All Forum Posts by: Marcus Wells

@Odie Ayaga my plan was to move in wile I did the work and ether sell or rent it out in 2 years

@Odie Ayaga I am estimating about 30,000 I’ll be able to do some of the work myself to cut costs especially since I’m on mechanical contractor can do the air-conditioning myself even if I have to get contractors to do the rest

@Troy Gandee I really appreciate your response and insight I am a mechanical contractor and have done a couple of rehabs that were in pretty rough shape this would be a really excellent deal most of the repairs are cosmetic and not structural and getting it well under the price per square foot it may just be chalked up to an expensive learning experience if I’m not able to find some sort of Hardmoney financing or other investment type. 

@Odie Ayaga this is My third purchase purchase and rehab. The price for this house is price 135 it appraised for 145 as it sits before the repairs. market for square footage is roughly after repairs would be245 So we’re getting it for $65 a square foot and the area market is $119 a square foot in good repair

Hello BP family I am in the process of getting financing for a house that I bid for on Hubzu. I went through the conventional mortgage and when I got the appraisal I found out that it is going to need some repairs before they will lend on the house.

Unfortunately, the sale is an AS IS and there is no time to go through the loan process with a loan like a 203(k). There is only 2 more weeks till the required closing date. I was trying to use USAA for the loan and they do not offer any type of Construction loan.

Would anyone have any suggestions? I’m thinking a hard money loan? I’m just going to have something fast otherwise I will lose my earnest money, and be heavily penalized for extending the closing date.

Thank you everyone for your help!

even if it is load barring you can still remove the wall you would just have to put up a header a good contractor would be able to do this.

hello everyone in the BP community my name is Marcus and im in the upstate Greenville SC area and have been researching real estate investment for the last 5 years and have also put in a few offers I am extremely interested in multi-family Investments and building up my rental portfolio I am an HVAC contractor and would love to help the BiggerPockets community in the upstate area and also learn from the veterans of real estate investing.