All Forum Posts by: Brittany Villamil

Ceiling not roof **

Thank you everyone for the input! The house really is in excellent condition. New AC and furnace. New roof. The biggest repair I'll have to make is a water spot on the roof from when they put in the new ac. Everything is purely cosmetic. The last house we flipped was 2200 and we spent 20.5k on repairs (also just cosmetic) this new house is 2300 sq ft. 

In my numbers i accounted for 6 months of holding costs. 

Can anyone recommend a hard money lender in the Houston area?

Also, would it not be better for me to take a hard money loan for just the purchase price and then take out a personal loan for the repairs? Trying to get better margins 

I accounted for 3 months holding costs and my realtor charges me 1% so I accounted for a 4% commission fee. I am just shocked my out of pocket is going to be that much even with hard money. I thought the whole point of this type of financing was to pay high interest for someone else's money and not your own 

So far I have 10.9% interest 1.89% origination so In all 32k at closing. Does this sound about right? That is for 146 +23k in repairs

Need some input!!

I do not have fantastic margins here..

Purchase price: $146k

Repairs: Cosmetic only. House is 2300 sq ft. $23k?

ARV: $215

Got a hard money quote ...30-35k out of pocket. Yikes. 

Is that pretty much what I am going to be looking at, at closing?

Would you say it is better to hire one crew to complete all basic updating? Floors, paint etc 

Or is best to hire by the job? Hire the painter. Hire the flooring guys. Etc 

Also, can anyone suggest some hard working and trust worthy professionals to complete these jobs? I am in Houston. Specifically Richmond/Sugarland SW Houston. I am trying to build a go to list of workers. It seems the past few times have been more of a...ok I won't use them next time..kinda list. 

Thank you! 

Thanks guys! The house next door is same square footage BUT has one more bedroom and I think that adds a lot more value to the house. It sold at 205k. Plus the summer market in the Houston suburbs was hot hottttt. It has slowed down now. People are beginning to drop their selling price in order to sell. I guess all we can do is give them our offer....let them say no and list...and see how long it sits..maybe they will come back to us

I should say***they expect around 205k IF they list with an agent. We would not go through an agent. Also, the social club fee is $100 a month

I should say***they expect around 205k IF they list with an agent. We would not go through an agent. Also, the social club fee is $100 a month

Hey everyone! What would you do if: There is a house in the desirable gated community of Weston Lakes. It's in the booming "country" town of Fulshear, TX right outside of Katy. Most of these houses in the neighborhood are pretty...huge. But there is a quaint little section that has a courtyard village feel. The houses are much smaller. 3 bedrooms. A few 2 bedrooms. Old retired couples live in this particular cluster of streets. I came across a husband and wife who had to move his parents into a nursing home. The house is not up for sale yet. They put new carpet in and painted the house inside. (A hideous purple grey -.-) Details: -1735 sq ft -2 bedrooms -2 bathrooms -Outdated kitchen. Counter tops...cabinets..light fixtures etc. and appliances -Bathrooms both outdated. -About 500 sq ft of random areas of outdated 80s flooring -Water heater is from '91 -A/c 6 years old -Roof looks good -Mandatory $100 social club fee at the Weston Lakes Country Club The house next door sold for 205k. 1740sq ft it sold outdated BUT had 3 bedrooms. Not to mention it sold in the middle of May. The husband and wife are willing to negotiate on price but they did mention that they expected to get around 205k. No 6% real estate agent commission fees. They are not going to list the house until we make an offer, if we decide to do so. We are letting them know within the next few days. What would you do? Would you offer them something? If so, how much? Also what do you think about the house just having 2 bedrooms?