All Forum Posts by: Adriel Liwag

Federico, I'm also interested. Can you send me the same info as Rohit requested to [email protected].

Thanks!

Hi Michelle, I've never heard of delayed financing? What is that?

I don't feel I'm paying too much for the property, I actually feel its decently under value. But that's according my what I feel it's worth with no concrete evidence. You do bring up a good point that it will appraise for something, unless I am in fact buying it for more than what its worth. Something i'll look into. thanks!

This is an out of state deal

just like any other seller, they want a fast closing 

Hello all, I'm not sure if this is the right section to post this in but I'm trying to buy my first income property and I could use some advice/suggestions.

Here is the scenario:

I need to pay cash because it's an off market deal and the seller will not accept conventional financing or seller financing. I currently have a flip that rehab will be starting on in the next month or so which my cash needs to go to. So I was hoping I could buy the multi unit and refi immediately to pull my cash out in time for the rehab. But I was told that the lenders I was referred to wont allow that as the property I am buying will be hard to appraise because there are no comps for it.

The property is a triplex. It has SFR in the back and a duplex in the front. Although that set up is common in the neighborhood there are no recent sold comps to support it within .5 miles. I've found comps that are about 2 miles away though. I'm being told the soonest I may be able to refi is 12 months and 1 day from the time of purchase.

I'm nervous because I really want this deal and I cant think of much other options. I've already pretty much exhausted my recourses with my other flip. 

I could possibly get the property for $85k, but that's the amount I need for my rehab.

Any help or suggestions is greatly appreciated.

Adriel

Hi Kathleen, I'm interested in this property. I'll shoot you a text.

Thanks!

Hi Jeff, I left you a voicemail. Thanks!

Hi Stephen, congrats! The numbers DO seem tight, but if you have connections where you can save some money such as closing costs etc. then it may be worth it. The profit doesn't seem to be too high but if you're not looking for a big profit and just really looking to get your foot wet, then don't let this pass. If you're ARV is $110k, assuming that's being conservative then you can possibly get a lot more if your house comes together real nice within budget. Stick to private money as much as possible as you will save thousands from paying interest. With that said, if this is your first deal it may be really hard to find a private lender as you don't have a portfolio yet. After my first 3 houses I recently just got a private lender and bought my 4th house. I'm stoked for you and think you should make this happen.

Does the GC bid you have include labor and material or labor only?

It may be cheaper to get a bid for labor only and buy the materials yourself. Shop for the best deals and pay for materials on your CC's. That's how I've been doing it.

Feel free to reach out to me anytime. Ofcourse what I mentioned above is just my own opinion and may differ from other more seasoned investors. 

Hey all, I got into flipping last November when I bought my first house with a partner. My partner had been flipping for 20 years. Currently I'm on my 4th flip for the year and possibly will be getting my 5th any time now. Like most people, I didn't have capital going into this business which is why I looked for a partner. The agreement between us would be that he paid the workers, the mortgage, and other transactions that required cash and I would pay for all materials on my credit cards. I got into flipping because I really do enjoy designing and project managing but I hate numbers. For now here are the details on my first flip. It's hard to break down cost for each item as we got a bid for the whole job I'm not too good with numbers which is why I delegate that to someone else to do but I will break down what I can. Property: 4 bed 2 bath Lot sq ft 7200 Living sq ft 1700 Rehab: Paint exterior and interior Demo/removed two walls to create an open floor plan Scrape and smooth popcorn ceilings Mud and texture walls and ceilings New laminate floors throughout New carpet in bedrooms Total gut out of kitchen and two bath All new Windows (10 windows) New French door Restucco front of house New bedroom doors New front door New kitchen cabinets New front door Added a side door to the garage from the porch New door knobs Added central air and replaced heating furnace New appliances (fridge, dishwasher, microwave) Move water heater outside Installed recessed lights throughout Convert water heater closet into laundry room New bathroom tiles (floors, and floor to ceiling shower tiles) New vanities Converted tub shower to stand up shower New ceiling fans in each room New mirror bedroom closet doors Pool repair (30 years of non use and has gold fish and algae) Repaired and painted concrete in backyard and garage New garage door New driveway New landscaping New appliances New exterior lights Painted fire place Staging Purchase price: $465k via HML Total rehab:$60k ARV: $590k Sold: $610k Net profit: $32k total then split 50/50 I learned so much from this first flip but it was all worth the blood and tears. Here's a link to my Box album. https://app.box.com/s/spyxxp27krya754csrstmzz8bv1u8420

Just refreshing my post. I recently bought a house in Bend and looking to close in a couple of days. Is there anyone in Bend I can network with that would be willing to help me get to know the area and possibly do deals together with?

Thanks in advance!