All Forum Posts by: Christopher Abernathy

The seller called off of bandit signs said he knows what i do and that i need a small profit to make sense, called before i could get out to the property and says another wholesaler came by and they were just way to far off on numbers and so he didnt want to waste my time. i feel like from our first convo he just wants to move because neighbors are to close and ready to relocate. 

3b /2b

1,318sq

in winterville nc

ARV: $150k

Rehab: $10k

Loan Balance: $92k

current mortgage: $509 /mo

Possible rent : $1,100-$1,200/mo

I have not written up this offer yet but i was thinking of offering $5-$10k to walk, and sign a contract to purchase at $140k in 2 years, taking over his existing payment of $509,

Then my next move would be to rent to own at $1,200/mo with a $10-$15k downpayment.

If anyone could let me know what you think of this and also let me know about any small items i may be missing.

its my understanding i just need, purchase agreement, power of attorney for the loan, and release of info sign as well as a CYS (Cover Your A$$) letter like Ron Legrand calls it.

I'm curious who will actually make the payment each month (end buyer/me on contract/original owner)? from which account and how does the current homeowner relieve his stress of the payment not damaging his credit and keeping up with whether the payment is made and made on time? it seems like they would need to still keep an eye on their loan each month and also they may get kinda scared or upset if for some reason payment isn't in promptly when due. I have a property that might work for this method here are the numbers. 

Will the banks even give a $45k Cash-out Refi?  in Washington NC 27889. 

I have a property that is on a fairly ugly street and my comps keep coming in around $60-$70k for my ARV, I'm wondering if I can just pay around $200 - $300 for an appraiser to come out now early and give me a solid figure and also a few pointers on what materials I should and should not replace. it looks like my rehab cost at the moment will be $30k min and maybe even closer to $40k, I'm interested in replacing door jams as well as sheetrock on walls, not just the ceiling and moldings which my current contractor is insisting. That way I get a really really clean fresh look.

I need about $40-$50k and i have great FICO scores All in 720 - 790 range, just no equity since i just purchased and also i do not want to use HERO or Greensky or any loan that will give troubles when trying to REFI in 6mo - 1 yr.

I have just closed two weeks ago on a Triplex in Bloomington CA, Appraised at $350,000k , Its 3 Separate Structures on 8400 SqFt Lot.

Unit A - 3/1 House Built in 1951, ( Never Rehabbed) Great Bones . 

Income: None , I occupy

Unit B - Studio converted Separate Garage (Not Permitted)

Income: $450/mo increasing to $600/mo in July

Unit C - Separate 1/1 House. (needs Very Little Work)

Income: $800/mo

Can i put less that 15-20% down on a property on an out of state property?

I have great FICO 790-820

Income 18/19. 120k-220k/yr no write offs.

*I have no portfolio/rehab flip experience nor portfolio.

*I am out of state and may never owner occupy

*i want little OOP (out of pocket)

*mostly $20-$80k properties in NC.

i need a to rehab my buy and hold in washington nc ASAP. its a sitting duck and i have been told the starting loan amounts for rehab or hard money will be $75k???

i own the property outright and have the deed in hand. i bought the property cash and have immaculate credit with fairly high utilization. 640-650 FICO. 

kicker is that i own the vacant lot right next to it as well !! 

Should i be trying to get a loan large enough to build as well to meet the criteria of the minimum loan amounts?

not sure where i would begin. 

property details  :

323 van norden st washington nc 27889

• Beds: 2
• House size: 989 sq ft
• Stories: 1
• Lot size: 3049
• Heating: Forced Air
• Cooling: Central
• Year built: 1900
• Year renovated: 1960
• Property type: Single family

Lot Details :

327 Van Norden St. washington nc 27889    

3290 sq ft lot 

my contractor quoted $22k rehab, adding extra bathroom, roof, kitchen, electrical and cosmetic. His figures are that it will sell for $65k after rehab, and im getting ARV's of $45,000-$60,000 myself. Just need Rehab loan of About $22k, then want to refi out and put on a $40k - 30yr - Renting at $600-$700/mo.

Am i missing something here?

Havenit had the time to get back in town to oversee the rehab yet i feel like im stuck for no reason. 

also in regards to the $40k refi or HELOC , (old school north carolina, doesnt seem to like the fact that it will be a rental. they want ,me to live in it to get a mortgage or HELOC on it,

Thank you all for your replies. gathering the Responses here, i would open an LLC for this property, yet i WOULD owner occupy, and most lenders i know will accept downpayment from gift letter of friend or family. @Terrell Hill i like the value add option, so in essence we both take title if they choose to and qualify.. meaning (they do not have too many properties in their name already). i would do a 6-18 month rehab where the debt partner can recoup all of their investment and interest at that point or can stay in the deal partially and passively.  Also the downpayment i am seeking would be minimum $20k and maximum $40k i would repay $43,000 if we refi upon 6months and $47,000 if we reach 18 months before a refinance. so a Flat 15% for 6 mo and 17% for 18 mo. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $7,000
Cash invested: $10,500

bought one of my own wholesale properties. currently looking formrehab finnacing.

What made you interested in investing in this type of deal?

the purchase price

How did you find this deal and how did you negotiate it?

craigslist cold calling

How did you finance this deal?

credit card

hi there, im looking to get feedback on offering a percentage of equity upon buying a 2-4 unit property in my name in here in LA. i will owner occupy and eventually cash who ever the investor is out or upon refi or sale of the property. this is not a straw buyer move. i just basically have no down payment at the moment because i run a small business and seem to be breaking even each month.  but im ready to purchase a multi fam property here in LA and surrounding. we can discuss property and or loan type yet it will most likely be conventional loan on a 3-4 unit in need of update. i have 680+ credit score, $126k / yr income,

in plain english.... i need assistance with the downpayment on a 2-4 unit multi family purchase and would like to make a safe and fair offer of a portion of the equity in the property. dont hesitate to repsond, just keep it positive :)

I am wondering if this sounds like a safe investment, or if their is anyway to wholesale this deal out to another investor. 

Buy this 3/1 ba 1000sq ft palmdale 1 acre property at $210K FHA (with her own $8,500 Down)

Rent to her at $2,000/mo while my FHA payment is $1,400 = $500 cash flow /mo already rented!

Fix her and her co signing husbands credit during the 6 mos (We run a credit repair business)

Sell back to her in 6 mos at $250k (ARV $250k) (she wants to not have to put more money down at that point.)

HERE IS THE SCOOP ON THIS ONE

sister(Amanda) and husband ( put $20k down to buy a house under her brothers name with the good credit in 2008 for $199k

Fixed up the place added horse stalls for breeding. masonry and other value adds for them. Paid the mortgage down to $164k then the brother gets divorce and wife forces to liquidate assets. Forced to sell the brother and sister dis agree as she cannot currently qualify for financing she feels she will loose all her hard work in the home. She was paying $1600/mo and stopped paying the brother for several months and he now faces foreclosure on 6/22/18.  I was contracted to repair the families credit to get them qualified to buy back the home. 

I currently have an agreement with the sister(tenant) who agrees to pay me $2,000/mo to rent the property until she can buy it from me at $250k. My FHA mortgage will only be $1400/mo. She has also agreed to do both of these numbers $2,000/mo and $250 buy back. Best part of all of this is that she has the $8,500 to put down on this FHA purchase and will be .

I will be cleaning and repairing their credit and evaluating their income to sell back the home in 6 months minimum after my FHA financing.

I am wondering if this sounds like a safe investment, or if their is anyway to wholesale this deal out to another investor. 

Please let me know what you think, im sure there will be many opinions and question regarding this one. 

@Nicholas Scatton thank you for your reply. i missed my notification on your reply. Are you at all able to help me from your location?