All Forum Posts by: Leslie Sakal

Thanks for the reply @Luke H. --I suppose if I were to go the seller-financed route, I wouldn't have to live in one of the units at all. My real question is: is it possible to pay off a personal loan with a seller-financed > convention refi? 

Hi BP, I tried searching for answers to this question a few different ways and couldn't get a clear answer.

Property is a 3 unit in a great area and I'm going to see if the owner is willing to do seller financing with 0% down, and refinance after 12 months in a conventional loan. If I didn't have my fingers in a different pie right now, I'd be able to afford downpayment on a 203k type loan (I would be living in one of the units), so I need to get creative with this one.

Right now the property is vacant, and it does need quite a bit of work, although it's habitable. I'm wondering if I can take a personal loan out to finance the repairs, while doing the seller-finance option, and then refinance both into one conventional loan after 12 months.

Does this sound feasible, or does it sound like I'm stretching myself too thin?

Thanks.

Hi everyone, I've recently come across 10 acres of raw land (with road access) that is about a mile from a new development project that broke ground this week. The project is a rail park and distribution center that will bring jobs to an area that needs them, about 15 miles from the nearest metro area. The land is being sold for under market, but the owner has had it on the market since 2011 (list price has dropped 40k in that time). I'm wondering if this new development will bring in potential for more manufacturing centers/distribution centers, or if it will scare off future development of any kind (residential/commercial etc). There is a business park about 5 miles away from the land and rail park that is not yet to capacity, and the business park and rail park are owned by the same real estate investment company. I'm wondering if this could be an amazing deal to hold onto and turn around in a few years and sell at a profit, or if I'd end up just like the current owners with no one to sell to.

Does anyone have any experience with this kind of industrial development in rural(ish) communities? What have you seen happen to the land values that surround it?

Thanks, Ryan. I will definitely start researching some local wholesalers.

Thank you Kuba F. , I'll ask her about it and double check. The square footage is listed on MLS, and I've also cross checked it with Dallas cad, so I assume it's permitted work, I'll have to confirm. Sometimes the square footage excess is due to addition, and sometimes it's not. It just doesn't make much sense to me, when I'll have comps with same year built, nearly equal rooms, and then an additional 400-500 or more sqft! I'll keep scouring MLS for the right deal. Thanks again to you both for the input.

Thank you for the input Ryan Green . It's been difficult to find comps that have similar square footage, let alone similar conversions. It's been the difference of something being a good deal vs a mediocre deal. I'd like to know more.

Hello Everyone,

I'm new to REI, and currently am voraciously researching and reading everything I can to get a good grasp on how to flip houses in my local market. I've started by teaming up with an agent and we have been viewing several REO and distressed properties per week. I do a CMA (and now use BP analysis tools) on every property I walk through (and even the ones I don't), so I can gain experience and comfort with working these numbers and analyzing/identifying deals.

Now for my question:

Several of the properties I've done comp analyses on have livable square footage far beyond what is standard for that subdivision --typically due to an addition or garage conversion. So much so, that if I estimate my ARV at an average or even below average of comparable properties' $/sqft, I price out the neighborhood by nearly $20,000+.

Does this seem reasonable? Does the additional square footage warrant that much of a price increase, or is there another way of looking at things without getting an appraiser involved?

Thank you in advance for your answers!