All Forum Posts by: Jade Atwood

See if you been get an estimate for the septic before purchasing. to be sure. You can use use an escape clause if you haven't submitted your offer yet. 

I think it really depends on your goals, exit strategy, and risk tolerance. Personally I would prefer buying discounted apartment buildings, with about 50% financed to get a mostly passive cash flow with leveraged growth, and minimal risk of losing my investment. I would be looking to keep it for a few years, and then 1031 up to a bigger property.  The risk being that I would overpay for a property based on the current low cap rates available in my area; I could be stuck holding the property for a long time.

You should really talk with an accountant and an attorney. You may get better advice.

I would try friends, family, or other local investors. If you have other assets, you may be able to liquidate some of them to meet your obligations. Depending on your credit & equity you may be able to refinance. Maybe you can work out short term financing with suppliers? If those aren't good options you may need to try to speed up your time line, & contact your lender. Good luck.

Finishing.  Accidentally posted.

When the deal falls through the house gets discounted.

I kept talking with the realtor until an already good deal fell through. I heard before the deal hit the MLS, and had an offer ready when it hit. I got the house before anybody else knew it was re-listed. My offer was in close of business the day the listing hit the MLS.

I have only one under my bet, and another I am working, but here is what worked for me. I called agents who represent banks & HUD properties. One actually returned my call. I explained what I am doing (flipping), and that I have the ability to write a cash offer.

The agent gave me a five minute education that revealed two things.

Houses become harder to sell & finance after they sit a while - causing sales to fall through.

The longer a house sits, the better the deal. - Cconsequentially when a

Thanks Dan. I appreciate your help.

Check the county web site. You should be able to look up the owner, & where the tax bill is sent.

I am considering buying a house to flip that has a couple substantial issues. I am confident I can get the property under contract low enough to make a healthy profit, but I have concerns about financing the deal, even with hard money.

Here is a rough break down.

ARV 200 - 210k - desirable neighborhood. Value based on 2015 solid comps.

Normal/ expected rehab expenses look to be around 20-25k

Big issues - 

Home sits on downward slope, & has a walk out basement. The foundation has moved causing a 2" crack up the mortar joints of the exposed basement wall. Clearly this needs to be corrected. I had a foundation contractor out yesterday to get an estimate. (he will have it early next week) I made a real big deal about this, and seller is aware price will need to go down, and no residential buyer will touch the house.

Home also has an in ground pool, that needs a new pool liner, It also has a light that has fallen out of the side, leaving an open hole in the side of the pool.

Assuming I can for an amount that makes sense (I am guessing around 80k after discounting the price to cover the structural issues), Can I expect a Hard money lender to loan on this property? I will use a partner to cover down payment and help float the expenses.