All Forum Posts by: Chris Svendsen
Chris Svendsen has started 26 posts and replied 297 times.
Post: What is the new construction process? Dig lot, pour concrete, etc
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @Douglas Gratz:
@Lance Hernandez Actually there is. I just closed on refinancing the land out of hard money yesterday, which gives me time to search for a lender, investors, and move some things around that could allow me to need less loaned money which may make. it easier to get approved. I have a lender but since m builder never built an investment of his own, the lender doesnt like that. For real though, he has been building for 40 years, cmon! Anyway the lender put me in contact with another developer and I spoke with him today on terms for partnering, if he's i (hes already approved by this lender),so,if i can get him on board I am going to take 1-2 months to see what I can do about getting the budget lower by a min of 100k and we will start to build. If now progress happens within 5 months , it will be time to admit failure but not in a bad light. I will still profit and have learned so much. Time will tell. Will keep everyone posted
Reviving this thread, where you standing with this project? Curious how things turned out.
Post: First Potential Deal Advice
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @Austin Wylde:
Quote from @Chris Svendsen:
What does the 40k closing cost encompass? How do you see th money being spent? 5% down in 165k sale is only $8250, where does the other $31750 going? Don't see this being any deal without knowing where you see that initial $40k going. And can't assume can negotiate down, seller may stick at $180k.
The 40k is the total coming out of my pocket.
I estimate the total remodel to cost $35000 The down payment with closing costs would probably be closer to 10k now that you mention it depending if I can negotiate who pays closing costs.
The total capital would be more like 45k
And the only way for it to be cash flowing profitable would be to buy it for no more than 165k, if they don’t budge from 180k I’ll pass on the deal
Post: First Potential Deal Advice
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @Michael Behr:
I would be Leary if he is only offering one side. I’m new but don’t think you can buy just one side
Post: Looking to purchase first Rental property (need help)
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @Nay Russ:
Hello Everyone!
We are looking to purchase are first rental property to generate extra income. We eventually want to keep purchasing more and hold multiple properties. I am willing to study and learn all I can about the industry. Can anyone point us in the direction of learning materials for beginners? We live in Virginia and multi families are not abundant here, and when we do come across one they are either too expensive and the rent would just be paying the mortgage. We are looking to be OOS investors. What states are good that are not super expensive were the property will appreciate but will also be able to bring in a monthly income? We are looking to take money out of our current home to help fund this first purchase.
Thank you all in advance!
What part of VA you looking around? I recently left VA and rentals have there doing well. Also just but a 4 plex in PA for 180k and estimated rents going to be $2800 total amd have about 10k in repairs to do. This was a standard MLS deal. There are deals to be found, patience is needed at times though.
Post: First Potential Deal Advice
- Front Royal, VA
- Posts 306
- Votes 240
What does the 40k closing cost encompass? How do you see th money being spent? 5% down in 165k sale is only $8250, where does the other $31750 going? Don't see this being any deal without knowing where you see that initial $40k going. And can't assume can negotiate down, seller may stick at $180k.
Post: Applicant with Criminal Record
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @Russell Brazil:
Just use common sense. Was it a marijuana crime? Then who cares. Was he in prison for trying to kill their last landlord? Then pass.
Post: Applicant with Criminal Record
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @Bob S.:
Quote from @Chris Svendsen:
Let him in, and hire a PM co,
Post: Applicant with Criminal Record
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @Colleen F.:
@Chris Svendsen Depends on the crime, someone on work release where the employer is going to retain them post release they have to be following the rules. In MA/RI an unregistered gun will land you in jail that long simply for having one and that is a deal with the DA. If you fight the charge mandatory is 2.5 years. And the DA won't drop charges it messes with their stats. So depending on the charges and history I would take a chance. Now if you have alot of other history that is different. Or if it was something financial like passing bad checks not thats not something I would be keen on. You don't want it to be something that hurts you or your other tenants.
The fact that is employees while in prison and is going to be retained was only reason considered it. Plus has enough to pay full year up front if needed. The crime not a concern at all as was something that basically was a very bad decision he made to solve a problem. Thanks for your input. All this helps us weigh our option.
Post: Applicant with Criminal Record
- Front Royal, VA
- Posts 306
- Votes 240
Quote from @LeeAnn Owens:
I would keep looking for another tenant. If you’re dead set on renting to him, make him have a co-signer.
Post: Applicant with Criminal Record
- Front Royal, VA
- Posts 306
- Votes 240