All Forum Posts by: AJay Williams

Hello BP, My Grandma owns a Southern California 5 acre ranch. It is in Menafeehas a double wide trailer she lives in, it has a studio rental on the property and two corrals, also two big storage sheds, (200sqft and 1000sqft). All of the above is in tremendous disrepair and the grounds are in a defunct state as well. My question is does it seem likely that if I invest my own money and labor would her increase in profit be enough for me to get a return on my investment? Would it be ethical to do this and expect a return when she sells her house?

Definitely D. 

If the fence, carpets and yard are all ill kept then potential buyers will not want to step inside, if they do risk going inside, the gaudy colors on the walls will be unattractive to most buyers.

@Aaron Montague that was an amazing answer. Thanks for the help, I just woke up and that post woke me up wider than the coffee I'm drinking. I will go fourth and when I'm done I'll be sure to let you know I'm posting it so you will take solace knowing your advice didn't fall upon deaf ears.

@James Loisou thanks for the info about water damage/ renovation permits. You said it goes without saying but honestly I'm glad you did because I didn't think about that.

@Aaron Montague I am not opposed to looking for partners here but how would you suggest I look for it? Just post on the forums?

@Mathew Nixon

I am working with one realtor and I'll ask a couple more

Hello BP,

I am looking at a deal right now and I would like a few more opinions.  The house I'm looking at is a 3/2 in a good neighborhood in Florida, about five minutes from the water. It was built in 1970 but from pictures it looks like a rehabber updated it sometime recently. I am concerned however because it has some fire damage and the bank will not let me in to see it because of the apparent risk from the damage. but from pictures it appears to be mostly unscathed. So assuming that the damage is not severe I'd like to run the numbers by the illustrious BP Nation!

Purchase price is $69900, the comps in the area range from 140k to 190k 

I plan on using a HML for 70% ARV(105k) leaving me 35k for holding costs and renovation. I used the Flip Calculator and if it took 120 days to close for a Sale price of 150k I would make about 17k is that a good investment? And as a follow up: How can I get in touch with a Hard money lender? the online apps I filled out only added me to their email list and I have yet to talk to anyone about procuring financing. 

Thank you for your time!

AJay

@Eric Tait the property is in ambergris caye north of San Pedro.

Hello BP Family! I am trying to take down a 100K 5 lot undeveloped land deal. The location appreciation and value are there. Definitely an awesome opportunity for land banking. My question for you is; if I have 15k how can I get to the 100k needed to take this deal down.

got it. I'll make sure and tell her. What if I used a hard money lender bought the house from her for say 80k and had a bank refi the home for 100 that would still be less than the comps in the area and I would help her and score a rental for myself. Is that possible? Do banks do that?

She has had a realtor for awhile and the house isn't selling. Thanks all for the advice.