All Forum Posts by: Anthony Caleca

Hey guys I have a quick question, I was able to get a property in my neighborhood under contract with the ability to reassign it to another buyer. I’ve actually found a very interested buyer who is looking for a house who is pre approved for a conventional mortgage. My questions is, can I wholesale the property to him, even if he is using a mortgage the purchase? Or can whole sale deals only be reassigned to cash buyers. 

He is interested and has a pre approval, and I’m not worried about the property not appraising high enough, I got it under contract at a great price. 

Biggest thing stopping me is capital for a down payment. Both my wife and I make good income, have good credit, we just don’t have enough for a 10-25% DP

Hey guys I know this might be a big tough, but I figured I would see if I can get a rough idea. There is a single family detached house in my neighborhood, which I know very well. 

I went to go see the house and it definitely needs to be completely gutted and renovated. It is a 1500 sq ft home with a unfinished basement.  It’s 4 bedrooms and 2 bathrooms. Here is a list of things that need to be done. 

- demo fully guy everything in the interior

- replace and update all the electrical and plumbing’s 

- add central air/HVAC system

- replace both front door and back door

- replace all windows about 12-15

- new flooring, new kitchen, 

- add recess lighting 

- new hot water heating system

I am expecting to try and get the house under contract at 450k, the ARV will be about 650-675k. I'm planning on buying the house as a primary residence I just want to get a "rough rough" expectation on the Reno cost

 Great answer! Extremely helpful 

can any body give me an estimated cost for a complete gut renovation on a 1,500 square foot home with a 800 square foot basement. Mid to high end finishes including exterior face lift.  3 bedrooms, 2 bathrooms, new hardwood flooring, central heating and air conditioner.

outside of the home is not bad all, home is located in NJ if that matters

Still trying to negotiate a price on the property so I can lock it down. But as far as contractors, my Father is a builder so he will be the one actually building the home, and handling the whole process. This will be my frist personal development so I am sure I will learn a to of things from being more hands on and being along for the ride.

Hey Josh that is exactly what happened. I reached out to a small community bank that I have a relationship with to see if they do new construction lending and unfortunately they do not. But they did refer me over to a partner at Citizens bank who does, and now I am pre approved.

This opportunity cannot be missed it has such huge potential, do you just know when something is very good potential well this is one of them.

Hey Karen so I took your advice and reached out to a local bank by my house in which they do not do new construction loans but referred me to a guy at Citizens bank who has been incredibly helpful. I got pre approved for the amount that I need to buy the property and construction cost, and will only require a 10% down payment. the interest rate start at 4.75% so it is higher then a conventional mortgage but seems a lot lower then HM.

Now all I need to do is submit an offer and actually lock the property down. Building should be the easier part believe it or not

 Franco thank you for your response. If I can acquire the land for anything $350k or under this will be very profitable. As far as connects to build the home my father builds hotels in the city, and has already built two homes in this exact neighborhood over past 5 years. His team will handle all the building/construction so it will be much cheaper then outsourcing it and paying full price. There is a few banks I have in mind, I will reach out to them thank you 

so the house right behind my primary residence went on fire Sunday and it is completely wrecked. The insurance company already ordered for the house to be demolished due to it being un safe and someone potentially going in it. So right now the property is just dirt all the demolition is done and it's just a dirt property.

The home owner passed away in the fire which is an absolute tragedy, but I already spoke to the son who is inheriting it and they made it very clear he wants to sell it. He lives out of state and knows I live directly behind the property for years and said he will sell me the property.

Okay so now that you know the background of this short story, I have been trying to buy this property for years because it is 50X170 and that is considered a big lot in my county. So my question is what type of financing will I need since it isn't a typical home purchase, it's now just flat land so technically would be a new construction project from ground up.

This is an opportunity that cannot be passed up, like I said I've been trying to buy this property for years and finally have the opportunity to do so. And the potential profit is phenomial.

Any advice or help is greatly appreciated I need to close on this one. Is this something I would go through a bank to buy the property and then the construction cost as well? Or more for a private lender or hard money lender? I would initially imagine hard money would be out because it's not a basic fix and flip short term loan, this is something that will require permits and plans to be drawn up and approved