All Forum Posts by: Domingo Alpajora

SCENARIO

Seller telling me there are multiple bids on a duplex I found with good cash flow. I am trying to to figure out how much to bid.

Listing price - $88,900

Rehab - 25k-30k

ARV 160k

Bottom unit rents for around 1.5k

Top unit rents around 1k

Fresh on the market for about 10 days

I have been pre-approved for an fha 203k loan with no issues covering the upfront costs and monthly payments on whatever offer I submit.

PROBLEM

How much over should I bid knowing it will cut into my equity when I refinance out? My real estate agent tells me to be more on the conservative side because you never know how many other ppl are bidding or even if there are any other bids at all! Tells me sometimes the seller will lie to get a higher offer?

MY THOUGHTS

I want to bid another 10-15k over just to be sure I get this deal. I will still cash flow nice but lose a bit of equity.

My bigger goal is to get my first deal for my resume as I am also in the process of getting my Real Estate License. I have a private money lender that I want to pitch myself too that has already openly invited a dialogue with him when I am ready.

SOLUTION?

Am I naive for wanting to bid that much higher just to get this deal? Should I be suspicious if it is true that there really are not any competing offers? Any advice would be greatly appreciated. My deadline is in 5 days

Welcome! As a new investor as well just want to say good look and stick to it.

Hello everyone, dumb question but wanted advice on using a BRRRR calculator while utilizing an FHA 203k loan. My numbers seem a little bit off.

When I input the purchase price into the calculator, do I input the initial sales price of the home? Or the initial sales price (+) rehab cost since I am using a 203k loan?

Example: Home selling for 150k but needs 50k worth of rehab. BRRRR calculator initially asks purchase price: Do I input 150k? or 200k?

Just wanted to make sure my numbers are tight for the calculator. Any input is appreciated

View report

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

Hello BiggerPockets members.  So I have not yet purchased a property because I got sidetracked with another business venture. A partner and I are looking to start a company pending license approvals.

I am in charge of a task to purchase land and build our facility from the ground up. If anyone knows any resources I may use - books/podcasts to help educate myself would be greatly appreciated. 

Primarily researching how to appropriately analyze value of land in proportion to building a facility on it.

Thanks BiggerPockets!!

@Brandon L. I appreciate the extra effort you put into this reply. I'll be sure to check out your blog posts. Thank you for the thought

@Andrew Syrios Thank you! I hope to build my rep/portfolio for all to see.

@Lee Ripma Thank you for the input! Yea I honestly need to start running numbers more often, I’ve only done it a few times. Your right though about narrowing my search. I think I just to be more patient and put more effort into searching, not too many multi-family properties to fix up around my area. I’ll stick with my one agent then. Has always been honest and cooperative with me. I need to do more work

I am a new member to the online forum but the past 4 months I have been working on much self education through podcasts as well as a few of the BP books.

I am an ICU and ER nurse working two jobs in PA but looking to get into real estate due to financial goals that nursing cannot grant me.

I have been pre-approved for 300k and 85k worth of rehab. Have not yet found a good 1st deal to get started yet in PA but I know I need to put more effort into the searching process.

Would appreciate any advice the community may give me.

Currently working with 1 agent but would it be un-professional if I reached out to a second one?