All Forum Posts by: Kate Bell

Newly remodeled home would make for a great starter or rental property. Close to amenities, all within walking distance. SFR 1/1 448 sf. Completely remodeled inside Close to schools, short drive to harbor, neighboring many amenities, near bus route. Cozy starter home for military personnel or use as a rental.

I'm glad I was able to help you out.

Hi Lea,

Although I am not located near VA, I do have contacts in the area and I would also like to offer you help along the way as well. I'm not a Guru by any stretch of the word, but I would like to see you succeed and I have been in Real Estate not only as a Fix and Flipper, but, wholesaling, private lending and was a Designated Mortgage Broker for over two decades. Real Estate is not only my career, but it is my passion as well as my hobby. Do be careful as you have seen, there are numerous scammers out there. While it is important to have some manuals, the best way to learn is hands on and asking questions. I would like to echo what Brandon stated in his answer to you. You have to master the art of one avenue before going down several roads at the same time. It gets too confusing that way. With that said, if there is anything that I can do to help you, please feel free to contact me. In the mean time, I wish you all the success in your journey.

Congrats Mario,  it sounds to me you answered your own question.  But if I can help you brainstorm in anyway, feel free to bounce it off me.  Remember, don't make impulsive decisions.

Best Regards,

Kate Bell

Thank you for your vote If you're up for the task, get touch with me and we'll brainstorm together. Shoot me an email and we'll set a time. Kate 

And as far as not giving money up front, I am referring to people that say they are PMI and ask for all your personal info upfront and ask anywhere from $899 to $2500 saying they need to secure the loan (such as life insurance) in case you get hit by a bus and default on the loan. They give you a loan approval without even asking for info regarding property. News Flash, the property secures the loan and if something were to happen to the guarantor the lender sells the property gets their money back and makes a profit. And if the LTV and ARV is still under 65% chances are the PMI will not ask for an appraisal or credit as the property speaks for itself.

Feel free to reach out to me.  I would welcome your questions.  Kate

Hi Alex, First and foremost is checking your credit score if you are indeed planning on using a bank. If you are putting 3% down then your down payment would be $7,500 plus CC but you also would end up paying Mortgage Insurance monthly unless you put down the 20% or 50K. But I would not recommend that. First you have a couple of options. One would be asking your parents for help as an investor. Or you can also look online for PI's or ask for the seller to carry a note. But to be considered as a serious REI, you will have to have some skin in on the deal. Let me know if there is any way I can help you out or do some brainstorming together. Have you checked on BP for REI willing to lend? Kate Bell

Have you tried www.privatemoneygoldmine.com?  You have to pay for a membership which is not expensive and definitely worth the cost.  One advise I would like to give is, most individuals on that site are legitimate, but unfortunately not all.  Please do your due diligence and NEVER GIVE ANY MONEY UP FRONT!! I have some private lenders that I use myself and if you would like to use them, you are free to contact me and see if they lend on properties in Florida.  I hope this helps you out.  Kate Bell

Hi Ben, my experience has been that when it comes to mold,  you most definitely need to get a mold abatement test done.  Also to calculate here is a rule of thumb that I like to use.   Let me know if there is anything I can do to help.  Ave. Cost for Rehab

Light Rehab: $10-12/sq. ft. (95% of properties need this)

Paint

Floor

1.Carpet

2.Tile

3.Peel & Stick

4.Refinish Hardwood

Doors

Lights

Plugs & Switches

Medium Rehab: $20-24/sq. ft. (70% of properties need this)

Everything in the light category

Kitchen

Bath

Windows

Heavy Rehab: $30-35/sq. ft.

Everything in the low and medium category

HVAC

Plumbing

Electrical

Roof

Foundation

Mold

• Average for landlord buyers to get the property in rent ready condition is $8-$12 per sq ft.
• Average for rehab buyers is $20-$30 per sq ft.
• If you’re doing an offer sight-unseen, figure Medium rehab costs for your offer.

Individual Costs

• Flooring:
• -Carpet: $2 sq. ft. carpet/6pound padding installed.
• -Tile: $7 sq. ft. installed “Terracotta Clay” or “Patina Shale”
• -Laminate Tile: $2 sq. ft. installed.
• Paint: $2 sq. ft.
• Lighting:
• -Ceiling Fans: Contractors special w/lights $52. Choice of 36”, 42”, 52” White. Otherwise $200 installed
• -Flush mount lights: 6-pack contractor special $50
• Doors:
• - Interior Doors: 6-panel $215 installed
• - Exterior Front: $700 installed
• - Storm Doors: $350 installed.
• Bathroom:
• -Vanity: $650 installed
• -Surround tub/shower: $600 tiled
• -Tub: $350 reglazed
• -Toilet: $350 installed “American Standard Cadet”
• Kitchen:
• -Cabinets: $300 liner ft installed. Colors: White, Cheyenne, Denver
• -Counter Tops: installed with cabinets.
• -Sink with gooseneck faucet: $500 installed
• -Appliances: (fridge/microwave/oven/dishwasher) white/black $2,100 installed. $2,500 for stainless steel.
• Water heater: 50 gallon $1000 installed.
• Windows: $250 per vinyl window.
• Landscape: $500 basic