All Forum Posts by: Justin Morris

Mark Updegraff I thought the 203k program was off limits for investors?

HUD rehabs? What are peoples options? Is it a way to go?

Thanks for the advice guys, I'm determined to get into rehabbing. What would you suggest I look for in a lead that would work? I better profit vaule? Would a FHA loan with rehab costs be a good idea? I can come up with a 15k down payment something, what do you think is the best?

Thanks,
Justin

Sure, I can absolutely provide more info, I am have come across a deal from a wholesaler I met on BP. I think it's a pretty good deal but I don't know for a fact and have some questions. This is a 3/2.5, the asking price is 132.5 and its AVR(apprised 3 weeks ago) is 200k. I haven't visited the home but looking at the pictures and talking to the seller it seems to need around 10-15k worth of rehabbing. Now, I took 70% of AVR minus my repair costs and figured out 132.5k is a good price. I pull some comps and found that the recent sales reflect the 200k AVR and comp homes within a 2 mile radius were selling for 195-210k.

Now, I don't have financing, after speaking with a few people I learned that PML is better over HML. They are cheaper and easier, so I started looking, of course all these sites ask you to pay hundreds of dollars to get PML lists and I don't want to do that. I figured out after looking at some HML interest rates if I had to go that route the money would cost me around 10k for 6 months, that's how long I am estimating it'll take to rehab and sell. So if in fact I could get a down payment together my costs would break down like this.

Loan: 132k( purchase price plus rehabb costs, I need this 100% financed)
Cost of Money: 10k for 6 months
Closing Costs: 5k
Down Payment: 14k

Total Investment
161k

Potential Profit 30-45k

My questions are;

What am I on interns of my calculations?

Where can I find a PML that will lend 65% of AVR plus loan costs?

Is there anyone these day who does 100% fully financed loans, meaning down payment, purchase price, closing costs and rehabb costs?

How much does personal credit and income really count?

Is this a good deal?

Overall your thoughts on this?

Thank You Kndly!!

I've come across what I think is a great deal and I need a experienced Rehabber's advice. If someone would be wiling to chat and offer me some insight I would be grateful. This is my first rehab and I have some knowledge just needed some experienced advice. Thanks.

Can a buyer pay all closing costs including transfer fees and sellers attorney's fees? What closing costs can a buyer pay legally in CT?

Does anyone has a good spreadsheet that they use to track the results of there marketing campaigns? I am going to create one but if someone would like to share one that they use and is effective I would be grateful.

Thank you,
Justin Morris

I have $500 a month to spend on marketing, how should I spend it?? I know a diversified marketing strangely is the best but I can't do it all on $500. My plan is as follows please advise

100 Bandit 12x18 Single Sided Signs
1500 flyers(black n white very simple)
Then the rest I was going to use to rent a car to put up these signs since I live in NYC and will need to get out of the city to mu target areas. Is it better to skip the flyers and go $200 on DM Yellow Letter? This is not all the marketing I plan to do just the stuff that will cost money. What yields the highest amount of leads for people?

I am a new investor that is staring to building my company, I have been working with a mentor on lease purchase options(sandwitch lease and coopertive assignments) Is it legal to do this without a real estate license in NY and NJ?? My research tells me yes but I just had a brooker responding to one of my emails say that Im operating ILLGEALLY! Which I don't want to be doing, is he right or does he just not want more competition? Please help!

I got this information below from a real esate attorney on JustAnwser.com

I"n New York, do you have to be a licensed agent to conduct lease options on residential properties?
No, you wouldn’t need a real estate license to work out lease options with prospective sellers or buyers. However, if you were representing somebody else in your dealings, and not negotiating on your own behalf, you would need a license."

Hello All,

I'm a new investor specializing in residential lease purchasing. I am looking to network with other investors, bird dogs, agents and brokers in the NYC area. Shoot me a message or reply to this post, I would love to talk with you!

Thank You,
Justin Morris