All Forum Posts by: Brad Tabor

Joe Villeneuve: what kind of risk controls do you use?

Isaac Cornine, AIM Agency gave me a great rate. 

@Fredy Medina, I think we all feel the same way. I am in the process of closing on my first BRRRR and am trying to put in several offers a week. I have been running comps by going to ZILLOW and looking for the SOLD homes and then the RENTAL for the homes around my target. If I am going to put in an offer I send the deal to my lender and they evaluate and pull comps also. I have been very close. Still need to see it against an appraisal but you really start getting the feel to at least come close. I have seen that if it's a good deal you have a VERY short window to determine if it works and make an offer.

I've developed a calculator that figures all the Hard Money loans (based on my lenders rates), cash needed at close and what the total loan will cost me. It then figures the refinance costs and how much money I would need to leave in the deal (if any). I can then adjust the price and rehab budget to see what price makes sense to my strategy. I've also got a Rent calculator at the same time that figures my cash flow, CoC and ROI with only 5 total inputs. It has really streamlined my assessment process, let's me assess every deal I get in seconds for practice and gives me a quick number I can offer the seller.

 I liked the BP Calculator but got tired of starting over just to adjust the price or Rehab number, plus wanted to see it quickly and on one page.

Hope this helps!

Great advice guys! Mark Sewell interesting idea. 

Looking for Private Lenders in Houston. How do I find them?

In Spring myself, love to get together. We had an offer accepted on our first deal and waiting for the paperwork.

Great information! Thanks for sharing. Where was the house?

I have a cash offer in on one house and want to bid on another auction. How do I use a hard money lender to help if I don't actually have the deals yet? Or can I get one for an Auction property?

VT I agree, they explained that the interior piers needed leveled which added $4K. What I learned on that one I am applying on my next home that I am putting in an offer tonight on. It was also very bad, but it was a 3/2 1300 and in a very nice community. I thought it was much worse but should come in at only $10K. 

Looks like you are also right on the Houston foundation problem. Every foreclosure I've seen has that issue. Might have to get to know the foundation guy really well!