All Forum Posts by: Brandon Chase

We have an opportunity to purchase two multi unit properties. It will be seller financed. We raised the capital for down payment at 20%. What are the top 10 things to make sure are in the Operating Agreement between us and the investors? Such as, we have complete executing control, we decide when we sell, disbursements, refinancing the property, etc. What would be your must have's? 

PS. Yes, we are having an attorney write this OA up, we just wanted opinions to make sure we arent missing anything.

Absolutely, thank you! 

Yes we have the funds to purchase the property cash with no contingencies - but may need a construction loan for the renovation.

The problem is there are no accurate comps, as everything else on the market is out of date or not similar to this property. All I can really go by is square footage, quality of materials and eventual end design. What else should I factor in here for a comp?

Good evening everyone!

First post here after signing up, just a brief description of what I am trying to do:

I found a foreclosed home in my neighborhood that I'd like to be my first flip, to get my feet wet. It is currently bank owned...

I went to take a look at it today, the house is in fantastic shape on the outside, but the inside is literally stripped to the studs - nothing in the house at all. Subfloor, studs, electrical, that's it. Someone tried flipping and ran out of money.

The price on the foreclosed property is $239k, I believe the comps are showing roughly $290-300k with the interior put together. I'm getting a contractor to take a look to give me a quote on the build out, but doing my own research I believe it's going to cost about $75-85k to rebuild this home. Obviously, the numbers dont really work out well with the listed price.

My main question is, as a bank owned property, would a number of $180k, all cash be something the bank would even consider? How low should I shoot? How are they coming to this number of $239k when the interior is gutted.

Any general advice would be appreciated!

Also! How will I know what type of finishes to put into this home - as in I don't want to go too high end and not be able to get all the money back - but I dont want to do the build out mediocre so it doesn't stand out from the rest.

Thanks for your time!