All Forum Posts by: Account Closed

Hi @StoneJin. Thanks for that suggestion. I think it would be worth the consulting fee. Good point about the seasons too.

Hi BP community. I'm looking at a distressed one family property that needs renovations, including a new roof.  I like the location: emerging neighborhood, close to public transit. This would be a live-in flip, and would probably use a 203K renovation loan to finance the major upfront repairs to make it habitable. So, I'd have to live there for at least 1 year and continue to renovate and repair. The hope would be to rent it out after all said and done, and probably conservatively get $2K a month in rent. If it doesn't cash flow, then we'd probably sell. I know an investor purchased the property about 4 months ago for $150K and now has it listed for $230K, which is close to what it'd probably get if in good condition. I have yet to tour the property, but my guess is that they haven't done any work and they're just trying to get rid of it. So, knowing this, what concerns should I have? And, if I decide to make an offer, why wouldn't I just offer $150K? Curious to hear people's thoughts are, and I'm sure there are more numbers that folks would like to know, but I'm mostly interested in what people think about the circumstances. Basically, is this a sign the property is a lemon, and should I steer clear? Why would an investor turn around and sell that soon without making improvements? 

I'm looking at purchasing condos, all cash, for about $100K. Then, after some upgrades and renting it out, refinancing the unit to get the cash out. However, I know that given Fannie/Freddie guidelines on condo buildings (i.e., ratio of units that are rental v. owner occupied), that I may not be able to get a conventional loan. What should I consider before going all in? What should I do ahead of time to: (1) structure the initial purchase to make sure that I can refinance down the line, and (2) make sure that a portfolio lender would want to lend on such a unit? Does anyone have any experience doing something similar? Is this relatively simple? Curious to hear. Thanks.