All Forum Posts by: Sean Gribbons

Hi BP Community,

Does anyone know how a large scale condo conversion project finds financing for the end buyer? Looking at the underwriting rules for FHA and CONV investors can only own a certain percentage of the total # of units in order to be eligible for this type of financing. Would they have to go with a non warrantable product or is there some sort of rule that allows it be a new condo building and waive some of the underwriting requirements?

I know that four units and under waives alot of the required condo docs but curious anything 5+.

Thanks! 

So if you can still do a side by side duplex whats that process look like? 

I imagine if the zoning allows for a duplex then all you would need is a survey, new deeds created, and a party wall agreement?

@Matt M. that is scary I see TV commercials and all over Zillow there buyer program you mention. The industry is definitely evolving and changing! We will see if Zillow can manage to make some money on those deals.

@Matt M. same man it’s been a struggle for real and I’m hitting it harder than I ever have before. Trying to get more creative. Hopefully come spring some people will want to make some deals happen 

@Matt M. thanks for your reply! Constantly working my sphere but more for traditional buy and sell deals. I’m really looking for off market fix and flip deals 

Last year deals were few to come by but the flow seemed to be much more steady than this year. Where is everyone finding their off market deals?  I'm currently finding deals through:

Wholesalers 

MLS (I'm licensed agent so occasionally a deal will come along)

Driving for dollars 

Networking with other agents/investors

Are there any other major sources I'm missing? Would love to boost my deal flow pipeline!!

Where do you find deals below $100k I'm jealous! 

I can tell you that I've been looking for a triplex or fourplex for the past several months in town and things are flying off the shelves that are even mildly descent deals. The market here is still moving and moving strong IMO. I think most are waiting for some sort of sign of major slowing. With all the job growth and the people still moving in I think people will hold off. Trulia ranked the springs as the #1 hottest 2019 market. 

I do see many sellers overpricing properties which may be the reason it feels so slow. Once they get a reality check come spring time things will hopefully start to balance out. 

My two cents...

@Matt M. thanks for your reply and congrats on your cash out refi. I'm with you on that instead of doing 80 mph we're slowing down to 40 not stopping or going in reverse just slowing down. To me it seemed like December was pretty slow as soon as the first of the year hit things seemed to pick up. Excited to see what spring time has to offer like you say. 

Nice man I did 4 last year at the same age of 22 with a partner on average we profited $73,000 per deal. keep at it and keep the money moving