All Forum Posts by: Habbak Burs

Hey BP.

I saw a duplex that was for sale... however it’s only 1 side of the duplex that is for sale...

Have you ever seen this.... at this point is it just considered a town home?

Also, for the purpose of a flip.... is the appraisal Valued the same way as a SFR... what should I use as an ARV estimate?

Any advise would be great

Thanks

@Tyler D'Alessandro

Where is the property located?

@Paul Jelinek

Have you given any of those properties an offer? Just wondering if you have and what have you been hearing....

Sometimes if it’s all over priced just wait it out a little and let them come down.... then jump in once you see it hit the # you want

@Jon Lallande

I believe there is a way to challenge an appraisal... also you can try a different bank or lender if you feel they might use a different appraiser with a higher value.

@Nikki Taylor

Have you considered renting it out instead of flipping?

Maybe find a renter that could possibly buy it later, generate some return in the mean time.

@D'Andre Byers

Don't stress about it, it could be that she doesn't understand REI and what we don't know scares us.... work on educating her.

For now buy something you can live in that may appreciate in value naturally.... I would suggest (if available in your area) buy a new home from a home builder ... sometimes they have “inventory homes” those are homes they built and want to sell fast for people that need move in quick... usually home builders will give you 10-20K discount because you can’t customize it.... do this for 2 years move out and buy another and so on in 10 Years you will have 5 Rentals.

@Charlie A.

This is true....

I learned you have to write a plan out and do the free steps....

I am just starting but the free steps gave me this so far....

Met a wholesaler (from BP)

Met a contractor (from the wholesaler)

Met a HML (from wholesaler)

Had a buddy of mine see a property

All this was free... i didn't move fast enough and the deal was taken by another investor.... but I had a quote for construction, for the HML, etc

I know how much cash I need and what I can bring... I better understand the process and I am starting to build my core 4

It definitely is easier than I thought so far to get a deal or access to a deal.... but it’s kinda scary at the same time.

@Brent Paul

I would suggest this...

If you aren’t on the same level as him take a step back, in terms of returns...

For Example, a flipper (pro flipper) might want to make at least 30K on a deal.... if you bid on the same deal he will win vs go to the deal that will only make 15K ..... you are making money and building something but for him it’s not worth it....

Maybe try to figure that part out and go for the deals that he wouldn’t look at....

That’s what I’m trying to do now go for smaller deals that someone who has more money and resources would be like “not worth it for me”

@Stephanie Irto

Awesome Thanks!!!

Hi BP,

I have a rental in TX. I want to refi the unit, I already have a traditional loan, I want a lower rate & access to some equity.

I currently live in CA and I see ads for refi with no closing costs but they say CA only property... my parents refied their personal residents with no closing costs.

Is there anything like this in TX that I can use? Are there any hidden fees or anything that I am missing. any advise for getting low or no closing on a refi?

Thanks