All Forum Posts by: Chris Seveney

Go to local REIA meetings and get to know more investors. Building a network is imperative and you cannot put a value on it

Great job. Curious where you found investor for 100% of purchase and renovation ? What were terms (points/interest rate etc)

Email me what you have in West Virginia 

There is no book that can teach you how to do a tear down and new construction - you need experience - I consider it equivalent to buying a book on building a car from scratch but with a home you have to deal with people and subcontractors and you need to understand the business from writing a proper scope of work, contract terms etc. to knowing what things cost so if you have allowances to understand if they are or are not realistic.

I would do a heloc on the other property if your interest rate is already good so you don't pay as much closing costs Use that money to cover the portion of down payment so your not paying pmi

Why would you want the property then ? It has no value and you will continue to pay taxes on it. Bite your losses and let the lien expire or put it on eBay for $1 and see if you get any bidders. I did that with a bad tax lien I bought (tax deed) - county sewer consultant said land was never perced after I got the land and contacted county again they then tell me it failed a perc in 1993. I sold lot on eBay and recouped my money plus some

What is the scope of work?

As party due diligence check for lead paint and asbestos siding and shingles as well as on the inside (tiles, insulation etc) Abating asbestos can be very costly

I typically use higher numbers for capex and maintenance on lower priced properties as a roof is a roof and costs the same on a single story 800sf house and 2 story 1600sf house. Same goes for many capex costs (heating systems, electrical work etc)

Are you financing deal or paying cash? What condition is the property in ? With a house that old you may have higher maintenance and capex costs. At first glance it does not appear to be a very appealing deal.