All Forum Posts by: Leigh C

@J Scott    Even with the numbers maybe being correct, that project looks a bit risky to my eyes.    In 2 years if we look back at this and the guy proves to be right I wouldn't be surprised.   At the same time, it just as easily could be a huge loss for someone.     I personally don't know enough about 5k+ sqft homes to comp this out well enough. 6 Daventry Ln didn't really have the upgrades but with selling only at 850k it's got to get anyone nervous to take this beast on.

6 Highgate Dr seems to be really nice and is struggling on the market.

@Richard FieldPocket listings hurt the seller.   The advantage of letting a select few offer on the house before the public gets a chance removes potential other bidders from the equation and overall will produce a lower net result for your sellers.

Those are common in Florida....typically in S Florida.     If it isn't something you signed in the listing agreement or part of the contract, just tell them to delete it.

I just got a few PMs that people are still confused....so I'll spell it out better for people to maybe be able to help me.

We currently Fix/Flip over 50 homes per year.   Looking to take a portion of those properties and owner finance to buyers, maybe 10-15 properties per year to start.      Looking for someone to help us be compliant with Dodd Frank as we have learned that if we go over 3 files per year we need a loan originator at minimum.       Interest rates are typically going to be 6-12% to the end buyer.    

Average house sale is 40-120k.  We have done a few of these per year over the last few years but would like to push this method a little harder as our cash reserves are getting too high.

Any other questions please PM me.       

**I'm not trying to sell any particular homes in this post, just setup the infrastructure to do so.**

I'm sorry, was being too brief in my post.

Looking to do 10+ of these a year within an LLC. Looking to offer it to owner occupants as well as buy/hold.

Looking for a lender that can process the paperwork and keep us Dodd Frank compliant.   Our house, our buyer, we obviously hold the note.    Worried about compliance issues.    These will be owner occupants mostly, at 8-10%? 15 and 30 year loans at the top of appraisal values.

what if you don't purchase title insurance?       

Home Value 850,000

Taxes are 10,000/yr

Insurance is 8,500/yr

Tenant pays water/electric....I realize I should be looking at comps in the area to set the price, i'm just curious on the numbers what landlords would typically want to make their formulas make sense.

1% rule applies to big stuff?    

enough spam in this world...

@Rob C.

If they are repairs that nobody could see and don't change how the property shows then I'd just pay to fix it typically.   If they are repairs nobody could see and it changes the way the property feels (lets say we have to replace hardwood floors or a roof), then yeah, i'd want more money since the property has a new roof or new floors.