All Forum Posts by: Melvin Jones

Bandit signs, business cards

How did you come up with 2k for closing costs? What about reserves? 1% is what you want to make monthly on your invested capital for at least 12% annual return. Divide invested capital by monthly or annual cashflow

What about closing costs? I would try and get it lower by what info you provided; very tight 1%

Hey, great to hear your success and congrats!

Thanks guys, I will try and get for 10k if not i will pass

This is a 3/1 1047sq.ft all brick house built in 1957 with forced heat, no central heat and air. The property needs roughly cosmetics and I would add central heat and air to increase value. Repair estimate at 10k with adding central heat and air. The Arv is 53k retail but I plan to rehab and flip within 6months at 75-80% to an investor looking to hold for cash flow. Rents in the area for 3/1 are around 650+ (low-income area). The house sits around the corner from an elementary school in a quiet rental area. Most houses are occupied and well maintained in the area so its not in a war zone. I am offering the guy 14k does this sound like a good deal if I get this price, or could this be a quick wholesale deal?

Hi, I have been told six months to one year before you can refinance

I agree on the rents they are actually $775-850 in the area for 3/1 and repairs I AM ESTIMATING myself haven't got a contractor over there yet the frame looks solid though and roof looks good though I know will probably be an issue because its like 2 or 3 layers of shingle the property is in the 38117 zip I will talk back with the owner later today and try and get this tied up

Ok this particular house in Memphis tn is 3/1 with little over 1100sq.ft, its in a very good area with goods schools school bus comes directly to street which I see as a plus the house needs about in my conservative opinion 15k the ARV is 45k there are back taxes owed from '09 to current 2013 which combined city and county totals roughly 5400 if fixed up and rented can get 700mth the last sale was in 2003 for undisclosed amount. The owner which I looked up and found his home address the other day and decided to go knock on his door and see what happens. He was not mad at all but surprised to say the least I ask him if he wanted to sell his property he said he doesn't want anything to do with it basicly that it can go to tax sale I told him it was not scheduled for sale as of now and that I would bring him copy of tax papers showing his balance and no tax sale. I need advice on how to get a contract on this one. Should I offer him $$ to just quitclaim me the property or should I offer up nice earnest money to get contract that way I can wholesale it if my investor wants it only asking because the guy seems irritated about the house from face to face discussion on selling it. Also I would keep this as a rental if I could not wholesale it buying all cash cash flow around 1.2% being in the property 30k including 5k reserves I think a buy and hold investor would like this property if I can get it under contract ...Any thoughts or suggestions?

Thanks guys