All Forum Posts by: Matthew A Rodriguez

@Ryan Herting

Ryan! This is freaking awesome. Thank you for sharing. Looking forward to sharing progress. Cheers.

@Evan Polaski

Thanks Evan. Im just not emotionally or financially prepared to take on a major flip. Repairs that fit within the 25k budget with a 5k contingency seem like a good start. Thank you for the constructive criticism. I need the opinions and advice of those more experienced than me.

@Evan Polaski

Hey Evan. 30k are my numbers for this type of particular deal. This would be a cosmetic flip. Paint, florring, fixtures, etc. Based off the SOW from 2 GCs I would get a pretty good idea of the plausibility of the deal working. The hard truth is if it doesnt work number wise I'll pass on a bad deal. I figure 30-45 days to close but we would take the best offer considering not only price but also type of loan product being used, closing costs etc. Ive factored in 3% for closing costs and I will be representing the sale of the home as a realtor.

@Craig Parsons

Get your RE license, cut out the middle man, and get paid a commission. Take the problem into your own hands.

@Joel Florian

Youre 100% correct.

@Joel Florian

Thanks man for your imput. I'd be more emotional over losing money than losing a bad deal. Lol

@Joel Florian

Hey Joel. Im estimating the project and resale to last 3 months and giving myself 2 additional months as a buffer. In terms of the ARV I am pulling an RPR report of comparables like an appraiser would do. Ive done numerous in the past for real estate clients and its right on the money with appraisers. If the deal doesnt fall within my parameters I wont take it. Using 2 GCs SOW will give me a good indication of how much repairs will be. Aiming for 25k in repairs with a 5k buffer. If the contractors come back at more in repairs either I renegotiate the deal or pass. My HML won't go more that 50% of the purchase price on repairs anyways so I'll be capped at 45-50k anyways. There are just some deals that wont work for us and will have to pass.

@Jay Hinrichs

😂😂😂 the struggles is real as I'm scrolling at 5:18 in the morning. *sip*

@Robert Clifford

Whats the price point and condition? Im in Greenville. My partner and I are looking for an investment property. We would use hard money and close very quickly.

@John Underwood

The lenders im talking to want to stay far less than 50% of the purchase price for repairs and I also dont want to tackle an extensive rehab for my first. Im looking for cosmetic upgrades and curb appeal. Builder grade to match the comparables in the area. No structural at all. The biggest projects I would be willing to take on would be a reroof and windows if absolutely necessary. Thanks John for your help. I really appreciate it.