All Forum Posts by: John O'Leary

Hey Will,

I'd use a local Facebook group for this request. You will have plenty of options.

Good luck!

Hey Trever,

Anything above 5 units is considered commercial. Commercial properties may have different zoning, tax, and regulatory requirements than single-family homes, making them distinct from residential properties in terms of classification and usage.

Hope this helps.

Good luck.

@Michael Furey

Plumbing:

• Check for leaks and other signs of water damage, such as water stains on walls or ceilings.
• Look for rusty or corroded pipes, which can indicate that the pipes are old and in need of replacement.
• Check the water pressure to ensure that it is adequate.
• Look at the condition of the septic or sewer system to see if it needs repairs or replacement.
• Inspect the water heater and other appliances that use water to ensure that they are in good working condition.

Electrical:

• Check for frayed or damaged wires, which can be a fire hazard.
• Look for overloaded circuits or outdated electrical panels, which may need to be upgraded.
• Inspect the condition of light fixtures and switches to ensure that they are in good working condition.
• Look for signs of wear and tear on the electrical system, such as scorched outlets or outlets that don't work properly.
• Confirm that there are enough outlets in each room to meet the current standard.
• Make sure the grounding system is present and efficient to guarantee safety against electrical hazards.

It's also important to keep in mind that an old electrical or plumbing system may have to be brought up to code before you can sell the property. Make sure you factor in the cost of any necessary repairs or upgrades into your budget.

It's always recommended to have a professional to inspect the property and provide a detailed report on the condition of the electrical and plumbing systems. This will give you a better sense of what needs to be done and help you plan accordingly

Hope this helps. If you have any questions I think you spoke with Mark Munson in my office. 

Hey Michael,

When you're looking at a potential fix-and-flip real estate investment, there are several key factors to consider:

1. Location: The location of the property is one of the most important factors to consider when evaluating a fix-and-flip opportunity. Look for properties in desirable neighborhoods with strong demand for rental or owner-occupied housing. It's also a good idea to research the surrounding area for any upcoming developments or changes that may impact the value of the property.
2. Condition of the property: Carefully inspect the property to determine the scope of repairs that will be required. Look for major structural issues, as well as cosmetic updates that will be needed. This will help you to determine the potential costs of the project, as well as the potential return on investment. I'd look at your major components like Roof, AC, Electric, and plumbing.
3. Property value: Research the current market value of the property, as well as recent sales prices of similar properties in the area. This will give you a good idea of how much the property is worth and what you can expect to sell it for after the renovations are complete.
4. Financing: Before you make an offer on a property, make sure you understand the financing options available to you. Consider the pros and cons of different types of financing, such as hard money loans or owner financing, to determine which option is best for your specific project.
5. Project Timeline: An important aspect to evaluate is how much time you are willing to spend on the renovation process. It is key to have a clear deadline when you plan to have the renovation done, so you can list and sell the property. This will help you to establish a realistic budget and timeline for the project, which will be critical for success.

6.exit strategy: You should have a plan on how to exit the investment; it is important to have a clear strategy on how to profit from the renovation. The most common strategy is to list and sell the property, but there are other exit strategies such as renting out the property. Knowing your exit strategy will help guide your renovation decisions and ensure you are making the most of your investment.

These are some of the main things to look for when evaluating a fix-and-flip real estate investment. By carefully considering each of these factors, you can help ensure that you make a smart investment that will generate a strong return.

Good luck!! 

Here is what's needed as a Foreign National.

1.) Valid ITIN Number

2.) Valid EIN Number if vesting in an entity

3.) Current and valid Passport of Country of Origin

4.) Current and valid VISA

5.) Funds used for transaction to come from a US bank account

Let me know if you have any questions. Good luck!!

Hey Steven,

You don't typically get a HELOC on an investment property. There are cash-out refi options up to 80% in NC that you can then use to leverage on a fixer-upper. I can help on both sides if interested. Happy to connect, and Good luck!

Are you going direct to seller? I'd try to partner with a local wholesaler in your area. Happy to connect if you have questions.

I use both, but prefer propstream. 

Facebook is an easy way to find wholesalers, or investorlift.com. The other great place to find homes is talking to a local Hard Money lender. Happy to connect and discuss!!

Good luck!

Hey Kenny,

Great post. DSCR loans are a great option for investors that don't qualify for traditional financing options. With most lenders you can pay additional points to buy the pre payment penalty down, or maybe consider a 2 year bridge loan if you need seasoning before refinancing. There are also states that prohibit PPP and the borrower will simply pay a higher rate.