All Forum Posts by: Daniel Young

@Brittany Minger It definitely seems like you have a solid grasp on things! I admire your desire to stay away from any sort of borrowing - no interest is better than even the lowest of rates! Although, I will say, a solid and trustworthy hard money / private lender will be invaluable when you're wanting to scale up your business. 

I wouldn't mess with getting an appraisal done. Your contractor will most likely provide an idea of rehab costs and that should be more than enough for you to come up with an offer, and identifying ARV through MLS comps is just as effective for what you're trying to accomplish. Money better spent elsewhere.

Are the sellers asking 10% down? Majority of sellers don't ask for anything down beyond earnest money, which is usually between 1-5k depending on the size of the deal.

Make sure to take pictures at your walkthrough! Be mindful when taking them also as they can be your marketing pictures when you're trying to sell it. 

I hope this helps! Best of luck. 

@VaShaunna Dixson

Have you looked into doing BRRRR deals? If you can pay cash for your remodel and purchase you can effectively turn the same cash over and over again. The tricks are going to be finding a local community bank that will allow you to do C/O Refinances with a 75-80% LTV and buying deals where you are all in for less than 75% of ARV. If you're able to tick those two boxes you're off to the races!

@Elena Ferrer Welcome to the site! Congrats on diving right in. I was in Valdemosa Spain a year ago and loved it!