All Forum Posts by: Lawrence Sudweeks

This property was appraised 4 months ago at $142,000 in it's current condition. It has an ARV of $165,000. Needs $30,000 in rehab. I have it under contract and am closing this Friday. I currently have too many properties to take this one on.

Link to photos: https://goo.gl/photos/RFDWZrXJV8YoFF5m7

Link to Scope Of Work:  https://airtable.com/shrSoSFXaEg94BMBM

Hi Edward,

Are you looking to be a realtor, or an investor?  While there are some deffinate benefits for being a realtor, it is not necessary for you to start making money being an investor.  I reccomend you get started with investing, and work on your licence as you go along.  Find a good realtor that will work well with you.  Just my 2 cents.  

-Lawrence Sudweeks

@Dax Gurr,  Jeff's property looks pretty interesting.  Probably not for a first time or new investor though.  :)  

Jon,

I have a contact that is retiring from real estate investing because of her health.  She quite a few units that are up and running and already have long term tennants.  The Twin Falls market is very strong and vibrant.  Lots of new good paying jobs have moved to the area, and they are experiencing double digit real estate growth year over year.  Buhl is 16 miles to the East of Twin Falls, and I feel is a sleeping giant.  Looking forward to visiting sometime soon.

-Lawrence

Hi @Jonathan West,  

I live in Pocatello and invest all throughout SouthEast Idaho.  I'd be happy to visit with you a bit.  What area are you from?

-Lawrence 

Sorry for posting this twice.  I found the Market Place after I started the thread.  

This corner house would make a good long term rental, or a fix and flip.  The small bedrooms upstairs are charming with their dormer windows and kids would love them. There is lots of room for rehab, holding costs, and most importantly, profit in this property.  

Click this link to see my database will all me research and data for this propertly.

https://airtable.com/shrUM43d8srFf804L

This is a link to a walkthrough of the home and what work needs to be done. 

https://goo.gl/photos/DsfNXjkHSRe2qRJ37

Just click the circle next to the address to expand the information.

I have a cute little home in Buhl, Idaho that is ready for wholesale.  It would work as a fix and flip or a long term rental.  All my data is on my favorite database program that I keep all my properties and research.  

https://airtable.com/shrUM43d8srFf804L

Bottom line. It has assessed value as is of $59K. 30K of updates will bring ARV to $99K. I am wholesailing for $37,700

Message me if you want more info.  

-Larry Sudweeks

Aspire Properties LLC

I recommend finding absentee owners who are willing to Lease Option, or Owner Finance their properties.  All the benifits of owning rentals, without the capital and funding headaches.  If you add an investor's money into the mix, make sure your profits are high enough to sent aside and cover for repairs, capital expences, and management fees before you figure profits to share with the investor.  

LS

I've been working several configurations to get this to work.  This is my first experience with focusing on terms instead of low cash offers. I'd love your ideas. Here is the breakdown.

2/1 SFR House free and clear.

Seller needs $25,000 cash to help a family member.

House is rental ready, $675 monthly rental income.

Needs $3K-$5K in minor repairs.

CMA comes in at $75k-$79K

Negotiated $60K,  Paying seller $30,000 cash.

Seller will finance $30,000 difference on 3% interest with interest only payments.

Originally, I tried to negotiate for 5 year balloon mortgage and no payments for first 18 months due to the high amount of cash up front.

She came back with a 12 month balloon.

My intent is to lease options the property to a family who is ready to buy a home, but could not get a conventional loan due to dings on credit.  Sell home in one year to Lease Option tenant for $82,000

I can charge more for a monthly lease option than standard rent. $850? - $900?

I know that 12 months is not long enough on the seller finance side because we would probably need to extend the contract once or twice.  Any ideas on ways to structure it? Thanks in advance.