All Forum Posts by: Patrick Rowe

@Doug Mcleod- The property is 21-30 years old and we're using a property manager to manage the property. The banker I used is giving me a draw of $46000 to fix it up and it's only going to cost me $25000. I was wondering do I keep the rest or leave the rest their? I was wondering on the numbers I gave on the spreadsheet is there anything I need to add for as expenses?

I have a 3br 2ba 1582 LA I purchased for $59,900. I'm estimating the renovation to cost around $25,000 -$28,000. I received a appraisal on the ARV of $136,000. I have a banker that lends me 80% of aappraised value and it covers me purchasing the property and renovating it. The only out of pocket expense we have is the deposit and home inspection fee. I'm considering if I should rent it or flip. Below is a summary of the expenses and income. I normally only flip but I'm trying to start building a rental portfolio.

@Tom Mole- Thanks for the reply, I was thinking the same way about this deal. I actually moved forward with this deal today. I'm having a good month so far, I just closed on one property this month and I have another under contract.

I have a opportunity to a single family flip deal for $76000. I figured It would take $20000-$25000 to rehab the property. I look at some comps and figured the property would be worth $130,320. I have a banker that will do a rehab loan to make the purchase and rehab this property with out a down payment. Our lender will lend 80% of the ARV and if I bring a deal to him were I can purchase the property and rehab it for the 80% there no down payment required. I'm also considering make this a buy and hold investment. The lender will do a 30 year loan at 5%. Let me know what you think about this deal as a buy hold or fix and flip? I talked to a property manager and they said it would rent between $1100-$1200.

@Alex- Ok thanks, I have a 12 month interest only Construction loan setup my banker at 5.6 % rate. I'm a license GC so I came up with the estimate.

I have a house flip deal I'm looking at purchasing and they're asking $80,000  for a 3br 2ba 1601 sqft living area. The home needs about $20000 to $25000 in repairs. I had the realtor run some comps and the had a similar house sell in the same subdivision for $137,000 (88 PSFT) 1546 LA. I spoke to the realtor and they are doing a highest and best offer on Monday. I'm coming up with a offer around $73.621,I think it may go over asking price. I would like to get some advice on what would be you max offer on this deal.

@JayHinrichs- When you looking for a residential land development what resale value are you looking for on the houses? Also do you do any land development that you only sell the land? If so with the cost of land development what resale value you look for on the lots?

@Steve Masica I've talked with a few local builders, but I haven't gotten any commitments yet?

Yes, I'm looking for investor to come on board to financed this deal.

@markelliot- Ok thanks, The home inspector is not a licensed mold inspector