All Forum Posts by: Youdo Thirakul

I got a phone call today, this guy saw my CL ad about buying houses and he want to sell me his house.  From what information I got him from he bought it for 195k, he owe 184k, there is no repairs needed, he's 4 months behind and trying to move.  The value for this house is around 210k-220k (the highest).  My first impression is that there is not a lot of equity and he doesn't have money because he's 4 months behind.  There's really no way I can help this guy unless I want to pay his 4 months and take over this 184k loan, and then rent it out for more then the loan amount.  I can't sell it because I would have to pay closing cost and commission which will bring me back to 190k.  I can offer a lower price but that won't help him.  What do guys think is the best thing for this guy? What should he do ? I want to help him solve this problem but I don't want to inherit his problem as well.  Thanks

I agree with @Joel Warner not really a good idea to have your first deal as a long distance, anything can go wrong and will go wrong especially in a class C area.  Do something small in your area to get your feet wet is the best to learn from, it can be a Class C but as long you are near you can handle it.  Good luck

In 2010 My brother and I (both broke) moved back into our mom's, I started watching HGTV n love the idea of house hacking. I showed my brother the house hacking number and he fell in love with it too, so we decided to go our bank and see what we needed to do to get a triplex or whatever (we were going in there just to talk, didn't expect anything because we didn't know anything). Mortgage lady told us since my brother was in the military he can use his VA with NO money down, our jaw dropped, and right after I post on FB I need to buy a house and if anyone knew a realtor. One of my friend was a realtor (I didn't know) so I called her and she showed us a Triplex, townhouse style, 2 beds, 1.5 bath, we bought it with 1 month.

Numbers. 350k purchase price, no money down VA loan, payment was 2,300 a month, we Lived in unit 1, rent unit 2 for 1300, rent unit 3 for 1300. Renters paid own gas, electric, trash. Landlord paid flat rate water/waste for 230/month. We pocket $70 each month and now the property is worth 450k

It just doesn't look like a lot of Alaska investor are on this forum, I've seen a lot of wholesaling in the lower 48 states but nothing in Alaska.  So again anyone in Alaska/Anchorage doing wholesaling? I guess if not I will start, just don't know what kind of laws that govern it in Alaska so Kinda scary and if there's no one doing it, I won't have anyone to turn to when things goes south. 

Hey guys,

So one of my good friend, a realtor, showed me a foreclosure. We walked thru the house and estimated the rehab to be around 20-30k, mostly cosmetic, floors, paint, kitchen and bathroom with asking price 202k ( I will be doing most of the cosmetic and flooring myself along with my father). I called some friends and show them the number ARV 270k-300k from the comp i found and from what she showed me. I didn't walked it thru with a contractor though because i didn't want to waste his time. Using the Rehab calculator from bigger pockets i came to the inclusion that it only worth it if we can get the house for 170k or less. I emailed a private money lender i met couple of weeks ago about my numbers and we were talking a bit but once i emailed him my final number which was 30k, and asking for 150k ( i could've ask for less because I have friend that was going to put some money in this project) but now I haven't heard a thing from him in a week.

is my number to vague for him and it scared him off.  Here my numbers:

Bathroom = 6,000

Flooring = 3,000

All new carpet, which I can do myself with my dad since he has all the tools for that. $500

New garage door = 1,500

The cabinets looks okay for be but I will need to update then by painting sanding and painting them but that shouldn't cost me much since I can do that myself. If i need new cabinets it won't kill my budgets since I will have help with most of the work.

cabinets = 500 - 1000

Landscaping doesn't need to much work, I do have a good friend that own a landscaping business so I know he will do it for a good price.

landscaping = 500

I had a friend that just put up all new fence so he can definitely will help me

New fence = 500

paints = 2,000 exterior and interior. (one of my tenants has a painting business so he will give me a deal plus I will do interior myself)

The back deck need a good wash, paint and fencing

Deck = 1000

Refinish the fireplace = 1,000

New appliances = 5,000

My cabinet number might be off but it didn't look like i need too much work plus this estimate came up to around 20k so there is room for new cabinet if need be.  I know i should leave some cushion just in case we need new roof ( the roof looks fine to me) electrical, plumbing, and other unexpected things, well thats why i think 30k is a good number.  Since a week a go, the asking price for the house did drop from 202k to 195k, with the drop i hope i can get an accepting offer of 160k. but again we don't know until we do and i don't want to make an offer with all the number in place.  Right now with 4 guys I have about 80k between us. Let me know what you think of my number, any suggestions would be good.  I do trust my realtor number (she said 30k too) because she is a good friend of mine and sold me my last 2 properties. Maybe i'm just a newbie and just itching to do a flip, that this is immature numbers.  

@Kevin C. Thanks. I was at the last meeting, couldn't stay after the presentation but I am looking forward on the camp you have going for 2 days.  I haven't sign up yet but will in the next coming week.  I'll see you there

@Scott Sewell i remember that podcast. Good tips, i will look for those things.  @Brandon Ingegneri make sense, you pay for what you get. thanks guys

@Andrew Johnson lol, no just some guy on BP i reached colleague request to talk RE in Alaska. He just message me back saying it doesn't do Alaska because of the ROI and he getting those number stateside.

He didn't give me too much info, just said "complete remodel restoration on an 8 unit and a 5 unit stateside." so i'm not sure. He also stated that alaska is only getting 2%-10% ROI .. so I'm thinking buy and hold? but still that's a crazy number to get right? or am I missing something ? @Aaron K.

Someone is telling me that alaska is a bad place to invest and that they're getting 200%-500% ROI stateside. I don't understand how that would work? Is anyone getting these number over there and how so?