All Forum Posts by: Account Closed

@Shawn McCormick wow, I'll definitely be keeping this in mind when scoping out more bids. I really appreciate the thorough explanation. Breaking these down into single items like you have here will be SO helpful moving forward.

@Michael Plante thank you , Michael! This is very helpful.

- The exterior was maintained to attract offers but I expect to hire a handyman to help tidy up where needed just to cut costs.

- As for doors, yes this is interior & exterior.

- The full rehab was estimated at $91,650

I am in the process of working through a BRRRR I have in a C Winston-Salem neighborhood and have a few bids from GCs in the area. Here are details on the project:

2 bedroom, 1 bathroom 1,000 sqft distressed single family home- it needs a full gut. We will be adding a bedroom, vinyl flooring, stainless steel appliances, mid level counter top/cabinetry and high end finishes to help capture higher ARV & rents.

What are your thoughts on this bid? Do you have any recommendations? I appreciate the help!

Hello BP friends!

I had recently gone in on an SFH where there is a tenant in place. While undergoing due diligence, the current owner has really been reluctant to release lease information, whether or not the tenant has been paying on time, if at all. With the eviction moratorium in place, I am concerned about the quality of the current tenant and the financial implications this would have on the deal. Is there anything I can do to acquire this information? Have you been in a similar scenario? I would love to hear your experiences!

Im doing my first long distance deal and Im having the agent walk the home along with a general contractor. The contractor will be giving a list of needed repairs or costs to remodel.

Question:

What is typical for costs for this inspection by the GC?

Is there anything to be mindful during this inspection period?

What language should be included in the offer that is contingent on results from the inspection?

Thank you, Bill! That will absolutely help & I'll certainly incorporate it now. Appreciate it!

Hi BP!

I am currently working on my first house hack and looking to finalize the financing for the deal in the near future. I was curious if anyone had any recommendations for financing the deal and give any critique on my strategy. How I would like to do the financing is as so:

I use the FHA program for the multi-unit property and utilize the lender credit option to minimize my exposure from the closing costs. After a year or two (maybe more of course!), I would move and refinance out. I was considering getting pre-approved for two mortgage:

#1. A lender with the lowest APR

#2. A lender with a large lender credit for closing cost assistance 

Come negotiations, place a two part offer: 

A: Requesting seller assist to clear the closing costs

B: Straight offer of similar value to #1

If the seller chooses offer A, I utilize financing #1. If seller chooses offer B, I utilize financing #2. 

What issues would you say I may be overlooking (or overcritical) ? Additionally, any more recommendations for lenders is always appreciated!