All Forum Posts by: Daniel Rubenstein

Hi all, I can use some help on my first fix and hold/flip. Its a fourplex i bought at 155K. I had it appraised when I bought it and bank valued it at 170. Ive done most of the rehab already (about 25k). Im trying to get the value of the property up to the point where I can recover all my rehab expenses and most if not all my down payment. So I hope to do cash-out refi when its all fixed up and rented out. Another unit, same model 4plex, in not as nice condition as mone, just sold for 230 (but its the highest comp in the area right now) There are some last items that I cant decide if its worth replacing. I have no clue what effects the appraisal on a 4plex (i know i should have figured this out before buying and fixing the property...but i learn from my mistakes). Does the appraisal go by the total income on the property? The condition on the property? For example, im trying to decide if I should replace all the vanities (48inch ones @ $400/piece) or just paint them and replace the faucets (they have granite looking formica on top in decent condition). Will this make much of a difference on a 4plex appraisal? (So far ive replaced all flooring with laminate, repainted all walls, granite counters and painted cabinets, stainless steel appliances, and new outlets etc. around the place) Btw, its in a B area (almost a C). (For those that live in Vegas its near UNLV/and airport.) Any guidance here would be immensely appreciated!! TIA

+1

thanks Nick!

Is this something im going to have to lay out another $1,000-5,000 in attorney fees just to get my funds released?

Thanks again!

Hi, I took a 12 month loan with a HML to fund my fix and flip. In addition to borrowing %80 of the purchase price, there was an additional 30k set aside for renovations in an escrow account. One month after closing on the property, tenants evicted, the lender became unavailable. I later found out they shut down and no longer exist. Now I am stuck with a vacant property that needs major rehab and I dont have the funds I was promised. Does anybody have an advice what to do in this situation? Is there anyway to get those funds released somehow?? And What do I do about paying my loan payments? This is my first fix and flip btw, and first time using an HML. Any help or advice would be immensely appreciated!! Btw, name of the lender is Titan Capital out of Phoenix, in case anyone was wondering Thank you!!'

The property is valued at about 175,000 based on comps.  Offer price to be 120K cash.  Looking to fund the purchase and approx 25k in rehab.  I don't mind putting 20-25% down.  But needs to be quick as property goes to Auction in 5 days.

I would shop around if I have time. I should have done that before the deal fell in my lap. Now just wondering if I can push back against the ton of information requested on the application. I have no interest, nor see the need, in revealing every penny of asset and liability I have for a potential loan with I the rate and origination fee I am paying-unless I totally misunderstand the way HML;s work.

he is a licensed broker.  I just got my RE license so I guess this fee is in lieu of any commission.  This is my first deal brought to me as a wholesale/or anythingf similar. As of now it looks like the property is not under contract.  After some research i found the property is owned by his brother who has defaulted on his loan. It was due to go to auction July 7th. This broker friend contacted bank to postpone auction and accept short sale. The bank agreed to postpone and short sale the property.  I am not sure though where he got the 120k number from 

I hear you...i guess if its a good deal with the 20k i should go for it.  If not then its too much regardless

thanks guys/gals...ya i think its too high for this deal. Ill have to counter and see how it goes.  Not worth it to me with such a high finders fee...more of the prinicipal of the matter-over 15% of purchase price is just not right

A broker friend brought me a 4-unit property. Valued at about 175K, with the option of making cash offer of 120k they expect to be accepted. (Basicaly buying a 175 property at 120) They are asking for a 20k finders fee. Am I correct that that is extremely high? If I recall correctly, most wholesalers typically dont ask for more than 10k. No?

A broker friend brought me a 4-unit property. Valued at about 175K, with the option of making cash offer of 120k they expect to be accepted. (Basicaly buying a 175 property at 120) They are asking for a 20k finders fee. Am I correct that that is extremely high? If I recall correctly, most wholesalers typically dont ask for more than 10k. No?