All Forum Posts by: Alon A.

kitchens usually run around 15-20, I havent dealt much in exterior painting but id guess 3k. rooves run anywhere from 6-9k on average

Hey @Alon A. - different lenders have different programs, but I recommend using a lender based in the same county/region that you're investing in if you can. There are a lot of different lending options out there for investors, I don't think you'll have issue getting the financing if you have the cash in your account to back it up. 

In terms of getting business financing, that might be a steeper mountain to climb as most people that start out first use loans that are personally guaranteed until they can show other real estate lenders that they have the experience to handle deals. 

@Alon A. a lot of lenders will have a template, you can also google a PFS (personal financial Statement) spreadsheet and likely find one that will work. 

You need your assets, liabilities, and they will also need your income and credit. If you have a recent credit report great if not let someone pull it and give the number to the others until its time to get the loan process started.

@Alon A. I would start with the agent recommendations. I only refer lender I know can do what they say and can provide good service to my clients. You can talk to a few lenders and get a feel for what they can provide before sending everyone your statements. Make a personal financial statement and use that to send to some lenders and they should be able to give you a ball park based off that info and your credit score along with your income if needed.

Best of luck!

It doesn't matter where your money comes from. If you don't have a lender see if who ever is helping you with acquisition has recommendations. Either way vet who you use and make sure it is a good fit. Rate's aren't everything be realistic on how long you plan on holding the terms not just the property. 

Best of luck!

 Reach out to some contractors and ask what they charge for certain items. I spent 10 years in the business so i just kind of have the costs in mind. Generally a duplex will be 4-5k for interior paint, $1.50-$1.75/sqft for LVP labor, you can typically plan on 7-10k for a full bath gut with a tile tub surround. A lot of guys charge $50-75/door hung/cased. Prices will obviously vary greatly depending on the operation but hope this gives an idea!

 Hey Alon, I'm also a California investor who's new to the Cleveland area. The POS, or Point Of Sale, is an inspection done by the city to check off their list of repairs they want done to the property when it gets sold. This is separate from the estimate your contractor will give you. Keep in mind that not all cities require this, so you'll learn which do and don't in your area.  

This can be things like exterior trim and paint, sidewalk repair, tree removal, and sewer repairs. I recently learned on a deal that I had an offer accepted on, that the POS required a paved driveway, instead of the gravel one that was currently there. 

This can be a good thing, because many times you can have the seller pay for these inspections, and it's another set of eyes on your deal. 

I recently retracted from contract with a property that was found to have major drainage issues that the POS inspector found, which was causing backyard flooding and basement leakage.

This will be my first property there, I'm eager to get a home closed! If you want, I have a really great agent I've been working with, and can send you his info.