All Forum Posts by: Emilio Pereira

Good Afternoon All,

I have a property which I'm trying to acquire, but the owner is in a little of mess. Wondering if I could get some guidance on how to go about this situation.

The seller has a property that he is trying to get rid of because he is going through a divorce and can no longer pay the mortgage on this property. He is the only person on title but of course in the State of Florida when you are married, the significant other is owed 50% of everything that is owned between the two of them. I want to come in and obtain this property through a seller financing strategy to basically buy the property from him, rehab the property, and sell the property for the top ARV value. I would like some guidance on how to approach this. He is very desperate to get rid of this property but me coming in on the sidelines with no knowledge of the divorce, want to make sure I'm doing everything in my power to make sure I'm protected in this deal.

I was thinking about structuring a deal as follows:

he owes the 1st mortgage $211k

I was going to go in and give him $5k entry fee at the sale price of $235k.

I need about 5-6 months to rehab the property, list it, and sell it off for the projected 375k.

any guidance on how to structure this would be highly appreciated as I want to make sure that when this property sells he is only entitled to the $235k price, which $211 will be going to the mortgage pay off and remaining in his/and his future ex wife pocket. 

I would make sure I would be the only one entitled to the difference of the 375/235 price because again he is going through a divorce and don't want to get into a mess where the significant other is trying to gain profits from that sale price.  let me know if anyone has any guidance!! thank you all!

Good morning all, 

I’m looking to see if I can get pointed in the right direction for a rehab excel spreadsheet price list. 

My struggle right now correctly estimating my rehabs before I close on them. I’m going over my budget 20k every rehab and finding I’m missing a lot of details that add up at the end to make me miss my budget. 

I’m looking to find a spreadsheet that has the price list of let’s say Home Depot linked in real time where I can go in and price the rehabs out down to the baseboards. 

Any help in the right direction would be greatly appreciated. Thank you! 

Good afternoon All,

I have a question that I hope I could get some guidance towards.

I have an investor who is willing to split the profit 50/50 for a fix n flip that I will basically be the project manager on. He will provide all the funds for the down payment and hard money as well as obtaining the hard money and using his LLC and credit.

My question is, how do I tie myself to this deal legally to where I'm protected and in writing it is confirmed that I will take 50% of the profits once the initial down payment investment has been recovered. I know there is something called a JV Contract but I've never done one as all my flips have been with my LLC.

Just hoping to get some guidance or direction on how to proceed. Thank you all for your time ! 

Hello all, I have a question.

I am going to close on a property by March 31st which I am going to purchase cash and own out right with no mortgage.

The property will be purchased by my LLC and I am wondering 2 things

Can I get a home equity loan on the property that’s owns by my LLC 

and if yes, is there a waiting period from the time I purchase to the time I can apply for some type of loan where my property is collateral. Any help would be appreciated 

Ok so I could transfer this title from my LLC to my personal name while I still have the hard money loan on it then refinance into the home still under my personal name to pay back hard money correct?

Hello I have quick question for anyone who could point me in the right direction. 
I recently bought a property under my LLC to rehab and flip but I'm actually going to keep this to live in. I was thinking about refinancing into a FHA/conventional loan under my personal name after rehab is done.

From the time I closed on it to when the property will be done with rehab it will be about 3 months. My questions are

1. Is there a waiting period I have to wait to refinance into the property with my personal name with a conventional/fha loan if I own the LLC that owns the home.
2. Is there a conventional loan I could get for this home if I keep it under an LLC, or are rates always higher if owned under an LLC? 

Please let. Me know any input, thanks 

Hello I'm iso a lender who lends strictly on the ARV. I have been working with a lender who will lend me solely on the ARV (70% ARV). They just won't lend unless it comes through their agents which this current house is not with them. Example: ARV 400k. 70% of 400 = $280,000 lending with 100% of rehab.

Can someone point me in the right direction? Thank you 

I have been on a hunt for a lender who lends at 80% cash out refi for an investment rental property in Florida. If anyone could point me in the right direction that would be great! Thank you! 

Having a hard time finding a lender who lends on 75% of the ARV. Most do LTV. Do hard money loans not really exist much that lend based on the ARV? Please let me know any help would be helpful

Hello I have a question to see if I can get pointed in the right direction! 
I purchased a property to BRRRR it out and it has a screened covered porch. I wanted to enclose the porch but I am wondering if I need to get an architectural drawing for this work since I'm not changing the structure what so ever. It already has the post and the same roof as the house. I'm not adding any new electrical work or new plumbing. I have attached a pictures so you can get the visual. Let me know your thoughts. Thank you