All Forum Posts by: Sam B.

Update

Property #1 Rented at $1800/mo

Property #2 Rented at $1595/mo

Property #3 Refi complete, funds disbursement today. On the rental market for $1700/mo as of this weekend.

Property #4 Electrical mostly complete, drywall started. Paint should start next week and flooring right after that. Progress photos below.

Property #5 Title paperwork clear. Bad news from my lender - his boss left the bank last month, new guy coming in is changing things up and going with a far more conservative approach. They've asked a whole lot more questions about me, my financials and this property. Still not yet approved but it's looking promising. However, after this one, I'm cut off from this credit union for about six months.

Too much, too quickly, for them. They are a very small bank and my cap was initially set at $1mm (I'm at $550k-ish after this next one). So onto engaging a new credit union.

Property #6 This one is turning into a pile of crap. Buying sight unseen is risky and my best hope is that out of 5 houses, I only get 1 really bad one and the 4 others make-up for it.

Finally got inside this one and we have two major roof leaks, errr....holes. Roof replacement was already captured in my scope of work but I need to now look at full flooring replacement as the original wood floors, which I hoped to use, are rotten in two of the bedrooms and the hallway. More drywall repair also required.

A couple pictures below that surprisingly weren't included in the listing. Estimate is still in process but I think I'll be closer to $50k on the rehab, all-in around $115k. Still making some good equity but not as much as intended and a whole lot more work involved.

Step one is to get a new roof on...pushing to get this going next week.

Property #7 Another deal that I couldn't pass up. From a local wholesaler and good friend. Great neighborhood in town, great schools. Mostly cosmetic - floors, paint, bathrooms and kitchen. Minor siding repairs.

Purchase Price: $82k
Estimated Rehab: $30k
Estimated After Repair Value: $153K ($93 sq ft)
Estimated Monthly Rent: $1600
Source: Wholesaler
Funding: Financing w/private lender then refi direct with local credit union.
Schedule: Start mid-Jan, finish early Feb.

Property #4 Progress Photos

Property #5 Progress Photos (Waiting for formal loan approval to close & start rehab)

Property #6 Progress Photos Below

Property #7 Photos Below

@Celine Liu  No problem and yes they are!

@Mike B.  blue shaker bottoms, that's bold.  Can't wait to see them installed.

Thanks @Celine Liu

To answer your question re: where I found the properties...

Property #1 @ MLS from the sellers

Property #2 @ Wholesaler

Property #3 @ MLS via Auction (foreclosure)

Property #4 @ MLS from the sellers

Property #5 @ Off-market via network

Property #6 @ MLS via Bank Foreclosure

The MLS purchases were captured using cash, no inspection and fast closing terms.

@Aaron Smith  Yeah, I ran into a similar situation with PenFed.  It was all good until they asked that question.

Huntington was good with me.  If you need a direct contact that you can call or e-mail, let me know, happy to provide, they were on top of things.  I only wish they did more than (1).

@Mike B.  Well that's a home run as far as I'm concerned!  Great numbers.

Looking forward to more pictures @Mike B.

What are the numbers like on this one?

Knocked it out of the ballpark!

Thanks for the feedback @Luciano A.  will do.

Thanks @Ernesto Hernandez

Can't wait to see the final photos with staging, looking great so far @Carson Wilcox