All Forum Posts by: Eyan Lakhani

@Kristopher Williams

Hey Kris,

Are you referring to "Double closing" as "Sellers side only HUD" coz if I am not mistaken that's different.

From what I have learned, "Seller's side only HUD" is a single closing and the seller see's the numbers relevant to him/her i.e. the selling price he/she sold at, but not the buyer's purchase price. This addresses 2 concerns:

1) You don't spend extra money on double close

2) Seller won't know how much the wholesaler made thus not hurting their feelings !

I am still not clear if this is true and it will be great to have comments from someone who has done it. This is mostly used when brokering commercial wholesale deals they say !

This property is located right next to the Highway. Hot rental and owner finance area. You can drive by the house and sneak peak inside.

ARV: 68k

Repairs: 25 to 28k

Asking: $26k

MINIMUM EARNEST MONEY DEPOSIT: $ 2,000

@Jay Hinrichs

Thank you for a definite clarity :)

@Omar Merced

I am truly sorry for the experience you had. Thank you very much for posting this and like you said, I urge BP members to please post any activities of this nature so others in the community can be aware.

I received a message from from a guy called tyler on FB about funding at 6% interest only (too good to be true). I think I ll ask for some references from anyone I talk to.

This is great Rehab, rent and refinance/ owner finance opportunity.

The rent are easily $700+, 

ARV: $75k, Rehab: 15k, Asking: $35k

(Detached Garage and Open Porch)

I think you can call 411 and talk to Code violations on how to proceed. They will send CV letter to the owner if they think its a violation.

About the Property Management company: When they rent out their units, they advertise online. Aren't you able to find any info on different rent advertisement platforms ?

Also, the owners may not respond to a regular letter, but they might respond to a well crafted attorney style mail or Urgent Notice regarding "xxxxxxx san, antonio Tx)

Its not cash-flowing at the given price. 

PITI: 667 + 340 = 1000

plus cap ex, vacancy, repairs etc

Hello everyone,

This deal has a room to be creative so I thought lets take advice from the bests:

Here it goes:

ARV: 235K

Repairs: $7,000 (Was completely remodelled in 2013. In great condition. NEW FOUNDATION, NEW ROOF)

Tenant Occupied: Rent $1,590 (lease ends on Aug 31)

Clearly, there is no cash-flow when I plug in the numbers on BP Calc as a Buy & hold.

If seller is willing to owner finance with 15% down and I can close this at $185k.

I believe I need $45k cash (25k down and 3k closing cost,7k for repairs, 5k holding cost, Reserves: 5k)

DIY: Without any flipping experience, I think this is a good start with nothing to minimum repairs and decent equity.

Math: ARV (comps): 235k

Holding cost: $5100 (1700*3 months)

Repairs: $7,000 (To get conservative numbers, should be 3-5k)

Realtor comm when selling: 14k (235k*0.06)

Closing *2: 6k

Profit = 235k - (160k + 45k + 14k+ 6k) = 10k

All the numbers are super conservative. I know its little profit compared to a 200k+ flip. But I am thinking if I can risk 45k to make 10k in 3 months, is it worth the risk ?

Things to consider: I may save 7k on realtor if necessary. Also, 2 off the 3 properties used in comps were sold in 2015. The prices have gone up since then.

And most importantly, I might be able to get seller finance for 160k over 20 years @ 5%. This will allow me to sell it a little higher. (Worst scenario everything same with 5 year balloon)

My question to you is:

1) Do you think this is good deal ? If yes,

2) how much do you think an investor would pay me to step aside and take over ?

What do you think bigger pocketers ??

PS: I will try to start paying after 60 days to reduce holding cost. Please suggest if there is anything else I can do to benefit from structuring owner financing.

Tag: San Antonio, Houston, Dallas, Austin and Texas

Hi @Stephanie Bureau

The development in that area is a long term factor. I believe you are wholesaling, so the present comps and rent matters the most.

IMO the development should be considered a icing on the cake. The fundamentals should make as much sense as they do on any other property.

Hey @Craig Norris

Did you ever proceed with the strategy ? Would love to know more in terms of numbers.

ARV on single storey: $700k to 800k
How many sq ft is it ?
ARV on a 2 storey $1.1 to 1.4 (That's quite big range of 300k)
How many sq ft will you be adding ? at what price ?

Project length and profit if you pursue as a single storey vs project length and profit as a 2 storey ?

Thanks