All Forum Posts by: William Harris

Good afternoon BP family, 

For my first deal, I would like to open a discussion and get some experienced advice on what I should do in my current situation: 

I recently connected with an attorney who place bids at property tax sales each year in Maryland. Long story short, I will be purchasing a distressed home the attorney was able to foreclose on, taking possession as the home owner never responded. I’m stuck with 4 options to decide from. 

* The property is very small with no room for adding rooms/baths. Smallest in the neighborhood 

Option 1: Wholesale the home “as is” and net profit 102% , to walk away without touching anything. 

Option 2: hold for 6months, BRRRR the property to keep as rental, and net profit 50% return by doing a cash out refinance at 75% LTV as an investment property with 15 year term.

Option 3: Post “As IS” on the MLS market and try to create a bidding war due to this hot current market and possibly  make an even higher return instead of using the wholesale option.

Option 4: Fix and Flip while getting my feet wet in the process and net profit 105% return. 

thank you so much for the feedback !!

@Andrew B.perfect! Thanks for sharing! 🤝

@Andrew B.credit score is above 700! I didn’t even get to the part where they ask for my personal information. They told me there was no way I would get 15% for an investment property with them. So maybe you did something in particular to get this? 

Hey Andrew , I recently called Quicken Loans to try and get that 15%. They told me they do not offer anything on investment properties under 20% LTV. I'm curious on the behind the scenes you did to get this 15% ?
thanks 

No problem, feel free to message me. My realtor at First Home mortage is great!

@Jason Barber Good evening, I’ve been using Redfin and I love it. Their home estimate $ was spot on, before I had an appraisal done to my home. Do you have a realtor ? 

@Javed Z.i agree 100% that BP is a great resource to gain information. With that being said, I would highly recommend you connecting with a good realtor to point you in the right direction and send you homes that all fit your criteria. 

Great work! @Andrew B. 🤝

@Mary K.Just seeing this post! But I've definitely noticed that Market Pro sends the highest number possible as their ARV. Their spreads are a hit or miss, so you have to just do your own homework on comps and figure out if you can profit off their asking price. I usually subtract about 50,000 off their ARV to be safe when analyzing the deal.

@Russell Brazilthanks for the response! Just asking because I’m sure people living situation change unexpectedly. Was mainly asking is it even possible to get another primary that fast after refinancing as owner occupied?  

Maybe see if my refinance loan have a owner occupancy clause ?