All Forum Posts by: Dennis Canon

Put in the work and success will be more likely. I’ve been interested in investing in AZ as well. Would you be interested in partnering? I have access to hard money and have family there. Also have a connection in the area.

Find a Private lender. Offer them more on the return if they fund the entire cost.

Can I use my solo401k to become a private lender to other real estate investors?

I’d lay it out on my bed and sleep on it. Just for one night then invest in MFR.

I’ve borrowed twice from the same HML under my own name.

Since you’re local, I would invest in 1 or 2bd apartment in Long Beach. Lots of opportunity for passive income. Will PM to connect.

Did you buy it with a conventional loan? Sorry if you mentioned it and I missed it.

I also want to add the 23711 Ladrillo only added 1bedroom and 1/2 bath and purchased for $821k non rehab. The 22410 Hatteras was already a 4/2 and purchased for $637k non rehab.

If you're adding a 1 bedroom and 1 bathroom and making the kitchen larger, you're significantly increasing your rehab cost. At your $835k purchase price, you're numbers are really tight.

@Gregory Storm what is the rate you're getting from your HML. Is it 80% and you put down the 20%? Are you then paying the rehab with your own money?

I'm just thinking that the rehab which will need drawings, permits, nice to high end materials could be close to $100k. How much and how long are you figuring holding cost would be? To be honest this is a big project for being your 1st flip. It's high in price, rehab and market. Let me know if you need help. I'm kinda local. I live in Lakewood and work in El Segundo.

Congrats! Your numbers are kinda tight. Did you use hard money or your own? Looks already nice. You could probably sell as is and avoid the rehab work and move on.