All Forum Posts by: Account Closed

I owe to HML 57K plus they need to refund me roughly 3K do to rehab funds I did not use so there for I'm in it for 54K

So if they have to wait 1 year should they have used my first apprasial which was 88k back in March of 09

I can bring cash to get out of the deal with my HML however I really didn't want to cut myself short. I was just hoping that there was some other way

To be honest no I didn't provide any comps I did run the numbers again and I came up with the value of 80k (market did go down a little) and since I was fairly close on running my first comps I felt good about my estimated value

The comps he used were nothing like my property!! Yes the basic were there 3 bedroom 1 bath sq ft. However everything in this house in brand new. All new copper plumbing, electrical granit countertops custom bathroom, finished basement with a fireplace and dry bar

Now I know we don't get dollar for dollar on what we put into rehabs but come on 32K price drop over 6 months is absurd

My only other thought was to refi at 56k which I would roughly 42k and see if the HML would be willing to hold a sec for 6 months so I wouldn't have to tie up all my cash in case something is needed in the property

Hello,

I recently purchased SFH home for 33k it needed 15k in repairs. ARV came back from the hard money lender at 88K my estimated value was 91k so I was pretty close on my own comp values. This was in March 09'. After completing the rehab we put the property up for sale by owner for 80k within in 2 weeks with had a potential buyer, loved the house very eager to close. We were still marketing the house but after seeing his credit report we felt good that he was qualified to purchase. Time kept going by and by and still no answer for the lender while our holding cost keeps going up. Bottom line he fell through no closing.
So we were pretty much screwed on selling it at the point because our loan was due in 6 months from march with our HML. So we decided to do a refi and to do a lease option screened several tenant buyers and found a good match with a good consideration fee 3K so let me break down the numbers now
purchase price 33K
rehab 15K
All holding cost inculding interest on HML was 19K ( there is also other business expense in with this number)
puts us in the property for 67K with a selling price of 84K
refi at 69K with P&I taxes and insurance was at $650/month currently leasing for $950/month decent cash flow

However we were going with Bank of America and the appraisal only came back at $56K

Hard money is now due Nov.1 (we had to extend) we can refi with them interest only

What to do now
Help

I have a basic quit claim deed that I use when I transfer ownership to my LLC. Not sure how to post it on this forum but if you pm me I can send it over to you

Take Care
Greg

I would like it too can someone please send it to me as well

Thanks in advance

I feel the same way about zillow, way over priced on almost everything. I use recently sold then price per square as well. What other comp sites like zillow are out there. I know cyberhomes just sucks period way undervalued and trulia is ok for market trends

What sites do you guys use?

I think everyone answered that perfectly! Know and understand what is moving your market

"And also, if there was one advice in this business of rehabbing what would it be?"

Cost!! Know what your numbers are before going into the deal, and keeping those numbers aligned during the deal, will help you achieve your goals.

Bob,
Let me make some suggestion for you, first) Yes you can put pavers over an existing slab of concrete, however if the concrete is not leveled this would make the project look even worse then it does now. By leveled I mean different heights on the slab.
If slab is pretty smooth you can go to your local landscape supply shop and pick up several tubes of paver glue, just make sure your surface is very clean. The finsh look does look good.

Second) build a paver patio! you can get pavers right around $1.75 sq ft.(or even cheaper) which if your patio is 300 sq ft. your looking at a cost for pavers $525.00 with out tax. You would need 3 yards of crushed limestone right around $25/yd and 1 yd slag sand or play sand $25/yd. Then you linear footage in brick edge $25 and $50 delv charge

So for $175.00 more you could have a brand new patio and thats not including the glue you would need to purchase if you keep that exisiting slab.

Third) you good raise the height of the existing slab by pouring your own concrete (less than 2") with self leveling concrete it will fill in all gaps then you screen for perfection.
self leveling concrete cost right around $20 for 80lb bag

If you have any questions or would like some advice on how to construct something like this I'm here to help.

Thank You
Greg Rankel
Modern Real Estate

Hi
I was wondering if anyone can give me a little more detail maybe even a scenario on how to use a company like Coastal funding (transactional funding).
Is this mainly just for wholesaling?
Has anyone used coastal funding for any of their deals before? Can you use transactional funding on a fsbo?
And is it worth it? fsbo or reo

sorry for so many questions just interested in this topic

Thanks in advance