All Forum Posts by: Derwin Villanueva

Aloha @Michael Borger Honolulu DPP needs a signed contractor statement as part of the closing package. They are working on a possible solution🤞maybe (owner-builder?) as I was part of the project and the electrical and plumbing has been inspected by the respective inspectors. 
I really prefer to sell just to be done with this one. I can put more travel nurses in there but it makes it a hassle to show open houses. Yes we are in the negative per month. I may have to revisit the rent option as the monthly is killing me. Mahalo. 

Hello BP!
My GC/partner for one reason or another had his contractor license forfeited/invalidated due to his insurance lapsing. We need a contractor statement signed off in order to sell. 
The house flip project is already completed and I have a travel nurse in there but the lease is up at the end of April. We are trying hard to sell this place and I am losing money already. We’ve owned the property going on 2 years this June. The bridge loan will be due next March. 
What are my options? Are there services that come in lieu of the original contractor to perform the final inspection/signing of the statement?

I have already sent an email to C&C plans and permitting, but wanted to see if any of you have personal experience in this matter. 

Mahalo much for any assistance! 

Appreciate the analysis guys!

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*This link comes directly from our calculators, based on information input by the member who posted.

Hey BP this is my foray into the MFR world of REI. 17 unit C class gem and part of the deal includes a new re-roof for 3 buildings and re-gravel of the driveway plus exterior paint on three buildings. Seller asking $550k and claims 95% occupancy and will have 100% occupancy as a part of the sales agreement. Seller is also offering finance for 20 years at 6%. I need to come up with 25% down. Private money anyone?!

Adding 1-2 more coin-op laundry and PV solar for common areas and dividing the utilities are my future value add projects.

Let me know what you think.

@Sam B. This is a great thread that you have shared with all of us here. Educated and inspired by the effort you have put into articulating some of the finer points of your particular experiences, I am grateful for the selfless encouragement you give all of us. 

If you don't mind I will be commandeering your success blueprint, fine tuning it to my situation as I go hard on my own journey. Aloha nui man.

1. Evict

2. Prep unit

3. Screen for GOOD tenant

4. Sign GOOD lease

5. Rent

@Clayton Mobley, @Jaysen Medhurst, @Duc Ong, @Dave Foster Thanks for your insight and wisdom and gentlemen. I most certainly am the better for it.

Fix and flip have a few more dynamics that I feel may not be right for you at this moment. BRRRR may be a better fit.

If you haven't yet and I think it would help, is to have another investor with a few more deals look at your numbers and confirm or correct what your math looks like. If it looks good from there, pull the trigger. By the way, do you have your funding sources lined up yet? They may also be another source that can tell you the veracity of your homework. Remember many like you have been in the same spot that you are. Be at peace. 

Aloha BP'rs,

My wife and I have our son and his family in our rental, which he wants to stay in, and we want to do a 1031 exchange into higher performing assets. The home here on O'ahu has a FMV of about $900k~, a $405k mortgage @5.3%. They had the rent covered up until our oldest son that shared rent, his brother, passed away in August. They have never owned a home. He wants to stay in the house and we, of course as doting parents, do not want to sell to him at the market rate. We are thinking to sell it to them at $650k.

What ideas/considerations do any of you with your collective base recommend to make this happen? Are there better alternatives to conduct the 1031?