All Forum Posts by: Kumar Tummalapalli

Congrats @Brian N. @Henry Lazerow  @Landon Hoon

Great Team work

Hey @Mike H.  great points , as always .

Seller doesnt seem to be in the mode of " I got to avoid this foreclosure and get off this property " . She is still in " I want to pay off the Mortgage and make money "  :-)

House doesnt seem to need anything - pretty good condition , new roof , recent systems .

I will offer 210k and see ...

@Michelle DeWoskin Thanks Much , Pmed :-)

Thanks @Carl Lee

So subject to ...lets say her pay off amount is 200k , then it might be a deal , provided she is ok to just get done with it .But if seller is expecting to not only get out of the loan but also expecting some cash - lets say 20k , then it means 220K Al in for me

So looks like :

1. total pay off need to be less

2. Seller should be interested in avoiding a foreclosure and just get out off the house

Is this a fair summary ?

Tarun

@Cassi Justiz  All good points , I think the answer is "Market"

It would be a owner occupied BRRRR .

Question on a property that I am considering in the Avondale area . 

The cost to gut rehab is around 125 - 150k. With the holding costs and risk involved the return is not that great.

Asking : 250k

ARV Gut rehab , A plus rehab : 475 K

ARV cosmetic rehab : Not sure

1.5 story , unfinished basement

4 bed , 2 bath - 1700 Sq ft

My question is : When should we consider a gut vs cosmetic rehab

Few things I thought about :

1. Check the comps - Are most of them gutted and opened up ? Do we have comps suggesting that cosmetic rehab is an option

2. Current condition - Badly damaged and very boxy layout

Thanks Much

Correct - thats how they start Usually . When I toured yesterday , she is packing all her stuff , moving out of state .

I was thinking propose 210K and see . 

From a preforeclosure point of view - I was thinking if there is a different way to structure this , by taking over payments and if there is any advantage to that ?

Chicago burbs -

Have a property in great condition , great location :
seller Asking : 250K ;
home in default , preforeclosure ,
outstanding Loan: 178 K ,
house worth about 260K
Motivated

is there any way to make a deal ?
Not familiar with preforeclosures

I dont know how I ended up reading this thread - But it shows how these scammers operate and oh my god , talking badly about a person who is no more with us. i dont know anyone involved in this but this should be a classic example of how nicely the scammers can manipulate you with their words  . Not to sound cynical - there is some extent of fraud in anything real estate related , I know its there in other areas as well but its definitely more prevalent in the real estate. people please equip yourself with good info ... 

hi 

@Amir Haq -- look up landon hoon , Not sure if he can do this in all scenarios but so far during my interaction with him , he ie very knowledgeable and responsive - I have spoken to many loan brokers who just say "hey its your first property ? get an FHA 3.5% down " an expert is some one who can see past the obvious path and help

If you are going to open market , try to get referrals from your agent , contractor or any body who is in real estate business - Also keep in mind  that there are lot of lenders/brokers who change the terms at the last moment , so even if you hear what you want to hear initially - make sure you have references and a solid backup