All Forum Posts by: Rebecca Acer

Sorry, didn't mean to get political. I more meant due to my husband's company being travel-based, we took an income hit last year and are watching to see if that will happen again. I have three contractor quotes from 1-2 months ago but that is a good point! Contractors are currently had to come by in our market! 

The purchase price is 450,000. We aren't opposed to hard money, just nervous to sign onto 5,000+ a month payment while still paying for our own housing and going into another pandemic wave. I tend to be a researcher and want to make sure I am not missing any avenues. 

I have called so many lenders and keep running into one issue or another that means they can't fund. This is a great deal so we don't want to lose it but we are a little lost on how to find funding. 

The deal- 

2 properties on two tax parcels that share one driveway are being sold together for 450,000

House one- 

remodeled three bedrooms two baths with a nonpaying tenant (market rent is about 1300) 1200sq

House two-

Sellers were attempting to turn into a bed and breakfast (it is zoned for this) but essentially stopped partway through. The house is partially completed and they have left all the supplies on the property. These are currently worth about 80,000. This house is completely unlivable currently and needs about 200,000 in renovations. 11,000sq

Option one for house two-

Divide the house into the following units -

Two one bed one bath (projected income 1500 per month each)

-my husband's company has stated they will rent the units out to the people they fly in each week

One three bed two bath unit (projected long term rent 1300, short term corporate rental 2100 per month)

One four-bed three bath unit (projected long term rent 1500, short term corporate rental 2500 per month)

One two bed two bath section (projected long term rent 1100, short term corporate rental 1900 per month)

Two bed two bath my husband and would live in

eLearning center/conference center and office space - 200 dollars a day with several people already offering contracts

Total projected (conservative) income 10,200-13,800 per month

Option Two for House Two

Same as above but change the area we were looking at living into another rental and add two more conference centers

Total projected (conservative) income 13,200-17,700 per month

Based on the other larger houses around the area it would have an ARV of about 1,100,000 for the large house and 230,000 for the small house.

US-

This will be our first flip and our first home purchase. We have worked with our family in some residential fix and flips but nothing like this. 

We have no debt and have about 30,000 saved with my mom offering 90,000 more but I would like to avoid taking that if possible. We make about 250,000 but haven't been in our careers long and don't really have assets besides savings and retirement. 700+ credit score

Is this deal just too big to start with? The hard money lenders I have found are offering us 10% + loans because of our inexperience and how much rehab this needs. Does anyone know of any lenders that work with situations like this or any avenues we could pursue? 

Oh @Anna Laud This was super helpful!! Thank you! 

Based on this feedback here it is looking like the best solution will be to offer and purchase both properties separately. The smaller property will be purchased as an investment property and we are currently looking into the Homestyle loan for the larger property. 

My husband and I found a deal that looks like this - 500,000 for two houses on the same lot. One is a small 3 bed 2 bath that has a tenant in place paying 1100. The other is a 10,000 square foot house with 4 kitchens and 18 bedrooms. It apparently belonged to a polygamist. There is some renovation that has been half done but would need about 100,000 to 150,000 in additional work. Our plan is to redo and live in part and then separate the others into 2 executive rentals which we already have a contract that would be filled from my husband's company at 2000 a month and 3 houses that could be rented out. All of these would be attached but there are separate entrances. Does anyone have any ideas on how to begin to finance this property? We are high earners with no debt but just starting out so can't buy it in cash. 

I always recommend Innovative closing solutions. They are the only investor-based closing attorney I have found in the Triad. Moss Woods LLC is also amazing if you have a straight forward deal!

Adding several of those updates now! That is very helpful.

I am looking to put together an excel sheet to send out to investors who are interested in a property but are out of town or out of state. Besides the obvious, what would you like to see on a one-sheet when evaluating a property you can't physically make it to at first. 

Definitely outnumbered but love the showing of support here!! We have a woman's only investor group in our area 

which is nice!

Brian Elam for complicated deals or Jason Moss for more straight forward things