All Forum Posts by: Alex Young

@Aditya Maini @Cornelius Mixon  First, not understanding your loan amount.. purchase price is 225,000, but you're getting a 232,425 loan with no money down... can you explain your financing strategy ? Second, are you sure about the property taxes? You are going to house hack and rent it out for 1900 and taxes are only 1344 ? Where you living?   I just don't do turn-key rentals...  You are buying property as-is .. and saying the market value is the same as the purchase price. Meaning, when you go to sell you need to find someone basically thinking just like you that will pull the trigger on a turn key rental. I look to make at least 10% equity on rentals.  It allows me to do minimal to get a renter on lease and then upgrade when necessary, allowing me to raise rent or sell for profit.   

Say everything goes right for 3 years ,  ( 150 rent x 12 months = 1800 x 3 years = 5400 )

5400 won't even cover your agent fees when you go to sell this, no to mention closing costs, repairs, tax increases  ... you'll be in the red!!!!! 

D.R.I.F.T  C.A.P.S

Demo

Repair

Install

Fixtures

Trim

Carpet 

Appliances

Paint 

Sell

in that order

easy peasy ...    drywall  $100 , plaster work 300-500....   think @Aaron a little high at 1500..... my area id have it done for under 3 

Put money on the line... no better education then when you are working hands on instead of just educating yourself through webinars and books.      You can study the game of tennis all you want.... but put the racket in your hand and its a new type of learning. 

Find a property, try things, WIN, LOSE, Break even.... will be the best education you get 

I wouldn't, im not a turn-key investor. 

blueprints, naw.... are you going to a community bank or a chain branch ?   If its a community bank, most likely they will know the area, possibly even the unit number you are after.  Take all your numbers... Tell them your realtor.. show comps.  Show you have spare money.. get your credit ready. 

I don't take anything to my lender anymore... I call him, say "found another on 101 cherry, need pre approval letter".  Done.

you'll get the money, and if you dont , they will give you the steps to take to get it in the future.  Banks want to give you a loan, some new investors think they have to over impress lenders 

Knocked on 15 doors random afternoon after feeling good about my workout. 1 out of those 15 called me 2 weeks later and its about to be my best deal ever!  going to be 70k in profit on a flip .. My first homerun!   Glad we both overcame the fear!  Best of Luck my friend 

@Wayne Brooks title won't let it close before lien is deal with .. .so no he can't pay off lien with the purchase money from the sale

@Tom Gimer if he is under contract for higher purchase price .. and delays until lien is taking care , then that's why he would go with another buyer

@Stanley Bronstein This is spot on to what happened this morning. Attorney may notice of default and threatened further action. We did recreate another extension agreement giving 5 business days to sign. I'll check into that mediation clause.  ... Earnest money has yet to be returned, has been 2 weeks since contract considered "dead".  If seller goes under contract with another offer, do you believe judge could award the sale of the property to us?  

@Russell Brazil