All Forum Posts by: Bryan Lutz

Pass. You can earn 1.5% risk free in a saving account. So is the risk worth 1.5% to you? Any hiccup could throw you in Zero to negative digits fairly quickly. 

@Chris Mason Sure. But a 5/1 or 10/1 ARM locks for 5 or 10 years at lower rates than the 30. At the time the lock rolls off I'll reevaluate

Guys with rates at record lows and staying there for quite some time (if you're in the long term low i rate camp). Is anyone looking at a ARM or done one?

On short sales. What’s more likely to be accepted; higher financed offer or a lower all cash offer?

Also generally what % of loan value is the bank looking to recoup?

Thx

@Don Gouge. You're correct Don. I appreciate your level headed response. So why don't you expert guys stop picking apart others deals and provide a little HELP.  

So help the 9to5 guy/gal (99% of this forum) looking to escape the drag, who grew up watching the Carlton Sheets infomercial. 

We nubes are not stupid, we can run pro-formas, we can swing a hammer, we can hire trades and we can funds deals.  

Well it’s the truth. So... This is a community of support and encouragement for us nubes. Maybe pros like you belong on another forum to share your mediocre results and bash nubes.

...and what part of my statement is false?  

@Jeremy Rotert well that’s exactly what happened. All cash, no borrowing cost and under contract in 60 days, closing was at 90 days. I did pay commissioning to my awesome agent who sold it at full ask while we were still hanging backsplash tile. This was a black swan deal but it happened.

Don’t be jelly...

@Alex Kamunyo it was a purchase agreement with a relative of a friend, they needed to move. We wrote the offer and presented it to the title company to handle the closing process. Pretty easy.

I use Cozy.co.

@Alex Kamunyo. Excellent write up and results.  When I saw the house photo I instantly knew this was Houston, TX.

I had an identical deal, BRRRR turned Flip, this past summer in NW Houston. Myself and one partner purchased an off-market SFH (3/2/2) that required major repairs. Overall, we rehabbed the entire property short of replacing sheet rock and the AC unit; including baths, kitchen, roof, fence, interior and exterior paint. See the photos on my profile.

We purchased the property for $65k and rehabbed for $56k, with an ARV of $178k. We sold the property at full ARV asking price. Initially at purchase we underestimate the ARV which led us to analyze it as a BRRRR, however market pricing started working in our favor and we were staring at too much locked in equity to not Flip.

Overall BRRRR analysis gives you dual exit strategies.

- Bryan Lutz