All Forum Posts by: Paula Wallace

This is awesome! so glad that I found this site!!!

Welcome!  I would definitely check out the Podcasts and just read through the forum, there are always topics being posted that you might have pondered yourself!  

You could try community banks to do the portfolio lending, I have talked to a few of them and they go based on appraised value.  They might be able to work out something "unconventional" with you.  They were also very helpful with information and eager for my business even though they couldn't help me :-)

Usually if it is in a rural area the appraiser can go up to 10 miles out from the property to find comps.  You have to expand your search.  

This looks awesome, I wish I was back up in that area!!!!  

I agree with the other two replies.  If CL ad does not have a number then I'm not interested in my personal opinion.  Also you can check your rent and what it averages in your area, there are free websites out there that do that.  The basement was a kill joy from seeing the outside of the house to the kitchen.  Other than that I would rent it.  :-)

I have it under contract for $32,500, it was originally listed on the MLS for $55,000. Everything has been started in this house meaning demo was already done and sheetrock, electrical and plumbing are in place. It does need a condenser but I had an electrician out and everything looks fine. I have tried to find a hard money lender and have talked to portfolio lenders to get money as a back up if I can not find a buyer.

@sethcunningham  I have talked to hard money lenders and most of them want minimum of $100k to be borrowed.  I have also tried Portfolio lenders to help me and again the loan amount is too low, amazing how needing less money to do a transaction is put off....

I have a 4 bedroom 2 bath home that needs finishing touches because demo has been done and the work has been completed with the sheetrock and plumbing. Most electrical is in place. I was wholesaling this property and the buyer backed out on me after the inspection period. ARV is $110- $120k (houses average $117k) or can rent for $1100/month. I have it under contract for $32,500 and only need about $30k in repairs. HELP please!

I am also looking for a mentor in the New Orleans/Louisiana area, if you are willing to help me please contact me.  

Hi,

I am a newbie also and I am not here to bash you, it is a learning experience.  I can tell you that I am working on my first property also.  Try to keep everything limited within the "inspection" period, that is when you walk through the property with your GC and any other technician you think is needed for the property and let them put their input in on repairs, I always take the middle price.  Then if you feel the repairs are actually going to jeopardize any profit that is potentially going to be made then you can exit out of the contract.  My typical "inspection" period is 14 days (including weekends) and I explain to the seller if there is any reason for me to back out of the contract I will.  

I know you are anxious as I am, definitely try to focus on SFHs and don't rush into anything. Definitely focus on your local REI meetings also.