All Forum Posts by: Account Closed

From the Gulf Coast of Texas? Well then a mighty HOWDY is in order!

Full Time here.

Prior occupation before entering the world of being an entrepenuer..

US Air Force!

Chicago Welcomes the ATL!!

Vernon,

Ok, well I see your location is Central Florida, could what you are seeing be more related to the local market? I know areas of Florida are seeing a downturn in pricing.

I can't speak of where you are at, because I honestly do not know, but it might be that the rehabs you find are available because the experienced investors do not think it is a deal anymore?

The gamble with a rehab is that you will sell it for a certain price when you complete the work. Well, can you? Are you sure?

If you can rent it out and cover your costs, then by all means I think that is the way to go.

Just my $.02 worth.

I never said Rehab Money is advanced at closing.

I said yes you get the money after you have an inspection done called a DRAW INSPECTION.

Might want to re-read what I typed.

Typical loans are this

100% of Purchase
100% of Rehab costs

UP TO x% of the ARV. Typically 65-70%.

So, you get the purchase price, then the rest goes into ESCROW and draws have to be done.

Yes it is true that you can get some of the rehab money back as you do some of the work.

Rehab Loans work similar to construction loans. You get the money to buy the home up front. Then the rest is placed into an escrow account. From there you start the rehab, then when you hit a point where you feel you need money (this should be determined prior to the project starts), you have an inspector come and do a "draw inspection"

Understand, you pay for the inspector to come do that, so the more draws you do, the more money you pay the inspector out of your pocket.

Hope that helps!

I am based in Chicago so maily have properties and leads in the NW Indiana area, Gary - Hammond, East Chicago, Munster, etc..

What areas of Indiana are you investing in? I have several deals and properties in NW Indiana.

Welcome, I have a hunch we have met, but welcome to the boards.

If you have a contact sheet, buyer's list contact sheet, etc.

Feel free to send me one. Would love to see what you can work up!

Rich,

Yeah I think we will be there about 7pm. I normally get there prior to rush hour though, just to avoid the traffic. I like to hang in the bar and use the free wi-fi. Probably will be the only one on a laptop.