All Forum Posts by: Adam Lynch

What do you all think of this deal based on just the numbers?  The amount of rent is based off the least I think I'd get.  

It's a 2 bed, 1.5 bath.  About 800 sq feet.  The sellers would agree to seller financing.  Just click the link below to see the spreadsheet.  It's near a few college's and gas and oil industry.  It is also turnkey and recently remodled and updated.

https://drive.google.com/file/d/0B9ki5SaeG-jJTnM1a...

Thanks for any input.

Ok got it. Thanks. Just trying to have financing in place so when deal comes up i am ready to move on it. Do HML do pre approval letters? But then depending on the specific property and ARV and how good of a deal it is they decide whether or not to finance you?

Do you have to have a property in mind before going to a hard money lender?

Yes, I should definitely be able to cash flow this property, just maybe for not as much as I'd like or what I will look for in future deals. Thanks for the input everyone. It's very helpful. Now my next question is how do I get rid of the PMI after only owning the property for 6 months, doing an FHA loan and only putting 3.5% down? It is about $153/month. Without this expense it would really help my cash flow. So I'm not anywhere near 80% LTV? Can you refinance into a conventional loan without being at 80% LTV?

The property doesn't need 30k rehab to rent.  It is livable the way it is, as I currently live in it.  But it could use a new roof, a repaired retaining wall and the outside painted mainly.  And will have to do a few minor things to get it up to rental code.  Thanks for your input. I think that is a smarter plan.

I purchased a 3BR 1.5Bath fixer upper in a nice neighborhood and moved in May 2014. I purchased it w a 203k FHA Loan. Purchase price was 135000 and the property appraised for 155000. I borrowed an extra 9000 w the 203K for a new furnace and I needed kitchen appliances. So total mortgage was for 144000 and I put 3.5% down. A realtor told me if rehabed it would be worth at least 180,000 but probably more. Said to count on 180,000 to be safe. Total rehab to make it worth that, would be around $30,000. So if did that I would have 179000 into the property w closing costs. I would plan to rent the property then. But after doing that, with what I could rent for I'd basically be breaking even in worst case scenario. Best Case Scenario I'd be making 5%-6% (which is probably a bad return for most of you). What is killing my Return is my PMI. Without PMI it'd be 5%-6% worst Case and 8%-9% best case. First, is this worth all the work and money to make the property worth $1000 more than what I'd have into it and then maybe just break even on renting it? I'm just getting started in the last couple years, so I'm always looking for any guidance I can get! I think I just need to make sure I find better deals in the future!

Hello, I recently got engaged and am thinking of how to make some money to pay for the wedding.  I have read and heard about people flipping a house or two to make the money to pay for their wedding.  Has anyone on here done this?  Any advice on how to do it?  Or any suggestions on how to use real estate in a different way to make the money?