All Forum Posts by: Shayne Brescia

Well the profit would come from selling the property to the new buyer in 2015.  A lease option with a down payment up front and some appreciation.  

I'm thinking "Subject to" the house, continue to rent it out to him until he leaves, then wraparound mortgage the house to a new buyer.  It's in a very desirable area and it wouldn't take much to sell it next year.

Hello all,

I have a friend that is currently looking to sell me his home.  Long story short, him and his wife are looking to move out west and he wants to sell me his home.  The house is in fantastic condition, renovated in 2011.  The plan is to buy it from him, then rent it back to him until they are ready to move in early 2015.  Upon their exit, I will then re-rent the home.  

Financials:

Purchase price: $285,000

Rent: $2,200

All financial analysis aside, how best should I go about this? Conventional financing or maybe work out a lease to own or seller financing with him? His current mortgage+PITI+HOA is $1930 but I could probably get a better mortgage due to lower interest rate then his 4.75.

Just looking for some general suggestions on my options... Thanks!

Hello all,

Currently seeking private money with good terms for a flip in Takoma, Maryland.  Property is in quiet desirable neighborhood, close to metro, near growing Takoma DC, and in Montgomery County school district.  

Looking to raise $300K for the purchase price of the home. Repairs are $85K and the ARV is $550,000.

My partner is a licensed GC with 40 years experience rehabbing and as a Project Manager in Maryland and we have a network of professionals supporting the project.

Thanks for looking!

-Shayne

Welcome DeAunte! I live/work in DC and know the neighborhoods well and have a good network of Agents and Contractors. Let me know if you need anything or if you want to meet up and talk goals and future projects.

Anita,

I have a a great carpenter/contractor that can do great work on a smaller scale. If you have a ton of small projects to do on a rehab he is a real asset. Let me know if you are interested, he does work in DC/MD/VA and lives near Hyattsville.

Hi @Ehsan Z.! Welcome to BP!

I live and work in DC as well and have been working some deals here locally. I focus on single family flips anywhere inside the beltway.

Let me know if you need anything!

-Shayne

The current project is a large lot, demo the existing SFH, subdivide the lot, and build a luxury duplex.

Revision: My partner has extensive experience in Virginia, which is MUCH different than DC (As everyone who lives in this area knows).