All Forum Posts by: Jonathan Jewell

How you all doing fellow Bp'ers.  Gotta another question for the group.  I came across a multi-unit, that  did a walk through on and I want it.  It would be my first, just an FYI.  But  it has all the ingredients, great location, safe area, long term tenants, which I met and interviewed each one of them.  Cashflows pretty decent too.  The thing is everything is dated I mean everything.  Its also has some trouble spots that are in need of immediate attention.   I estimated the repairs and some of the upgrades are going to be around $15K  maybe even a little more once I open up the problem wall.  (water leak from outside)  So here is my question: 1) Should I submit a full price offer pending outcome of acceptable appraisal and inspection, just to get it under contract knowing I'll be negotiating a lower price later 2) submit my offer with my adjusted lower price with or course the appraisal and inspection clause 3) Go real low (like worst case scenario repairs and waive the appraisal and inspection clauses).  I wanted to go in strong with at least 2 options the seller can choose from.  Your experience and insight would be greatly appreciated.  Also would especially like to hear from @Cody L. , @Andrew Johnson , @NaDean Bowles and @Jay Hindrichs on this .  Thank you!

As @Jim Lee and @Eric Burgh correctly said.  It will all depend on the inspector, how you speak with him/her and be humble.  The inspector may just have mercy on your soul, may have to pay a small fine and problem solved.  Don't freak out or keep thinking about it, your just wasting energy.  Keep positive and hope for the best.  I hope it all works out for you @Kyle Burnett and congrats on nearing the end of your first flip.  You accomplished what many others want to do, but never take the first step.

@Chaston Farris. Ok bud your losing me here. Your purchasing a MH. Is this on private land or a park? Your saying the owner of trailer lives next door which is throwing me. What year is the trailer? Rooms bathrooms etc. Lots more info needed to give you an experienced answer.

@Darwin Crawford.  You rock man! Thanks so much Ill check them out!

@ Marty Johnston. Wow thanks for that info and elaborating.  @Andrew Johnson. That is sound advice I'm gonna do just that. @Tim Milazzo that puts my mind at ease quite a bit.  Tbis place does cash flow so I think Ill be ok ehen the time comes to refi.  Thanks guys for the advice and positive feedback!

@Ronald Rohde   Hmmm   Could you elaborate more on that answer Ronald.  

You hit exactly on one of my main concerns. (The Refi being not enough to pay off the HML. ) Are there any rule of thumb or industry standards as to what a commerical refi ltv would be at the end of the day?

Hey fellow BP'ers   Looking for advice / direction for those that have used hard/private money when buying rental units.  I usually self fund my own deals, but I'm going after bigger game now.  

I finally found my first multi-unit (7 unit)  YAY!!!  It's a B-C class and a little rough, but with good paying tenants most of which have been there long term with no plans on going anywhere.  

I want to close on this deal quickly,  so I'm going to start making my calls to the money people.  My plan is to do a commercial refi and pay off the hm/private lender once repairs are made and the 1 vacant unit gets a tenant.   My credit is excellent, but I hardly show any income on my returns due to the nature of my existing business.  

How would I qualify once the time comes for me to do so?  Was anyone in the same situation?   I'm ready to pull the trigger, just need to know what to expect in 6 to 12 months.   Any and all help would be most appreciated! :-)

How crazy is this. I too have thought about the same damn thing!

Thank you @Andriy Boychuk and @Ronald Bourgeois for the video links.  Much appreciated guys! :-)

@Jesse Petrillo Wow, You got a lot done in a short amount of time man.  Super Congratulations for following through and getting this deal done to completion! You not only have some piece of mind, now your all set when you go to sell the home, the structural issues will be taken care of.  After repairs, get a cosmetic coat of stucco or whatever over that crack and get the home reappraised.  I am very happy for you, and thank you for keeping us all updated on the progress.