All Forum Posts by: Claudia Diarte

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $322,000
Cash invested: $46,000

Cosmetic fix and flip in Aurora CO

How did you find this deal and how did you negotiate it?

Found this deal on MLS. I am a licensed agent in Colorado

How did you finance this deal?

Cash

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $312,000
Cash invested: $42,000

Cosmetic flip.

How did you find this deal and how did you negotiate it?

Found this deal on MLS. I am a licensed agent in Colorado.

How did you finance this deal?

Cash

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed real estate agent and mortgage loan originator in Colorado.

I do 640. I arrived to that score because I originate mortgage loans as well and it is the lowest we accept. Please note that other lenders go lower than 640 but that seems to be a comfortable threshold for most lenders. I pretty much just align with that score since lenders have completed plenty of due diligence to come to that score as a minimum. Also, I look at their credit history to see if there are any recent (within 12 mos) late payments, collections, or any derogatory credit that may imply that the applicant is going through financial difficulty or just simply does not pay their bills. I also call their previous landlord to check their rental history and collect income documentation to ensure they make at least 2-3 times more of the rental payment. I hope this helps. Thanks!!

Hello!!

Any tips on how to pull comps? I have come across a lot of information but feel that it is inconsistent. Specifically when it comes to pulling comps to provide appraisers when the appraised value doesn't meet the contract price. As an example, I am working on two low appraisals for two different listings. On the first, I pulled comps utilizing similar sq ftg, age, neighborhood, and bed/bath count and the appraiser told me he couldn't utilize those because they are different floor plans. However, the appraiser on the second listing did utilize different floor plans with similar sq ftg, bed/bath, age, and neighborhood. I'm an agent in Aurora, Colorado and my main business is with investors. Any tips/suggestions are greatly appreciated. Thank you.