a month. The single family home needs about $20K in upgrades, and should have an ARV of $130K. This single family home should rent out for $1250 per month after rehabbing.

What advice do you all have for me in this situation? I appreciate all the professional advice!

Thanks,

Abraham M.

@Sarah Barrett thanks for looking into this I am guessing bank just looked at value to refi. I am guessing their origination fees and LTV% was off.

Currently have a hard money loan for a property I did some rehab to, and now have it rented out.

Main house and Small Apartment rented out for $2200. My hard money loan is at $138K and appraised at $184K with repairs made. I wanted to refinance with a local bank, but they wanted us to bring about $13k to closing. Any ideas on how I can work this specific scenario without having to pay so much at closing?

Thanks for any feedback!

@Nathan G. Thanks for looking into this one Nathan! $94/sq ft was quoted to me by my GC. In the area I had built a duplex 4 yrs ago for $80/ sq ft, but prices have gone up now. Market rents are about 95 cents per sq ft so I can raise rents to $1225, but would like to stay right under. Would you suggest just moving away from this opportunity? I was trying to keep the property in the family, and I own the duplex next door. I manage also my rentals as well to save that 10% fee.

@Jon K. Thanks for looking into it Jon! I’ve been trying my hardest on this specific property to see how I can save it. I own the lot next to it that I built the duplex from the ground up, but was an empty lot before. This specific property has the house that needs to be torn down, so eating $100k just for the lot. It’d be nice to own two duplexes next to each other, and keep the property in the family. I don’t know what else I could do? Rentals go quick in that area, and I would be managing the property myself.

Hello Everyone!

Need help with the below opportunity I have, any advice would be appreciated! Would you all do it?

Very Distressed home needing to be demo, and wanting to build a duplex ground up. Here are the numbers:

$70K - purchase price

$30K - demo

$240K - Cost to build 2,550 total sq ft ($94/sq ft)

$80K - Available to put as my D.P.

$1,100/Unit - Avg. Rental Income in area

My loan would be roughly be $1,850/month, so I would cashflow about $350/month.

This is a family members home, and want to keep the property rather than sell it to someone else.

I appreciate any feedback! Thanks!

How do you all find more contractors, to rehab properties? I have used 2 contractors in El Paso, TX, but would like to get more to keep it competitive. Thanks for the feedback!

@Matthew Crivelli there are none, the only thing I would have to pay is $2k since they applied credit towards closing costs. If I wait it out until June of 2022 that penalty will go down to $1k.

Good Morning everyone! So on one of my investments (duplex), I had refinanced it back in 2020 to a 15 year loan. Now, as our real estate taxes on that property jumped up significantly we are wanting to go back to a 30 year loan. Has anyone done this? Thoughts?

Thanks for your input!

Good Morning,

I have a duplex that is about to be finished being built. I am looking to refinance my current loan, which was from a hard money lender. I am looking for any references to lenders who offer 80% or greater LTV.

I appreciate the feedback!

Thanks,

Abraham Macias