All Forum Posts by: Joanne Eriaku

Hi Conner, My analytical Brain cant help giving you the full nine yards....this is what I compute on excel: Hope its not too much :-)

PROPERTY VALUES & PRICING
After Repair Value
Current "As Is" Value
Estimated Repair Costs
Purchase Price
Estimated Hold Time (months)
TOTAL PURCHASE & REPAIR COST

HOLDING COSTS
Property Taxes
HOA & Condo Fee
Insurance Costs
Utility Costs
Miscellaneous Holding Costs
TOTAL HOLDING COSTS

BUYING TRANSACTION COSTS
Escrow / Attorney Fees
Title Insurance / Search Costs
Miscellaneous Buying Costs
TOTAL BUYING TRANSACTION COSTS

SELLING TRANSACTION COSTS
Escrow / Attorney Fees
Selling Recording Fees
Realtor Fees 6.00%
Transfer & Conveyance Fees
Home Warranty
Staging Costs
Marketing Costs
Miscellaneous Selling Costs
TOTAL SELLING TRANSACTION COSTS

FINANCING COSTS


ESTIMATED NET PROFIT = ARV-PURCHASE PRICE-MISCELLANEOUS FINANCING COSTS- TOTAL HOLDING COSTS - TOTAL BUYING TRANSACTION COSTS - TOTAL SELLING TRANSACTION COSTS

ROI = ESTIMATED NET PROFIT/ PURCHASE PRICE + MISCELLANEOUS FINANCING COSTS + TOTAL HOLDING COSTS + TOTAL BUYING TRANSACTION COSTS + TOTAL SELLING TRANSACTION COSTS

Woohoo!!! High Five Henish, I absolutely love what you did...thank you for sharing. Meet you at the top :-)

Eryka! Congratulations on getting this far, and thank you for giving back to the community that has helped you get there. This is a very impressive what you have accomplished, may more be added to you.

There are opportunities in every market

Hi Destinie, 

They don't make money on the deal per se but you pay them for the services they offer on running Title reports etc

Not all of them work with wholesalers, one of the first questions you should ask them is if they work on assignments and double closings

@Joe Aiola, I'm in Mamaroneck, not far from you actually! Hmm, I had vaguely thought about driving for dollars, how effective is it, in your opinion? 

Hi BP,

I'm having trouble finding a credible source for obtaining lists like Pre-foreclosure lists, lien lists, probate etc....does anyone have a really good source to recommend or is this a hit n miss thing? I'm looking for New York area although I assume most credible sources are National?

Thanks in advance

Joanne

Maybe the property does not qualify for conventional finance, hence the need for cash only possibilities. As a rehabber, most of my deals are found from such like properties that no bank would touch!

Hi Brian, I'd say give them a call, and while you are speaking with them, find out which type of appraisal they conduct for HELOC's. There is an appraisal but usually its not the full comprehensive appraisal, at-times it's an Automated valuation that pulls historical data, neighborhood etc, at-times it's a drive by appraisal based upon photos of the property, have a chat with them and decide from there...

Hi Brian, I'm new to this so take it with a grain of salt: I would keep it/rent and then use it to obtain a HELOC or loan to then invest into another property.