All Forum Posts by: Sandee Sampson
Sandee Sampson has started 6 posts and replied 22 times.
Post: Need a creative strategy to save the day
- Investor
- North Texas
- Posts 23
- Votes 7
@Nancy Brooke
Thank you for responding!
That's what my gut was telling me...point taken!
Post: Need a creative strategy to save the day
- Investor
- North Texas
- Posts 23
- Votes 7
LOL!
Gotcha! Thank you @Reed Starkey!!!
Post: Need a creative strategy to save the day
- Investor
- North Texas
- Posts 23
- Votes 7
I appreciate your response... :)
@Account Closed
You're right, it doesn't make sense; however there are several really nice comps in the area of up to $400k. I was thinking with a nice upgrade of kitchen, bathrooms, etc. the house could sell for more than $250k.
P.S. I'm new to this...I was just wondering if there is ever an exception to the formula or a creative way to help this family.
Post: Need a creative strategy to save the day
- Investor
- North Texas
- Posts 23
- Votes 7
I found a seller with a beautiful 75-year old home that needs a lot of work.
He and his wife bought the property in March with intent of rehabbing it for themselves.
Rehab estimates that they received were over $100k; they ended up buying another home.
ARV = $250
Mortgage = $210
I would like to make a reasonable offer for consideration.
He says his monthly mortgage is $620. So I was thinking of a Sub 2 maybe...
Any ideas?
Post: 250 Unit Apt Community Investment in Houston, TX for Accredited Investors
- Investor
- North Texas
- Posts 23
- Votes 7
I'm a newbie but I'm in the area and I'm very interested... :)
Post: 1st Flip Finally Finished!
- Investor
- North Texas
- Posts 23
- Votes 7
Absolutely stunning!
Great design, great staging, awesome job!
Do you mind sharing the numbers? How long did it take?
Color me #inspirednewbie!
Post: Is a house ever too bad?!?
- Investor
- North Texas
- Posts 23
- Votes 7
Wow! This forum is awesome! Thank you! 😊
Of course I will seek the help from GCs to get bids; I plan to wholesale this one as I think it may be a bit complex for my experience level (or lack thereof)
I'll use the BP WS calc and put it under contract. This is very exciting!!! 😁👌
Thanks again everyone!!!
Post: Is a house ever too bad?!?
- Investor
- North Texas
- Posts 23
- Votes 7
Originally posted by @Bryant Moran:
Well, if you're wholesaling, condition should only matter to the investor.
That being said, in a case study that I read about (this is is Milwaukee) a guy put under contract a BROKEN down home for $4,000. He later wholesaled it to an investor for $11,000 giving him a spread of $7,000 minus whatever costs he faces as a wholesaler (usually at most $800).
However, if you're looking to make it an investment property then that's when condition matters. For the right price, (remember, you want to be fair by including that it wouldn't cost retail because of the condition) you can hire out all the work. Cosmetic work isn't expensive, per se. However, the most expensive starts to arise when you're looking at pool revival, roof replacing, foundational issues, and plumbing.
Good luck with your property!
Thanks Bryant! I really want to do my due diligence so that I can be sure to buy at the right price ...I'm putting it under contract and will have GCs take a look. I posted pics in the thread...
Post: Is a house ever too bad?!?
- Investor
- North Texas
- Posts 23
- Votes 7
Originally posted by @Mary lou L.:
Post pics!
Here are a few pics...
Post: Is a house ever too bad?!?
- Investor
- North Texas
- Posts 23
- Votes 7