All Forum Posts by: Jim Butterfield

@Eric Bilderback so true. I live on West side. its crazy to see what has happened in the past year and a half in Portland. 

yes do let the contractor / heater repair co know, you are without heat. they can prioritize your units. 

Finally after much delay the eviction was executed for a home I want to buy. however the squatter/tenant has his stuff inside. 

long story short. 

mom wants to sell the house, son wont move, she went through eviction process, cops show up 11am, evict him out change locks, they leave, he breaks back into the home about 3pm. cops come and now arrest him for trespass. 2 day most he will be in. I suspect he will come back for his stuff. anyone have a good way to deal with this? 

Yea my lady wants a bath remodel also, and few touches to the kitchen. My thought is wait until we move out to next home, then redo the bath and kitchen with the new carpet and paint for the renter... then its  a write off... yes not able to enjoy it, but it wont be fancy by any means. 

@Andrew Postell thanks for the ideas. yes I did run a little excel and found out if i went up in price id have a bit more in the game after final refi. I've got a little money left from my primary refi. just for investment purpose, however I didn't want to have any money in the rental at the end. for this deal, i don't think its possible. talked to the owner yesterday, he was laughing at my $74k offer. $90k was his preferred, I keep advertising DM for last 8mo waiting on getting some better leads. I'm thinking I might just make him an offer on this at $80k, yes more money left at the final refi, but it will cash flow great about $521 a month PITI only. Well that was at the $74k. I also did find a lender doing 75% LTV loans

If a house has an ARV of $150k and currently needs $45k of work, is there a way to come up with a price? i know every seller is different. some think there trashed house is still a Gem and want premium dollar. How do you come up up with a offer price for the trashed home?

Looking at a rehab property. ARV is $150k, repairs estimate $48k currently, cost of home is $85k ( still calculating final offer). Using those numbers, after rehab i get a loan at a 70% LTV this is $105k, $85k to pay off hard money loan, left with only $20k for my $48k spent. Is this all correct? Am I missing something. Seems like I need to make a ridiculous offer of $60k to get my rehab money out. Playing with the numbers in the calculators.

During conversation with seller, he wanted $80k out of it to pay off the current loan. 

Hello Tim, I am well aware of the standard costs for a loan, but when the Origination charges ( what the loan company gets for doing the loan) are in the $5k-$9k range that is what i am refereeing to. Recording fees, transfer fees, and title ins is all standard costs in my area. those usually don't change much. At least from the 4 loan estimates I have. And NO, i have not tried to buy down any points on these estimates so they are apples to apples comparison. 

@Jeff Shumway hello, no i know all about escrow. its not for escrow, i have tool all lenders NO tax/ins escrow. I pay my own. They dont get into the details of the loan costs initially. its a PIA to get them to supply a explained Disclosures statement. Below is what I typically get until i start there loan process. The bottom line i get from all the finance companies is, more risk due to non owner occupier. 

@Tim Lucas Yes, i heard that as well.  i am waiting few weeks see if policy changes. I talked with another member on the board about possible doing some business. Still searching other options.