All Forum Posts by: Abraham Lowy

 i bought it for 140k, my broker told me that 60k should me the renovation , arv 260k ,   and told me that i shouldnt take hard money loan so i dont pay closing cost and intrest , and i also should not take insurance so i don't pay another 150 a mount 

 great .  but  how do i find ?

 thanks for that info ,     but on the other hand i thing that the market is much more likely to fall in this days then to go up

thanks for you reply.        now  to your question, ill probebly not sell it doe to the very less profit.   why are you asking ?

my story begins for about 7 mounts ago when  i had 200 k to invest .                         i was looking for a fix and flip deal so i asked my broker for that, and he brought a deal, claiming that that's should be a good deal ,     i bought it , and now now we finally getting finish with the rehabbing , and it looks like we will end up putting in like 80k.      so when i started making the calculation i see that ill not make to much money out of it .                                    lets do the numbers ..   i bought it for 140k  i put in in rehabbing 80k , i then paid 5k for someone to manage the construction,    property tax, water and sewer is like 5k ,  so we are now  everything together at 90k.          now the selling price should be at around 260k , lets deduct 6 percent realter fees for selling it is another 15k so i should be left with 15k.       so of course that deal didn't meet the 70 percent role  but my broker claims that the role dose not exists any more in this market .          so i would like to ask what you guys thing about that,               am i right that the role still exists or is my broker right that the role dose not exists anymore  ?

i would suggested you that you should quit your job for filliping and if the market soddenly tanks and you cant sell it for profit you should refinance and rent it out ant wait at lease till the market recovers.    in fact a always thing that holding is better then selling since you don't have to pay any tax on those gains' and you don't pay realter fees and also you keep the preparty which gives you cash flow principle pay down and appreciation .  but it lease you can do it if the market tanks .  but of course its better to be in a place which brings you 500 k a year than in one which brings you 150k a year 

with this new sky high interest rates you can forget from cash flowing