All Forum Posts by: Ankush Ratwani

Quote from @Doug Smith:

Great question. One hole that lenders have in their game is most of the time they/we don't have a home for a SDIRA borrower. You can certainly buy the land and do the construction loan legally...you guys can't personally guaranty the loan. That's the struggle for a lot of lenders and, honestly, I need to do some research to see if we have an institutional home for a loan like that. You've given me some homework today. Great question. 

Thanks, Doug. I was trying to see if I could buy the land outright in cash and then get a construction loan to use the land's equity as a downpayment (effectively 0%) down to build an a-frame for short-term rental purposes. I guess it would have to be a non-recourse construction loan which may not exist. 

Thanks Dmitriy and Joseph 

I can't seem to find an answer this, but could you buy raw land within your SDIRA and then get a construction loan (with our without to permanent) that uses the equity in the land as the down payment? 

@Alexander Felice Great job man. Love that pink door haha. Have you thought about a 1031 exchange on some of the flips going forward to push off the capital gains taxes?

Originally posted by @Grayson Spittel:

@Alexander Felice

This is awesome - huge motivation - just closed on a 4plex in Fayetteville right at the beginning of COVID - had to make the decision of whether to go forward or not. Blessed to have RJ managing the rehab and PM services, so I felt confident to keep moving forward.

RJ is doing my SFH BRRRR right now, so far seems like a solid choice. All about building that team and moving forward when others are afraid.

meeting ID: 916 696 90611

I will try and make this also. I am in the process of closing on my first deal in Fayetteville next week. Hopefully a solid BRRRR when completed.

Hey BP folks,

I wanted to 1) Set up a team in Orlando and looking for an investor friendly agent to help me target a combination of single family and multi family homes to BRRRR. I am currently out of state, but grew up in Orlando and lived there for 25 years (Oviedo/Winter Park) so I know the area very well. The plan is to use a combination of my own money, hard money and private lenders. Ideally targeting properties next to UCF and ORMC/Florida Hospital.

2) For those that invest in Orlando, what has your experience been in terms of city growth, appreciation, cash flow, inventory, etc. 

Thanks!

Originally posted by @Alexander Felice:

Is this property in waters edge by chance?

Numbers seem ok, I would close a deal like that assuming I liked the location and what it was....but nothing to fall in love over.

My advice is to keep moving towards the next deal, if you find something better you can take it, if not you can hold on for this one. Always take the position of optionality in your investing strategy when possible.

Solid advice Alex, i'm sure you know that the bidding game has got out of control in the area and its impossible to make the numbers work like they use to but that's no excuse. 

Its around the Myrtle Hill area near country club dr. The ARV is based on a combination of the CMA (which noted it to be 130-140k), but more realistically the reason I offered on it was I looked at the recently sold homes on zillow and 2 properties adjacent, similar square feet (1430), and 3/2 sold for around 120k within the last year fully remodeled.

Originally posted by @Tom Gimer:

Where is this property? Likely not in DC based upon those numbers.

It sounds like you don't have an enforceable contract at this point... so start focusing on that. If you do have an enforceable contract, it's time to take action to force the sale and leave the PR to deal with the heirs and their drama.

Very good guess that the property is not in DC, its in Fayetteville NC. The market has become really competitive with foreclosures being bid up.  I was able to find a property that was for sale by the seller who received the property as an estate from his father who passed away, and wants to cash out not being able to handle the renovation that needs to be done (roof, plumbing, flooring).

In an attempt to make this enforceable, I was able to get discuss this with the sellers agent and the updates which is that they are in probate court to remove one of heirs as they were all under the contract. I was assured that it would be only another 2 weeks. While not ideal, i know this is the price to play for finding a good deal with multiple types of distress that I could capitalize on.