All Forum Posts by: Kingsley Okwerekwu

How can I estimate rental costs on a MLS listing from my computer?

I am looking to begin my first flip in the next 2/3 months...is it okay to see fixer upper appear in my market and just make an offer of what I “think” the numbers would be? This “estimated repair cost” is the toughest part about “doing the numbers” for me.

Are there certain major expenses (roof, heating etc.) that may be hidden from the pictures and the mls listing? Or will all agents have to disclose that information, for a fear of not disclosing a defect?

Would a better option be to make an offer and then ask a certain list of questions that may not be disclosed? Or should everything I need to know already be disclosed on the listing?

I have this super huge fear of buying something that I thought was good, finding out it will cost WAY more, and then my parents and everyone around me calling me a massive failure.

Thanks!

This may be a stupid question but... If I’m flipping a house, does it matter if a bank offers me a certain term length or interest rate if I’m just going to sell the house 3 months later?

I ask because if one small bank is willing to fund more money, but the other small bank is offering a lower interest rate and a 30 year mortgage (rather than a 25 or 20), should t I just go with bank who wants to give me more money upfront? Whether or no I take a loan with an adjustable interest rate, shouldn’t even matter too, right?

That’s what I think...but I don’t want to be ignorant of the other side...thoughts?

And if it does matter, is there anything else I should watch out for that is common in small bank loans?