All Forum Posts by: Alex R.

Hi @Tyler Gibson, thanks for your insight. Sorry for making things confusing. The property analysis is for a different one ($48k in Bartow, FL on the BP marketplace: https://www.biggerpockets.com/...). I picked that one as an example, because it seems to look good on the surface, and it also appears to be simple. Tenant in place, 2% rule met, minimal repairs needed, low upfront cost...what could go wrong, right? That's why the subject is that there must be more to the story on that one.

The Huntwicke property is one that I was actually interested in, but the rental property analyzer didn't really have the tools to analyze something with the amount of repairs needed. I was looking at it from the perspective of a hard money loan to purchase and renovate, then refinance and rent it out. I tried looking at it from the vacation rental angle (with and without adding a pool), and then I also looked at it from a long-term rental perspective.

I used $226,000 for the ARV, because my renovation plan included adding a bedroom in the garage. 623 Nicholson Dr sold for 226k right around the time I was running the numbers, and there are other similar recent sales to support that price (given proper renovations and good staging).

I'll be very interested to see what the sales price is on Huntwicke. I'm trying to figure out how to do a "no" money down deal without house hacking, but it seems like these distressed properties don't have prices as low as I'd expect based on the repairs that appear to be required. A small downpayment or funding some repairs out of pocket could be doable for me, but to get in the game right now the rest would need to be financed.

What am I missing? This deal looks too good to be true. Low cash upfront, renter in place, rent is almost 2% of supposed ARV...there must be more to the story, right? Otherwise this thing would have sold already. Conversely, 3780 Huntwicke Blvd, Davenport, FL 33837 looks like you'd need to sink at least 35-50k in cash (repairs plus downpayment) to get cashflow with a property manager (BRRRR).

View report 

*This link comes directly from our calculators, based on information input by the member who posted.

David Roberts of Pine Tree Home Inspections did the inspection on our home west of Bangor last fall. He was early for the appointment, thorough, and very professional. The seller was there and made it challenging for David, but he handled it very well.

This was my first home inspection in Maine, but I've had three done in Florida by very good inspectors (two foreclosures with lots of problems for them to find).

Thank you for your reply. Can you elaborate on the timing of the recording of the deeds? Is it possible to do both closings in one day, or does the recording process require a day or so between them?

In case anyone else is looking for this type of info as well, I got the callback from Bangor Savings, and they're willing to do it (at least for our specific situation).

We're working to get in touch with the buyer who holds the contract right now, which means we're disclosing to the current seller.

I'm actually trying to by a new home, not an investment property, in this case. We've got a backup contract, but the inspections are going well so far, so I want to be ready to approach the buyer to try to buy from him.

Rather than wait until they close and then start our entire (conventional) loan process with a second title search, appraisal, etc., I'm hoping to find a bank that will be willing to process our application for a property that the seller (the current owner's buyer) doesn't hold title to yet.

I've tried Kennebeck Federal Savings and USAA, and I'm waiting on a call back from Bangor Savings Bank, who our pre-approval is through.

I want to do a simultaneous closing (wet, not dry), and ideally use the current buyer's title search (buying our own policy, of course). Seller would close with buyer, buyers funds pay seller, and then they walk into the next room where we're waiting and sell to us.

I've seen on this forum and other online searches that this is possible, but can't find anything about who might do this in Maine. Anyone have any suggestions?

@Zach Davis, I just downloaded and used your spreadsheet. Thank you for providing that to the community. I'm a guy who appreciates excel, and I have several sheets of my own for personal finance and such. As I'm just starting out as an investor, I didn't have something like this built yet, and you just saved me a bunch of time. I'd like to provide a review on the download link for you , but I don't see how to do anything other than rate on the star system. Can you point me in the right direction?

@Kyle Scholnick, if you don't want to quote the person's prior post and are not a colleague, type the @ symbol and a question mark (like, "@?"). A list of posters in this thread should appear for you to choose from. That's how I linked this reply to you.