All Forum Posts by: Engelbert Devera

@Dennis Fernandez it's signed. Thanks man. I just need to do the necessary next steps. To BRRR or to wholesale? That is the question.

@Mike B. The deal did fall apart and they came back to me. I tried going down from $82K to $80K but they won't budge. I went ahead and did the $82K but I did ask the other realtor send the contract signed by her seller. So that strategy worked. I just signed and sent back the contract. Will send $1000 escrow and $100 option fee for $100. Ok guys here's where I need y'alls 2 cents. Do I BRRR this or do I wholesale it? Here are the deets:

House is valued at Tax assessor's office at $161K was selling at $95K coz it needs repair, I have a contract on hand at $82K. So I have $79K difference if ARV stays at $161K.

My goal for this 2 wks option period is to get estimates from contractors for the repairs. Has new roof (2018), walls are dry walled but needs taping and float. Will need new AC, new vinyl floors, new kitchen.

I need help in finding credible Hard money lenders who do biz here in TX. Also need help with estimates from a savvy contractor so I don’t overpay for repairs. Is there a service available where I would pay for a contractor estimate like a consulting thing per project? Obviously it has to be someone who’s NOT gonna do my project but it’ll be someone who will look after my best interest,i.e. max budget for each task.

As far as Hard money lenders I’ll probably need around $125K total to give me enough budget for repairs.

Thanks guys! Your input is very much appreciated :)

Thanks guys!

Rookie question guys:

If a HARD money lender wants 70% LTV and the LTV of your potential deal is 50%, does that mean you're ok with their requirement or does it have to meet the 70% to make it worth their while to lend you money?

Thank you all for your comments I lost the deal seller’s realtor said they took another offer I’m OK with that will learn from this...onto the next.

@Sam B. Thanks man.

@Sam B. So at what point did you walk out?

@Brian Haskell Their counter was verbal. My realtor basically had to change the number in my offer from $80K to $82K then re-submitted the offer to the seller so they can sign.

There should be a way for the counter offer to be written in my initial offer and that way I can just sign it. But it seems like the time gap of redoing the paperwork gives the seller’s realtor this loophole of ‘other offers coming in’. I would love to just sign their counter offer and be done with it. Unfortunately that’s not the case here.

@J Tessier I agree 100%. Can you contact the seller directly even if they already have a realtor? I think they have to use their realtor since they have a contract for their listing.

@Zana Blue Thanks I agree.

@Russell Brazil Thanks that makes sense.