All Forum Posts by: Jose Bordes

 I will try that... I'll let you know the outcome

Investment Info:

Townhouse buy & hold investment.

Purchase price: $129,000
Cash invested: $38,000

A 2B/2B unit under market rent, intend to convert to Section 8 tenants after lease expires. ARV around $138,000. HOA fee under $110/month.

What made you interested in investing in this type of deal?

Under $150K rental with future $1500/month cash flow

How did you find this deal and how did you negotiate it?

Zillow- I worked with seller's agent

How did you finance this deal?

5/1 ARM DSCR loan

Lessons learned? Challenges?

Ask the seller to show proof of permits. In the contract add this contingency where the price is based on appraisal value.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Closing Attorney

I am looking for a certified roofer in the Cocoa, FL area. Previous owner did the roof himself without a permit; now Citizen insurance won't give me a policy without the roof being certified. If any roofers or GC in the area who knows of a roofing company that will certify a roof on a previous job, let me know. I am trying not to spend money to re-roof the property.

I am doing a flip in Jacksonville, FL. The project is like 98% done. My GC is having a hard time finding kitchen counter tops from their distributor. Can anyone on this forum offer any referrals before I go to Lowes or Home Depot. Thanks

Thanks for the response. It looks like if that's the case, investors might as well cover the construction costs and not go thru the hassle of a draw. 

I recently financed a deal using Hard Money with the typical LTV 80% and they cover 100% of rehab. My question is "Is it standard practice that the Draws are on a reimbursement basis?" This totally messed up my calculations because now I have to come up with the rehab costs even though they say they will reimburse.