All Forum Posts by: Brett Tvenge

Hey guys, I ought always thank you guys for all your wisdom and guidance on this site. I've learned a lot so far.

I've come across two investment properties with awesome numbers. They are both residential and in a beautiful neighborhood with solid comps. There should be no problem whatsoever getting a hml to approve the deal, each has around 100K in profit after all fees, so there is a large margin of safety to work with. Each house has arv around 340K. They are also on the same street!

The problem is, I don't have any funds at the moment for the downpayment on the hml. It'd be such a waste to see these deals pass by. I'd need as little as 15K-32K on each deal and possibly less if I can purchase one of them Subject to the existing financing.

I'd love some options. Can you recommend a way to find private financing on the deal in exchange for a percentage return? I already have a detailed scope of work on one of the properties, so already got the ball rolling, just need to get my financing in order.

@Michael Plante

Well homes are grossly overvalued, interest rates are at an all time low while 5% of the USD was printed last month alone. Eviction moratoriums are about to end and the foreclosed market will be flooded more than likely crashing prices all around. I mean it is inevitable, is it not?

Hi All,

I have a house to rehab that is 1600 sqft and the occupants were heavy smokers.  Walls look yellow and kitchen and dining room are wood panelling.  I have been reading through the post here about rehabbing a smoker house but these post are very dated... 

Is there any new method of dealing with smoker rehab house today?  

Shellac still viable or is there something better now?

What is the success rate of just covering up with shellac and paint?

The walls have texture and I think a flat smooth surface is more desirable, will a skim coat of mud over shellac'd wall work?

Will 1/4" sheetrock over plywood work to block smoke?

Thanks

@Brett Tvenge @Jay Hinrichs @Michael Gessner @Ryan Kelly @Jordan Moorhead @Matt Ziegler @Tim Hall @Matt Groth @Chris Szepessy @Danny Webber

UPDATE: Sorry for the delay. The rain in San Antonio has been making it difficult to dig and delayed this project. There definitely is no septic on this property and the city has no records of the original sewer line. All of the other properties have sewer going to the front. This one had an old cast iron pipe that went to the back and ended abruptly. Even if it was the correct sewer line, it had the entire backyard and the lot behind it to go through before reaching city sewer. In the end, we had the city locate the existing tap-in (which was never used) and the contractor was able to get the total price of trenching, permits, and installation for $6,640.

39' trenching: $4,000

Plumber Install: $1,670

Sand & delivery: $735

Permit & inspection: $235

True, I did not inspect the sewer. I had an inspection of the property but nothing indicated a non-functional sewer. You couldn't even smell it. Did not think to order a sewer inspection. My contractor and other RE investors have never heard of a missing sewer so I guess luck of the draw? Expensive learning lesson but now I know. 

I don't blame the wholesaler @Randall E Collins. I'm not sure he even knew. And there's no point to going after the original homeowner because it's near impossible to prove they knew about it. 

Fortunately, I had buffer in this project and the market is still going up. I'm not sure it's enough but we'll see.