All Forum Posts by: Dan Green

Hey BP family! Can any one recommend a good mortgage lender who can get someone qualified within a few days and is also good with Va Loans. I have property under contract for subject too but I need to get him qualified with a lender so he can get his new house and we are trying to close before march 1st. Any recommendations for someone in Tampa Florida?

Joshua Wilson are you still looking for buy and hold properties in the Tampa area?

Also one of my end buyer is suggesting that we do the deal together so I can walk away with more money. Basically fix the house up a little bit and lease option it out and get someone to put a 20k down payment and we can split the down payment. It sound good because I would be getting the experience and also 10k and he is going to use all his money to fix it up and all other cost. my concern is , Do people really put that much money down for a lease option?

Mark Poulton my end buyer does not want to use their own credit that's why we are doing subject to. My sellers concern is that if he keeps it in his name, he won't be able to get his new home with no down payment using a va loan. The new home is 400k . And the current home he owes 160k. Together that 560kbwhich is way more than va allows.

I think the new home by its self is 400k. My end buyers don't want to use there credit. Are there other programs he can apply for no down payment?

Hey BP family! Hopefully someone can help me .

Im wholesaling here in Tampa FL and I've com across someone who wants to get rid of his home. He does not want any money out of the deal he just wants his mortgage paid off. I've done the numbers and they don't work as a flip nor do they work for someone to buy cash and rent it out. So I suggested a subject to his mortgage and he was fine with this idea. I have 2 people that are willing to do this deal. One person willing to give me 8k for my fee and another person at 4k for my fee. this is great. The problem comes in here. he is trying to get into another house in south florida using his VA loan so he can avoid a down payment. the mortgage that we are going to be taking over is with a va loan. is he able to have 2 properties with a va loan and still avoid that down payment? if not can someone give me insight on another way to get this deal done?

Robert Rayford This is going to be a big flip bit my numbers are solid. Pm your email and I'll send you some pictures.

1020 6th St N Safety Harbor FL, 34695

Single family

3/2

1125 Sqft

Built in 1961

Lot Size 6,721

After Repair Value $155,000

Repair Cost $70,000

Using 70 Percent Rule $155,000 x .70 = $108,000 – $70,000 = $38,500 Max Purchase Price

Contingency Cushion $8,500

Asking Price $30,000

If you are looking to Buy and hold

Asking price $30,000 + Repair Cost $70,000 = $100,000

Rent for that home in that area $1150

$1,150 X 12= $13,800 /$100,000 = 13.8% yearly ROI

I have estimates and I also have the engineering sign off as well as the architecture drawings 

Dan Green

904.329.0384

[email protected]

@Brent Coombs  I have it under contract for 20k. im asking 30k.  how do account for holding cost?how am i suppose to know what they are going ot pay monthly for the money their using or how much the elictric bill will be and how long its going to take to rehab the property? everyone will be different. 

@Jeremy Pakalka there are not to many comps to use in the area but there is one that sold for 150k that is a 2/1 952 sqft that sold for 150K on 7/19/16 my property will be a 3/2 after its done at 1125 sqft . i just added the 150k that the property sld for and added what the price per sqft says my property is worth 177k and diveded it by two qhich gave me 163k but to make sure it sellls quick and fast i like going a little under that number which i came up with a sell price of  155k