All Forum Posts by: Gerardo Lewis

hey BP

To be honest I don't know if this forum in particular is the right one to ask this question anyway, I'm switching strategies now because after hitting so many road blocks with financing I decided to try and find a property off market so I'm going to use listsource.com to get all the absentee owners in my area and do some direct mail. My question is does anyone have any tips for using the site. I've been on there going though making list but never purchasing yet. So is there anything a vet could tell me about the site?

Hi BP 

I'm in the middle of looking at a potential property to purchase but I need to know a pretty accurate ballpark of how much it will cost to rehab so I'm looking for a couple bids from contractors in the gainesville and alachua area. You can contact me on here through private messages or on this post.

Hey everyone I'm always so bad at getting back quickly to reply but i appreciate everyone's advice the gist of what I'm hearing is to get more quotes so that is what I'll be doing then to get a better idea. I technically have a contractor we've worked together on projects before but I was just wondering to be honest I'm probably overthinking the hell out of this but I'd rather be safe than sorry.

Hey BP just wondering about something. I'm putting together a few reports for the banks I'm going to be going to for lending and my contractor put together a few quotes for me to redo the bathrooms and kitchens on a 4 plex I'm looking at. In total the rehab will be around 80k so I'm wondering is that way too high?? or am I just overthinking this (which is something i tend to do for big decisions).

Hey BP just wondering about something. I'm putting together a few reports for the banks I'm going to be going to for lending and my contractor put together a few quotes for me to redo the bathrooms and kitchens on a 4 plex I'm looking at. In total the rehab will be around 80k so I'm wondering is that way too high?? or am I just overthinking this (which is something i tend to do for big decisions).

@Alexander Wardell sorry for the late reply but this was a lot of help more than you now I'm taking a look at the ARV again, I realized my mistake with it. And I'm taking your advice about the vacancy and repair percentages. Thank you for the insight and different perspective on the situation it was just what I needed.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

So I can clearly see this is a dud but this is just my first analysis of the property with the info the selling agent gave me and the asking price. Now I guessed my interest rate using my my credit score and a few websites so I don't think that is the best way to get them and if anyone can give some insight on how to get more realistic rates I'll really appreciate it and ill refine the report. But Id like to know if this looks right to the BP community. For this to ever work they would need to drop the price and I think it is possible but most of all I want to know if this was done correctly and I'm not getting blinded by forcing it to work numbers wise so, Thanks in advance! 

@Zach Midwood yes I did thanks for asking. I asked the forums about it and they gave me the same info. I was told I have to show the bank the value in the investment and the value of the place I want refi into a conventional so I’m working on that now.

@Zach Midwood yes I did thanks for asking. I asked the forums about it and they gave me the same info. I was told I have to show the bank the value in the investment and the value of the place I want refi into a conventional so I’m working on that now.