All Forum Posts by: Dan Nedvidek

@Matt P. I know. My request was more of a joke.  This guy comes across as semi-legit at first but doesn’t really hold up once you do a little digging. 

I asked for references and he stopped responding to me. It seems like a good deal, I'm just hesitant to tie myself to someone without getting more info first. Anyone have other references for lenders going over 80% LTV for flips?

Has anyone used Dennis Westbrook (DWEST ENTERPRISE) out of Diamond Bar CA as a source for funding? He contacted me through email offering 6.5% interest only loans at 100% LTV. Having trouble getting information about the company or his fee requirements. Looking for any additional info.

New to the #tallahassee area and looking for lender recommendations. I have my eye on two small multi-family units that I would like to move on soon.

Glad to see more people from the BG area joining up here. I'm working towards my first property. I've bid on anger things at the last two master commissioners sales but haven't been able to walk away with a win.

Cody Campbell I'm interested in meeting up, but will be out of town until Sunday night. Keep us posted on the next meeting time and place.

@Cody Campbell I would be interested in working with you to get a group together. There aren't many of us from BG but we could probably get something going.

Clay, great to see more investors from Bowling Green. I've been in the area for years but am new to REI. I haven't been able to find any local groups, but feel free to shoot me a message if you want to get together to share ideas.

Thanks for the advice @Erin Margaret and @Mike Hanneman.  I did a little digging in the PVA files and found out that the last appraisal was 10 years ago and the house appraised for $45,000. At that time it was a SF residence with a detached garage. A bathroom was added and the garage was converted to an efficiency apartment. It was sold to the current owner two years ago for $85,000. I'm not 100% sure that the addition of the garage apartment was approved by the planning commission as the taxable value of the house and lot didn't change even with the increase in recorded sale price. 

@Erin Margaret, I don't have an insurance quote yet but have an agent I've known for years working on one for me. This part of the city got new sidewalks four years ago when it got a new elementary school and the roads in this area are not included in the five year overlay plan, so i should be ok on than. The house comes with a lawn-mower and the current tenants seem to keep on top of upkeep, at least for now. I budgeted about $1,000 for annual repairs, and have the skills to take care of everything with the exception of electrical or major plumbing. The tax bill, if the house is appraised at 85,000 would be about $290.

I don't really like the idea of having a balloon payment and need to see if the owner is interested in selling outright. I'm working on setting up a meeting with a local lender who contacted me through BP a few days ago, so hopefully he will have some ideas on a good way to move forward.

Good Morning BP,

I wanted to take a minute to lay out the details of a deal I am considering in Bowling Green, KY. I bought my primary residence a year ago and sunk a good portion of my free cash into the down payment. I came across a 3/1.5 SF with a 1/1 apartment in a converted garage up for sale that I am interested in purchasing. The deal was initially interesting to me because it as being offered as owner financed. The terms were a little aggressive for me, $89,000 with a $12,000 down payment. 6% interest amortized over 20 years with a five year balloon payment. The house is valued around 85,000. Both the three bed house and one bed apartment are rented by the same family. They just signed their second one-year lease for $1270/month. Landlord pays $125/month in utilities. I do not have the cash for a down payment right now, but I am thinking about going to a bank for a short term loan on the down payment amount, holding the house as seller financed for a year or so and then going back to the bank for a conventional loan to cover the remaining amount and refinancing that way. The house has had some minor upgrades (flooring, interior paint, new windows) and is already occupied, so I wouldn't have much going out in the way of initial repairs or expense. The house is located less than half a mile from the university campus in a neighborhood that is rough around the edges but is seeing some signs of growth. Three houses on the street are currently being gutted or have been bulldozed in preparation for new home construction.

Am i making this too complicated? I don't think I can realistically offer to buy the house from the seller outright since I don’t have the down payment money that a bank would require for a full loan. What's your opinion BP, am I making this too complicated or is it worth a shot?