All Forum Posts by: Dominique Mitchell

Hello BP community

I am currently working on my first flip. My electrician came out and did his rough-ins and also got his inspection done. Does he get a copy of this report? How do I obtain a copy to be assured it passed?

Thank you!

@Curt Smith

Curt thank you for all your help.

This is Great info.

I see your from Georgia.

I’m a Georgia Boy my self born and raised in Warner Robins, Ga.

I often check the Ga market as well but need to learn the markets

@Matt Nico

I will definitely give the county a call.

Thank you for the advice

@Curt Smith

Thank you for your help.

Really clarified a lot for me.

@Steve Vaughan

Thank you for your feedback

Thanks you all for the great feedback. This is extremely helpful.

A little info on the property. 

It is a single family home converted into 4units.I think the seller said he acquired it from a church member, but he lives to far away to maintain it. 

I would like to think he is being honest with me about the conditions and current rents.

He said one unit was rehab completely and the others need work. However those three are currently rented out by long term renters. 

he is asking 220,000pp Doing some rough Due Diligence I expect I can increase the value pretty quick considering the property needs a few updates. 

Rents are $600 for the occupied units-below market value even without doing a rehab on them. 

4th unit is $800 dollars a month. his current expenses are $600 dollars a month, but I think he pays for water and Does not have coin operated laundry. 

again all this is based off what he has told me. I wanted to educate myself a little more on seller finance, before digging to deep into this. 

I do know it has had a for sale sign in the front lawn for over 5months. Even though he told me he had cash buyers offering.(don't think that's true lol). 

He is willing to do seller financing at 10% down and 1% interest only payments. 

I would give him maybe three different seller finance options.. I will keep you guys update on my next steps and if I can get an offer accepted. 

Thank you all for your feedback and help 

and Thank you BiggerPockets. 

I currently have most of my capital tied up in my first deal and I am wanting to get moving on my second deal.

I have found a few deals that are willing to do seller finance, my question is.

If I do a seller finance deal will I take over the deed for the property on closing?

Property is owned free and clear. The reason I ask is because I would go in and do some rehab and then refi the property and payoff the seller. But if I’m not on the deed I can’t get the refi done correct?

Hello Bigger Pockets family. I am a new investor and I have a question about refinancing out of a 203k loan. 

I am looking to acquire a single family property and make it a rental. If I go with the FHA 203k loan,I know this will have to become my legal residence. If I do the BRRRR method on this home, can I refinance out of the 203k into a normal loan and rent the property? Or would I be violating any rules?

Would I have to live in the property for a year before refinancing?

Can I refinance after the rehab is complete?

Thank you in advance. 

I want to give a huge thank you to my agent @Sarah Knutson. She guided me through securing my first single family home to flip. She is a GREAT agent and did everything she could for me with this deal. 

I will do an updated post with before/after pics and numbers when I get things going. 

Thank you Bigger Pockets also!

@TJ F.

TJ thank you for your feedback.

I reached out to the owner and actually found out he is willing to partner on the deal.

I’m giving it some thought.

Will digging around. I found a duplex that is now being rented as a single family up for sale. I going to look at this one first. Not my rehab is needed and I feel comfortable with it.