All Forum Posts by: Sean Julian

I have had many conversations with http://www.cpmchoicepropertymanagement.com/ and found Jackie to be very friendly.  I'm not looking in areas she manages (more in the B+ or better areas) but a starting point.

I met with a realtor and contractor today for a look at a foreclosure. The outside looked worn but repairable. Then we went inside and found active termite damage, ruined ceilings, mold, and a 6-7 foot crack in the floor in the kitchen. The house was designed as a 1 bedroom 2 bath and someone in the past converted one of the two car garages into a room to make it a 2 bed 2 bath. To quote the contractor “only take on this project if they give you the house for free.”

Was this normal? Should I have been better prepared for a near teardown with a foreclosure or was this a one off?

Thanks for the help!

I haven't made it all the way through the refi as I'm working my first BRRRR now, but my advisor at https://www.ownup.com said he's completing loans as low at $50,000 and depending on LTV and credit scores high 3's and low 4's now.

@Marlen Weber thank you.

@Justin Schreibeis thanks! That’s very nice of you! Have a great night.

@Justin Schreibeis. I've been looking at turnkey with tenants in place (Roofstock) and BRRRR. I like the idea of BRRRR but I'm pretty useless at being a handyman so it's way outside my comfort zone.

One thing is for certain, my wife is on board so I have a good shot at making this work.

Hi, I’m Sean and newbie investor from NE Houston. Looking forward to starting my real estate journey. Hoping to expand from the E quadrant to the I quadrant here.

Hello all...newbie here and thanks for having me!

I am meeting with my realtor and a contractor on a foreclosure. The realtor isn't excited about this property (foreclosures and fixer uppers in general) but she's being a good sport. I am finding that the banks around here won't refinance or finance unless the loan is for $100,000 or more and 25% down. That makes the ARV "need" to be about $131,000. Comps show $125000 on the high end.

Asking price $63000, best guess on rehab $50,000, ARV $125,000.

Because of the loan situation, is this a time to walk away or just plan on having my cash tied up until I can get an appraisal above $131,000 or the banks relax after the virus goes away?

Again, I’m not 100% certain on the rehab cost and I won’t be paying full price, I’m just trying to mentally prepare for post rehab and whether current financial situations make this type of rehab not possible for rookies.

Thanks all!