All Forum Posts by: Mike B.

Update: doing Refi process now.. appraisal just came back at $174K. When I originally ran the numbers before purchase I had estimated $175K so not too bad at all. I'm all in (purchase, reno, holding costs) at $135K, thus a $40K profit! Time to find another house!

It should be 6 months for "seasoning", but I have heard of certain lenders allowing you to re-fi in a 3month period. 

I've done the 6 month seasoning and refi's x2 now (I'm in Philly, PA).  I would doubt that your state laws are different and prohibit this.  Sounds like a lender issue... would discuss with other lenders

Originally posted by @Account Closed:

@Mike B.- thank you!! From my understanding- it needs a new roof & the back wall needs to be stucco'd (sp).  Selling as-is is an option, but I need to make sure that all of her headaches go away & that she's not being taken advantage of. I really have enough funds to help her rehab the home, but I need to figure out a workaround so that she's not stuck with fines, liens, etc... Not sure if she sells the home to me for $1, if that will relieve her of her responsibilities & headaches. 

@serita - from the pictures.. this looks like a decent sized job. I'm not a structural engineer but I have a feeling they would say to tie in the foundation (I assume the 1st pic is a foundation.. yes?) to new footers/rebar in order to secure everything together. 

pic #2:  Back wall/stucco peeling off.  If the house originally had brick and this is only the stucco layer peeling off --> it can be removed and restucco'd.  HOWEVER.. if brick, or rear of house fascade is completely ripping off then you need star bolts along the back (and maybe sides) to pull it back onto the house.  You would then have to wiremesh and restucco the rear/side of the building to reinforce it.

Can't say what this would cost for sure.. but I'm thinking an easy $10-20K.

Serita McGunia if it has structural work it'll be expensive. Requires structural engineer to assess property and draw plans (easily up to $2K) just for that. Then depending on extent of work can range from $10-20K up to $50K for repairs (or even tear down and rebuild). Really depends on a lot of factors. If you've gotten 2-3 bids already and they're all somewhat in the ballpark of each other that's likely the real price. As others noted, could try to sell "as is". Depending on the area the home is located in, may sell quickly.

@Jacob Ohl.. @Jimmy Murray is correct. 

Philly requires security deposit be kept in separate accounts.  Additionally as Jim noted.. much easier come tax time when you have separate accounts setup for record keeping purposes (vs. everything in your primary checking account).  You can open a basic (read: FREE) checking account with most banks.  I did this with TD Bank.

Ryan Battista I ran into similar issues on last flip. Ended up going to HD, IKEA and several online stores to get everything I needed. I actually found great deals on eBay for some small stuff like door handles, locks, small lighting, and kitchen cabinet hardware. Took some time but I definitely saved a lot of money by shopping around on eBay late at night (I only did 'buy it now' purchases). Also found some items via Craigslist from people who bought too much for a project and were now clearing out their garage.

Hi Tom.. search BP forum and you'll find in depth answers, but on avg it is (assuming up to 1500 sq ft)

$35/ft (DIY and buying materials on discount)

$50/ft (hiring out most stuff, medium grade finish)

$75/ft (high end finishes; hiring all work out)

Exterior.. if brick.. powerwash and repoint.. look around online/in neighborhoods (esp when it warms up).. I had a crew powerwash and repoint my 2 story brick front row home for about $1500 total

Hi Tym; whatever you want to learn (or your goals rather), make a step wise learning approach and start searching BP (search bar in top right of screen).  It'll pull up articles/blogs, podcasts (which are great to listen to) and pick up some reading material here or some used books on amazon to immerse yourself. Best of luck

Best of luck! Look forward to seeing progress / updates!

If the numbers work for you (and comps, etc all else checks out).. interest rates are only going up.. so yea.. buy it!