All Forum Posts by: Frank Geiger

Honestly for the scope of work you stated above on a small bathroom, maybe 1-2 days. Get them a hotel if the only bathroom isn't usable. 

https://www.goldbergjones-wa.c...

Hard to say from the article above. But if you look under "Division of Assets", it states whatever is in your name before remains yours. So I would guess that if the house is in your name, it stays yours. But I'm no lawyer.

I would consider it reserves ONLY if you are willing to sell the stocks/crypto at any time. It has to be relatively liquid. Could you have sold without a loss back in March? I like to keep these two pieces of my portfolio separate but it's up to you.

Usually goes by county/city. Try typing in something like "____county property search" or "tax records". There are a lot that don't have online services still.

If you purchase with cash (not hard money), you do not need insurance. But I think 99% of people would advise against not getting insurance. It can be as cheap as $40/$50 a month. Not worth the risk as others have stated above.

As long as you take the conservative approach and have plenty of reserves, why not go for it! 

Typically, there are two ways to close: assigning the contract or double close. For double close you  set up a closing time within a few mins to a hour from each other on the same day. You technically own the property during that time.

@Ronnie Macias I think generally speaking $5k-$10k for a 1 bathroom rehab is a fair price. As you get closer to $10k, you should get out of the pre-cast tub combos. At 978 SQFT, I doubt it will be that expensive because of the size. I always recommend putting in sweat equity for the first few deals to learn the trades.

I would never rehab to a particular tenant's taste/style. You need to have the broadest market of potential applicants.

Usually means that most banks won't lend on the property due to the condition of the home. The Seller doesn't care where the cash comes from. Could be private money, hard money, or a line of credit. Sellers also see cash as a stronger offer that is more likely to close and they may need to offload it quick. Overall, could be a number of things. You can always call up the agent and find out why it needs to be all cash. Might be able to find the pain point and get a good deal. 

There are several methods for finding construction financing:

1) Purchase all cash and fund the rehab with all cash

2) If the property is livable, use an owner occupied loan with construction financing (ex. FHA 203B)

3) Hard Money - 90/10 or 80/20 purchase price plus construction loans (receive draws after construction is complete)

4) Conventional purchase with private money/cash 

5) Lines of credit/Personal loans

6) Credit card advance

Don't recommend the last one. There are plenty if options; just need to get creative.