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All Forum Posts by: Ali Kassam

Ali Kassam has started 9 posts and replied 14 times.

Post: Place to list wholesale deals?

Ali KassamPosted
  • Arlington, VA
  • Posts 17
  • Votes 1

Sorry yes it was a type.  It's 5231 19th St N, Arlington.

Post: Place to list wholesale deals?

Ali KassamPosted
  • Arlington, VA
  • Posts 17
  • Votes 1

I have a property located at 5321 19th St N in Arlington VA under contract. It's a tear down and rebuild, and the scope of the project is much bigger than I'm equipped to handle. Is there a place on the forum to post about wholesale deals on this site?

Post: Renovation Cost Calculator

Ali KassamPosted
  • Arlington, VA
  • Posts 17
  • Votes 1

My fiancee and I are looking to purchase our first fix and flip and we were wondering if anyone had a good guide on how to estimate renovation costs that they could share?  Anything from an excel doc that you use to a website with a good calculator.  We know that the profit comes in the buying of the house and so we're looking sure we're making the right offer.  

Thanks in advance

I want to buy a foreclosure from an auction that is happening this Friday and I need someone who can run title fairly quickly.  

For the longest time I really struggled with a creative way to come up with the capital I needed to purchase an investment property.  I work a great IT job but with a wedding coming up and living in the DC area homes are not cheap (you can't buy a home in Arlington right now for less than $600k).  I've finally decided to take out a personal line of credit to have capital readily available once I find that elusive first deal.   I figure I can combine my money with another small investor's money and then use that to borrow an even larger amount of money from a private lender.  

How did you come up with the money to do your first deal?  

I'm brand new to investing and just got my VA real estate license. I went to my first auction in Arlington last week. It was held by an auction company on a private home, not a foreclosure. It was quite thrilling, and while I spent a good bit of time networking with people, none of the people I spoke to knew much about how auctions work.

How do auctions work in Virginia?  What types of auctions are there?  How do foreclosures work?  How long after the auction do you have to make payment in full?  Are there sites that list out what auctions are happening?  

Any and all information is appreciated.

I've spoken to Andrew a handful of times and he's great. They only do 80% ARV and I don't have that kind of cash to put down.

I put in a $350,000 offer on a home in Falls Church, VA that has an ARV of $525,000 and estimated renovation cost of $75,000. This is my first flip and I'm on the market for a hard money lender. If you or someone you know can help, please let me know.

Thanks,

Ali

Post: *Need Help* Potential First Deal

Ali KassamPosted
  • Arlington, VA
  • Posts 17
  • Votes 1

My Girlfriend and I went to buy a bed from someone and it turned out that the guy was selling the bed on behalf of his parents.  His elder mom passed away and his dad was moving in with his son.  I asked if he would have an interest in selling the home and he said he was going to get speak to an agent first.  I told him I'd make him a cash offer in the next 48 hours.  

The home is a 1,478 sq foot brick Rambler built in 1954 and is located in Falls Church, VA. It is 4 bed 2 bath with an (ugly) furnished basement. I have 6 comps for the house. 3 of them are of similar size and all sold around 550k and were under contract in less than 30 days. There are also 2 larger 3 level homes that sold for 800k, both under contract in less than 45 days. If you know anything about the Arlington area, everyone is adding levels to make their homes bigger.

Link to video of the house

Link to Similar Comp

Comp with added level

Questions:

1. How much should I expect in renovations?  Is 75k to renovate it as is or 150k to add a level too much?  

2. Based on experience, what would be a good offer?  I'm thinking 425k is the max I could offer.  

Post: Driving For Dollars Advice

Ali KassamPosted
  • Arlington, VA
  • Posts 17
  • Votes 1

Thought I would share a little update.  I'm working on building a website and designing business cards, but in the meantime I thought I would drive around the neighborhood just to scout it out.  I was parked in front of this really beaten up house (no shutters, poorly maintained lawn) when a car pulled up behind me.  I got out of the car and introduced myself and it turned out that it was the owner of the house.  Talk about crazy luck.  

I told him that I was a real estate investor that lived a block over (which I do) and that I was interested in buying his house.  He said he wasn't really looking to sell his house to which I responded "Maybe you aren't and that's okay, but have you considered buying a new house?  I can make you a cash offer".  He still said no, but told me that a house just up the street had been for sale for over 6 months.

Sure enough, the house he pointed me to has been for sale since April of 2017 (taken off the market twice).  The original asking price was $850k and then was dropped to $750k, both prices are way too high.  The property was last taken off of the market in December, but still has the realtors sign on the property.  I looked it up on county records and it looks like it's owned by an estate out of California.  

How should I proceed?