All Forum Posts by: Alex Davis

Good morning. I have the basic idea of the wholesaling process. I just have a question about selling to a va mortgage buyer. I'm looking at a rental property and have been fully approved for the loan and don't have anything to worry about there. The issue I'm having is i'm looking at what's going to be a multiple offer property and I know my VA offer will be to the bottom of the list. I have the potential for a parent to pay full cash on the offer but how does that process work shifting it over to me with a va loan? I've been told to cash out refi after 210 days, I've been told quitclaim the deed over. Both seem like logical solutions I just don't want to put my parent in a bad situation with the irs when I have to repay them from my VA mortgage. The transfer of the loan would be the sale price and they wouldn't make any money on it just a 1-1 transfer of the property over to me. The property is about $400k so the transfer to repay my parent is defiantly going to be visible on income levels.

Any advice is greatly appreciated!

I'm looking to use my VA loan on either purchasing and remodel or new construction. I would be doing most if not all of the remodel/construction myself to keep cost as low as possible. I'm leaning toward remodel for the less construction time involved. I want to know is it possible to cover the cost of the remodel in the VA loan or will that have to come out of pocket? As opposed to the new construction that would cover mainly all the major costs.

I also have had a security business for the past 3 years and meet all the posted criteria for a business loan. Can I use either an sba 7a or the cdc to purchase and remodel a building as long as the security business hold 51% of the property? Are sba loans even possibly anymore? I've heard they are basically impossible to find a bank willing to lend them.

I appreciate all suggestions.

Hi I'm looking for some rough numbers. I want to buy one of the many abandon buildings and turn it into a multi family apartment in downtown Detroit. I'm just looking for some guidance on what to expect to pay. My partner and I will be doing most all of the construction our selves. HVAC, plumbing, and roofing will most likely be the only things contracted out, yes I know those are major. I'm basically just asking what to expect as far as how much can I ball bark a build out per sq ft of a single unit. Any help is greatly appreciated.