All Forum Posts by: Calvin Lipscomb

Okay, I think I get you.  You need 200k to buy and refurbish two units.  You have already purchased the other four.  Now I am beginning to see.  Is it that you applied for the wrong type of loan for those two and that is why the investor backed out?   
I am thinking that is the case.  So now you are looking for a fix and hold deal. Am I correct?  The issue for that not going through might be because as you explained it's your first.  Getting a first is not easy but still doable.  

Usually, these loans are 65-75 ltv for experienced fixers. Having not done this before the investor will require that the 200k is the total of the fix and buy purchase. The ARV has to be at the sweet spot for them also.

I hope I am explaining why you are having issues.  And Now for the solution.  You need money down on the property (you have this) you need the closing costs(I think you said you have) you need up to six months holding monies (this means any bill that those units might have) you will also need a detail of exactly what it will cost to rehab/fix the units (I don't think you have this yet) you will need comps in the area to show what it will be worth when they are finished) you will need appraisals of what they are worth now.  

Do I see possibilities on this deal working? YES

This will take some due diligence on your side to make sure you get all the facts for a lender. Who lends for this?  Banks, credit unions, hard money, private lenders. Banks and Credit Unions might be skiddish because zero experience.  

You can find a consultant that will go out and find your loan.  

I hope this helps.  IF you have any questions please tag me so I will see it.

Good Luck!!

My tenant moved out on the end of June, I rehabbed the property and plan to sell it. At the beginning of August the tenant get in the property with the keys she has and doesn't want to move out since than. My mistake is that I didn't replace the locks. Based on Section 8 the notice period ended at the end of August  (although I sent them the relevant documents on April) and she has a ready to get in property since September 1st. 

She always stated that in two days she is going to move out, but keep staying in my property. Section 8 warn me to not stopping the utilities, otherwise I'll get a fine. 

What else I can do to force her move out? 

Any advice??

@Daniel Brown

Paying an attorney to create a single member llc. You don’t need an llc. You think you do. You don’t.

@Calvin Lipscomb No, needless to say it put a serious strain on the relationship. The client used another contractor that did it for cheaper as a favor.

Good morning guys and gals! I'm always seeing what transcends into a good deal. I'm curious though, what was your worst deal or hardest struggle with a property? Was it the PM? Did you make a mistake on the numbers? Location? Tennant problems? Please share! 😁

@Daniel Brown Client bought a property with the intention of bumping it up and out based on his contractor's figures. The two of them had been working together for about five years and had probably done 100 rehabs together. Within one week of closing the contractor said he had completely misjudged the amount of foundational work needed to expand the home and needed $75,000 more to complete the job.

Do any of yea have personal money in the stock market? Is it even worth the hassle and time? What are some pros and cons about it? Or is real estate the way to go and invest everything in.