All Forum Posts by: Casey Spivey

It's that time of year again! Anyone using a new real estate CPA that they recommend?

@Tuan Pham Ok, so if you average the three listed comps you would be at $170k ARV. I would highly recommend getting three sold comps as opposed to listed comps. It's very possible that the ARV would probably be lower using sold comps. With that being said, those numbers are using two bathrooms where yours has one. Again I would strive to find sold comps but unless you plan on putting in a second bathroom ($$$) then it appears you need to be working off of the $152k number. How much will the repairs cost? In my experience if a house is unlivable I usually spend at least $30k on rehab. $152k(ARV)-$30k(repairs)-$119k(PP)= $3k equity (Which would probably be eaten up by closing costs, YIKES:)

@Michael Wallimann - Can you keep us updated with the SBA path? Will you be occupying the building? If not, I'm curious how they would treat that. 

I've always found auction.com hard to deal with. I agree with Martha that I'm sure they are covered with their verbiage in the contract and I would be surprised if they reimburse anything. You'll get your 5% back. Are you out any other money? If not, I'd suggest not dwelling on it and moving on. 

I agree, not enough info. If current market value $150k-$200k then it's a deal. If ARV is $150k-$200k then what's the cost of the repairs? If holding as a rental, what's the rent rate and cost of repairs?

20%+ is standard. Pretty much certain you won't find a bank to do 10% down. 

Who gave you that response?

Hmm, odd. So they will give you up to 70% ARV up front?

Contact Jason at Lending One and see what he can do for you. 

Have you spoke to your current lender? Usually they just care if the mortgage is being paid. 

Probably not. Why not look for a seller finance instead of a hard money loan?