All Forum Posts by: Autumn Allen

@Kenneth E. I think this is a great list you have put together. You could get peoples email addresses who are interested in process automation and time optimization and send out your thoughts to that group of email addresses so you know who your audience is that you are sharing information with. Just a thought :)

Great job guys!

@James C.

Thanks for responding Jim!

DOM is usually 30 days or so. Pretty easy to sell homes of this type in this neighborhood. If the note is 180 and arrears is 30k let's say, thats 210k. If we give the seller 220k, doesn't that mean they only get 10k profit? What is UPB?

They are not able to make the payments, social security is all they have and its 400 bucks short every month. 

Hmm that is interesting...my partners who I would assign this to normally like to do BRRRR's. But the rent goes for 1600-1700 in that area and they cant even pay 800 combined.

Hello BP family! I usually work with off market homeowners who are current in the mortgage so I am new to working with owners in default. I submit my offer to the owner tonight, so if you guys could take a look and see if my numbers sound right that would be amazing. 

3 bed, 1.75 bath, 1948 built, 2080 SF (2460 with a small unfinished part to basement)

Brick home, good condition, has driveway in front, 2 car driveway in back and 1 car garage with an attic with lots of storage. This house is all about storage. The entire daylight basement is full of amazing built-ins. No roof leaks, kitchen has tile countertops. Bathroom on 1st floor has tile floor. Just old. Downstairs could easily be converted to MIL with separate back entrance. There is a kitchen and counter but no sink, permits already pulled though for plumb and electrical. Would have to wall in furnace and water heater per code though. Roof has a lot of moss but no leaks or eroding. Both up and down stairs bathrooms need to be updated. There is a lot of beautiful wood paneling throughout the basement, great condition, but also dated. House has a lot of character. Backyard cute but small.

ARV - $340,000 MAX

Comps

1. 20 H ST SE 98002 sold for 349,950 on 12/2016.

2. 3324 M PL SE sold for 325,000 on 7/2016

3. 14 J ST NE sold for 300,000 on 11/2016.

Arrears - $30,000     (plus 181k left on note)

Rehab - $35,000

Profit - $35,000

Fixed costs (CC both ways, excise) - $12,000

Holding (6mo) - $3,000

Wholesale fee - $4,000

This house is in a hot neighborhood, does not need realtor help whatsoever.

340-30-35-35-12-3-4= 221,000 max offer to seller

Pictures:

Hi Angie, definitely interested. I am partnering with a couple other investors who are always looking for great contractors with accurate bids and quick response times. Where is the company based out of?

Hello BP family!

I am close friends with my Chiropractor who owns her own business and is doing well, but not well enough to cover 2 mortgages. I want to help her find a solution even if there is no business for me. Its about building trust and paying it forward, which could lead to other business if the deal isnt good for me. I told her I would run the numbers today and see what I could do. 

There is a townhome she still owns that she is really frustrated with and wants to sell, but is afraid with the settling problems, how much is left on her mortgage note, and what the property would sell for she feels stuck. I offered to run the numbers on it for her just to see what I could offer. 

I could really use some help with a lookover of my numbers, and see if there is anything I can do for her if the deal wont work as a flip. Creative things like - is she willing to fix it up enough to rent it out so she can have her mortgage covered? Or something else to either help her get rid of it OR keep it and it not be a financial burden anymore.

Project details:

Federal Way, Washington, WA 98023

3 bed, 2.5 bath, 1656 SF, 1978 YR, 5652 Lot, 2 car garage, fireplace

Very nice, quiet HOA community near Golf Course and great schools.

Annual taxes: $3200

Month utitilies: $250

Month HOA: $360

Bought mortgage in 2008 for 253k. Currently owe 221k.

Condition: House backs up to beautiful river greenbelt, but that is causing the house to start settling. Roof leaks started a couple years ago. They have crawl space. Husband gutted a bathroom, never finished so they need to hire someone to finish bathroom reno. Needs the usual lipstick. Depends on if this would be a flip or rental on the extent of the other renovations like granite counters and other luxuries.  

ARV: 300,000

Holding: 5,000 (includes HOA) 6 months

Closing costs: 10,000

Rehab: 40,000

Money costs: 5,000

Profit: 30,000

MAO = ~ 210,000

She was at least wanting a wash on the property. If she owes 221 and I can only offer 210, then that will probably not work for her. Any other creative solutions you can think of?

Are there any specific companies that investors have used and are pleased with? Either ones that can do Nationwide or at least WA. 

I can imagine a lot of you are successfully leaving your 9-5 job to pursue real estate investing full time. One day soon that is my goal but I wonder- how do you find health insurance for you and your family now that you are self-employed? Is it anything close to what your company offered you? I think I pay 30 bucks a month for a $10 copay anywhere I go with a 1000 deductible with my W2 job currently. That would be my biggest worry - what if someone had a heart attack and needed a very expensive surgery that would normally be covered with regular insurance. How do you handle that? Thanks BP family!

@Brandon Turner Is it possible to answer these questions that Jacob has asked in a ASKBP short you-tube video or blog? Is there a link to an ultimate guide blog on this already? Those are the exact steps I was wondering about as well. I have a property that I need to act fast on that is pre-foreclosure and I have the same questions. Thanks

Hi Maugno! Are you currently looking for properties to flip? I am a wholesaler in Seattle WA but my dad is my part of my investment team in Tyler TX where he lives. I visit there all the time as well. I would really like to partner with someone on a flip where they provide funding and my dad (a master engineer and project manager) and I would manage the project, contractors and troubleshoot any issues that arise to ensure timely success. More importantly we want to connect with other investors and help cultivate meaningful lasting relationships. I have found a cute home in foreclosure in Flint TX just nearby Tyler. Huge backyard. Cute clean neighborhood with lovely trees and quiet road. I have already scoped the house out, taken pictures, had a local realtor (also an investor) provide CMA confirmation of my the ARV, and have run a complete analysis of it. I have a report that I have prepared. Message me if you are interested in this deal, happy holidays!