All Forum Posts by: Chase Preston

Above is picture from original listing purchase. Our plan is to add a shower. The issue is the plumbing running from the center floor connecting to the old bathtub. We also are considering closing off the brown door in the picture (access to the attic) and creating access elsewhere. 

Any suggestions? Can take more picture of current status if need be. Doing a complete new renovation of this room.

We are just beginning renovations! We've also looked at 0% interest credit cards for 12-18 months

Hi Erik!

I've been reading about the DSCR since your reply. Is there many cons to this type of loan? We did not know if this was an option to us!

Recently purchased a first property with a friend - fix and slip near our personal properties. We are completing the work ourselves. Our goal is a 6month turnaround time.

House (foreclosed) was listed for $90k originally, was able to purchase and close outright for $50k cash. Goal is to put $40-50k back into the house. Great/safe first property with the major work being a new kitchen and 2 bathrooms. 

We've been discussing lending options with local banks in the area to obtain $80-90k of funding.  Most banks say this is too small of a loan or we need to own location for 6months. Is hard money lending a better route to obtain lending? Any lenders out there or other resources to obtain the funding? Thanks!

The sold comps in the area compare to $130-170k. We're looking at 30k/40k profit on the low end.

Hi Jay,

Do you care to go into a little more insight explaining the "seasoning"?

Hi all.

Making my first step into the real estate world. Started an LLC with a best friend and putting a cash offer in on a bank owned property. Planning a flip of the property with 50k cash buyout + 40k estimate of renovations.

We've considered paying cash for property, obtaining loan for 90k-100k and paying ourselves back first before starting renovations. We have the capital to pay for entire house + renovations with cash as well. We've considered home equity loans, HELOC, even credit card with high limit and 0% interest for many months.

Any direction you recommend?  We've spoke with multiple banks at this point to get a few options.  Main goal is minimizing risk with it being our first property but was able to obtain the house for 40+% less than listing price due to our cash offer and able to close ASAP.  

Thanks