All Forum Posts by: Vinay H.

Speaking from 2nd hand knowledge

- A they look for experience - how many such deals you have had

-B you need good credit and 25% down of purchase to be approved. Some will do 100% of Reno costs with 60-75% of ARV

- C it doesn't hurt if you have other sources of income/job/assets

-D they will look for pro forma numbers - purchase price, ARV, project Reno costs, possibly detailed and/or certified by GC

Originally posted by @David K.:

Is it bad that my first thought was, "ooo, motivated seller for a decent looking duplex as he gets his legal defense funds ready"?

 Yeah it's bad - it should only be your second thought after a moment of silence over the depravity of humankind and self-reflection on how never to let a dispute escalate.....

Bart or Ferry or 1h30 mins commute from SF, I think Jay is onto something ... What are crime/income/school statistics like?

 Over 20 years, fortunes will be made and lost ... Appreciate the heads up - I think in a few years Jay will be saying ... told you so....

Just heard on NPR interviewing Ali Velshi

a) Surplus of apartments in NYC

b) Pullback of foreign investors

c) 5% price decline avg sales price, 17% decline in sales

d) Increase in inventory 

discuss?

http://www.wbur.org/hereandnow/2018/07/03/manhattan-real-estate-sales-fall

According to a new report, Manhattan real estate has now had its worst second quarter since the Great Recession.

1200 rent for 680 sqft in South Florida? wow indeed. Nice deal.

I would say a first place to look would be craigslist or call local home depot and ask them if they will do carpet install

Congrats on starting so early. With 20k saved, you would qualify for 5% down, meaning a theoretical purchase price of 400k. However there are fees, reserves etc, so I would say for now, aim for an owner occupied duplex in the 200k range with a 5% FHA loan. You also need a good job history and credit history - which may be a challenge at 18 yrs.

Nytimes had an article on flipping in nj So looks like construction costs could be 200 upwards range. https://mobile.nytimes.com/2018/06/15/realestate/for-house-flippers-reality-meets-reality-tv.html investment. In 2014, she bought the 650-square-foot space on East 12th Street for $749,000, and planned to continue living with her parents on East 11th Street during the renovation. Four contractors estimated the work would cost around $120,000 and tried to steer her toward a more traditional look, raising concerns that creativity could cost her buyers

Tearing down a house at 220k and having a new larger house built for 150 to 200 per sq ft just does not make financial sense if its Arv is 500 to 550 k. Even a 1500 sqft house will bring total costs close to 500k.