All Forum Posts by: Alejandro Flores

You for got to add the " @ " at J Scott, that way he can see your messaage @Brett Hearn

After the house is fully rehabbed can't you just bring an appraisal? @J Scott

So I got this house and right now the ARV is at 130k (now)(3beds/2baths) but in less than a month or in a couple of weeks, the value of the properties in that area are going to increase a lot. The reason why a lot of flippers are buying on the same street and neighborhood(around 5-10 houses). I asked one of them how much they are going to list it and they said he is going to ask 180k(3beds,2baths and he is an experienced flipper). Since there is another house selling at 200k Fully rehab.

Houses in that area have only been sold to flippers and soon to be up to the market. Later it's going to be booming in that area since not too far away there's a lot of new construction of house going up for sale from investors. Soon to come to the area that the house I'm about to have.

Now no House has sold there less than 100k (not rehab houses).

question; How do I know what's the ARV? Can't be 130k since the value of the properties will increase a lot since flippers are bringing it up.

What I do is just shoot an email to my best investors that I know they will close fast and smooth. On the email it will show the property picture, the info, the ARV with prof

Ugh men it was a pain in the butt for me. Got the lead from my DM and the house got on fire and I was able to get the house really cheap and found a buyer within 2 days, both of us agreed to a price. Well the problem came after the tilte company said there was a problem, saying there was a despute and that everyone of the sibling had to sign it and well my seller didn't wanted to go thrugh that if so she would pull out.

Welcome to biggerpockets @Daniel Melton , i'm sure youll just fine

Well one thing for sure, if the house is listed in the MLS and the numbers look good then you're going to have to work fast. You can use a real estate attorney instead of a realtor, it would cost more but be safer. Now I would get an inspection contingency (if under contract) for to give you more time to get bids and closer rehab estimates. If the rehab comes out more than you expected you can always renegotiate the price.

I'm sure you'll do good, just make sure the numbers work and have a good amount of spread for you to profit.

If you would buy a property to flip and fix which would you use? Hard money or Business Line of Credit?

I ask this question since I and my father are looking to find a property to fix and flip. My father owns a Nail Supply store and has not opened a Business line of credit. He has 700+ credit score on the business. 

I use marketing to find my deals and I have wholesaled a deal before but I want to fix and flip. Would it be cheaper and faster to use a business line of credit then hard-money? Hard-money our rate would be 12-15%, we have 20-30k to invest. 

I got this house from my DM campaign, the seller wants to get the retail price. She still wants my offer and I will give her my offer as soon as I check out the house which looks like repairs are not needed, I know the neighborhood and the house was built back in 2012. This is the numbers:

ARV: 155k (selling in less than 2 months)

Rehab: 2k? (doesn't need any repairs but just in case)

155k (times) .70% = 108.500

108.500-2k(rehab)= 106.500

Max offer 100k since I would like to make a 6.500$ profit in this transaction.

On this house I will pass it to my realtor since she(seller) wants full price and if my realtor sells it ill get a finders fee. Now I know I will not get my offer accepted since she's not really motivated and it's low ball offer. My question is do I use the 70%Rule on rent ready houses?

Erick Tran I really appreciate it. Since this was my first one I had to put 50/50 but on my next deals that comes in I will try to buy it to fix and flip if not I'll do 80/20 with the guy that's been helping me.