All Forum Posts by: Joshua Stewart

@Mason Hickman When I said win-win I was just meaning that if we move forward on any deal, I want it to be win-win for everyone, not that what was being proposed by me or anyone was win-win at this point.

@Steven Harris Yes, the $100k is what the owner would like to get for it as-is today.

We are first trying to decide if we even want to do this. My specialty is new construction, I have done a ton of renovations in the past and hate them now! And my specialty thus far has been on the design-build side as a service provider, not as the investor. Second, we are going to get it appraised to see if it's even plausible to move forward. Comp homes in the area (Charlotte suburbs) are going for $170k +/- but those have been renovated, which is what this needs. So once we run all the numbers - and if we decide to jump into a renovation - then we'll evaluate if this is worth pursuing for us and for our friend, the actual homeowner.

Thanks again for all the input, it really does help think about different things.

@Steven Harris That sounds pretty straight-forward, and if we move forward - still an if - we definitely want it to be win-win for everybody. Thanks!

@Mason Hickman Got it, that makes a lot of sense. I wasn't sure if what I was thinking was a good idea or not, or too messy! Thank you for your feedback!

@Mason Hickman The latter.

@Mason Hickman Can you expand on that a little? How does that work with the mortgage staying in his name until it's sold?

I am a designer-contractor. We are currently renting our friend's house through the end of the year while he is out of state. When we move and he returns he is leaning towards either selling as-is or rehabbing then selling. We are considering a proposal to renovate the house ourselves while we live in it - we would cover construction costs, nothing out of his pocket, while we continued paying rent. The mortgage would stay in his name, so it would be seller financing. Let's say we agreed to give him his asking price of $100,000 as-is. Could we then have our agreement be that he keeps the agreed upon $100,000 ($85,000 owed on the mortgage + $15,000 profit) and pays us the difference, thus reimbursing our construction costs and giving us profit?

Thank you in advance to anyone who replies!

Sorry for the delayed replies, I haven't been on BP in a while...

@Chris Hall yes, we completed about exactly a year ago. The homeowners moved into the ADU and rented out the main house.

@Henri Meli I am a Designer, so I created the custom house plans for the homeowners.

@Greg Dickerson I like those strategies you mentioned, they seem like great ways for me to transition from service provider into development until I'm at the point I can fund the deals myself.

@Jay Hinrichs That's great to hear. Lots going on in CLT as you know, I'd like to watch what you do with those up here. I'm a designer by trade and have been doing some house plans for builders and investors in the area; trying to move towards doing my own developments.

@Greg Dickerson I would like to yes. Working out the hard costs to see if the numbers work for the type of project I want to do with this particular development. And looking into financing it.