All Forum Posts by: Franky Juwana

@Account Closed you meant I over estimate the rehab price? but again, the offer was turned down by seller, they thought they could fool a newbie by throwing a high ARV and a low rehab costs, she got really pissed when I mentioned all the facts (real comps, and our rehab costs) that brought out offer to $125k from her original $225k asking price.

@Bill Hinshaw @Kuba F.  

Thank you all for the input, I appreciate it, I needed somebody to give a different view on my deal and dissect it in more detail.  Yes, this is will be my first flip, so I really careful and very conservative with my numbers. 

All the numbers that in there is practically a guesstimate based on the contractors who saw the pictures that I sent him, and I also made the number large  than usual, I could be completely off, but I think I'd rather be off  bigger off too little. 

The seller told us, the house needs EVERYTHING, from roof, kitchen, bathroom, floor, wall, ceiling, lights, lawn, doors, it's pretty much a big rehab. Total sqft on the house is 1070sqft. Why I put 60 days, because I did rehab on my own house when I bought it, I could finish in 30 days, but based on what @Bill Hinshaw said, it could take longer. 

Holding costs could be double that....  but anywayz... the seller was not too Thrilled hearing my offer on the house, she said that the number wasn't realistic.... Well.. it is to me. 

thanks guys for the input.

@Kuba F.  I'll finance to find financing for some of it, but needs to put at leaset 25% on the deal.

The ARV, I looked on few properties that have the same characteristics that were sold in the last 6 months, because the person who gave me the deal gave me bit different on the ARV which is $90K more than my ARV, So, I did my due diligent on this part.

As a beginner, I'm not afraid of work, but I just want to make sure my math is good and even if I miss things, it doesn't costs me a fortune. 

 Wow... Thanks... It was a typo... Sorry y'all.. asking price is $125k .. thank you for pointing out for me. 

I apologize for the confusion

 Hi eugene, this is my first time using the calculator, im not sure i used it correctly, please show me where did i do wrong. Im not sure the 320 you mentioned. 

Thanks

Hi all, 

   I have the opportunity to purchase this flip, Considering there's no lean against the property, I would do this flip with this calculation, it's owned by Real Estate Broker, 

Asking Price $216K

Estatimate Rehab $104K

ARV $305K-$310K

I used The FLip Calculator, for more detail, please click below, please let me know if I miss anything, the number mostly just a guesstimate, but I purposely made it bigger. 

Any input would be appreciate it. 

https://www.biggerpockets.com/calculators/shared/5...

thank you @Dmitriy Fomichenko for the reply, I might've read somewhere about joint IRA account, anyways... I no longer an agent but my wife has a business on her own, does she qualify for the self directed solo 401k ?

I'm soon will purchase a mortgage note, and for tax purposes and I think Self -direct IRA is a better choice for me and my wife. Now the question is, can an individual/couplehave multiple Self-Directed IRA? because I believe 1 account max is $5500/year and couple is $11000/year, because we dont want to wait for 2 years or more just to purchase 1 note.

    So, does anybody familiar or have similar experience that you could share for us to make a better decision, I'd call few companies too but I'd figure to drop in BP a line cuz I know some experts are here too. 

thanks all 

hi @London Robinson, that's great that you saved up 10k, I know in Cali wont take you that far unless if you analyze some great deals using biggerpockets calculators and present it to your potential partners or here...  I live in NY, I understand the feeling, but dont let that stop you, like @Brandon Turner always mention if you really want it, you'll find a way instead of excuses... =) good luck to you

hi @Sandy Uhlmann , correct me if i'm wrong, but as far I know the notes that American Note Warehouse offers are "partial notes" , even JW made a video of it too. Btw, is this your first note from American note warehouse? Did you use Self direct IRA ?