All Forum Posts by: Pratik P.

 I definitely support the idea that you need to take action and not just sit around waiting. But it's hard for us to tell you if it's a good deal or not without more details. So I think the best course of action for you at this point would be to connect with 1 or 2 reputable Private money lenders in your area. Tell them what you're looking to do and have them give you a pre-approval letter. Once you have access to the property, take a good contractor with you and take lots of photos. If you can show us those photos and your rehab estimate, we would be able to better help you. 

There seems to be enough margin for that size of a house. However your paint and flooring estimate is extremely low. How did you come up with $2500? And your kitchen rehab seems a bit high. 

Ok so it sounds like you're going to fund the rehab while they hold the house and then sell it. Once sold, you get your cut and expenses back. You'd need a JV agreement and probably get put on the title somehow to protect yourself? Have you considered just doing a Subject 2 sale?

I don't really see how these signs are even effective. They look ugly and scammy (to me anyway). I've bought killer deals where there are multiple bandit signs on the same street. Most sellers are sophisticated enough to look for solutions online (PPC/SEO) or respond to direct mail and cold calls. 

That's awesome. I love looking back at the notes on deals like this and see how things progressed. 

Non motivated sellers are a waste of your time. If they aren't a qualified lead, don't try to force a deal out of a non-deal! :]

Yeah man, I know some private money lenders who make 13-14% on a regular basis. What items do you feel you underestimated the expense on? Or what items did you forget to include in your scope to get to your ARV

I used QSP for the first time at Lowes last week and got 20% of all our flooring material. I was pretty impressed! 

Wow that sounds more like a car salesmen! lol jk

If you really want this house, I'd say buy it cash and refi into a mortgage with no rush 

Wow 550k for a 32 unit!

Being that area cap rates are 9% and you bought it for 7.76%, do you think you should have tried to negotiate the purchase price lower? Or was your price based mainly on it's potential. Also what's your projected value of the complex after completing all CapEx and increasing NOI?