All Forum Posts by: Steve Guerra

hello everyone

I will like your opinion on this house I am interested in purchasing and rehabing and living in it. Okay here is what the property needs. New Kitchen, new carpet, new paint, new landscaping (front lawn and back lawn), new bathrooms (2) and new Windows (all 9 of them). ARV will be between 120k to 140k. They are asking 80K (fannie Mae property). All the repairs from what i saw is what is needed. Of course i would request a inspection when i submit a offer. How much would you offer? Also I plan on doing the work along with someone who i will be paying to help me out.

Thank you for all of your opinions!!!

Hello Everyone

I have some questions about borrowing from a Mortgage broker.
Well first off I found one in my area. They require 25% down for any investment property. They can only fund properties 70k and up. Their Non Owner occupied interest rate is between 5.25% to 5.75%.

Now what i want to do is Purchase a property, rehab it and create equity. Once equity is created I will refinance (to the amount it will cashflow).

Now my question is lets say i purchase a property it cost me 70k I put 25% thus borrowing 52k. I rehab the property and after words they appraise it and its worth 120k. I put in 20K in it. Can I refinance and get my down payment and the 20K i invested back? I spoke to the Mortgage broker and she said that i should save all my receipts so when they refinance they can add that into the appraisal. Or maybe I din't understand correctly..

Anyways I appreciate your help i advance!!!

Thank you everyone for the help!

i was wrong about the 50,000 its actually 70k to 85k one company quoted it will need 35 helical piers.

Hello Everyone

I have a question about Foundation Repair. I found a property for sale it is 2,900 sq ft. Great location. It has foundation problems. Real Estate agent said it was quoted 50k in order to fix the foundation. The foundation is pretty bad the center of the property is not cracked so this means the sides of the house the Left and Right side are the ones that will need repair. My question is what else needs to be repaired once the foundation is fixed? Also it is a Brick Home. Thank everyone for the help. I hope i explained it correctly. I really appreciate it.

Thank you