All Forum Posts by: Gabriel Ramirez
Gabriel Ramirez has started 1 posts and replied 3 times.
Quote from @Nathan Harden:
If the Comps are averaging in the mid 400s, this could be a great flip.
Personally I would turn and burn this as quick as possible. $100k is a huge undertaking for your first rehab (Good on you for jumping all in)
That being said, flip it, build up some more money in your pocket and just keep doing it again, again and again.
Thank You for the encouragement. I really appreciate it!
Quote from @Jacob Sloop:
So you have this under contract but don't have a lender lined up?
Have you gotten quotes or a term sheet at least? Without knowing your cost of money that is a risky maneuver..
Also 100k rehab is a large rehab for your first deal..
Im only saying these things to try and help your awareness not scare you !
There is a HML directory on here but I suggest finding someone local that can advise you of someone they have personally dealt with. Not all lenders are alike, some just plain suck or are borderline predatory so be careful
Thank You for your input. I really appreciate the information. I've been on the sideline for six years learning and this great deal came across so I jumped in and did it. My family is from a construction background so the rehab doesn't scar me. :)
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $195,000
Cash invested: $5,000
4 Bed, 2 Bath / Built in 1972 / 1,997 sq ft / 0.7 Acre Lot / Needs 100K in renovations
Total Purchase Price + Reno Cost, $300K. Comps Average out in the mid $400s
Closing on Feb 24th
How did you find this deal and how did you negotiate it?
Bought from a Wholesaler
How did you finance this deal?
Looking for Private/Hard Money
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Brooklyn Cottingham, Patina Realty San Antonio, Tx
