All Forum Posts by: Gordon Cuffe

@Preston Blackwell  Would you ever want to work down in the Smryna or Murfreesboro area?  I own rentals in those areas. I am looking to fix n flip in those areas next.

@Garrett Ayers people use FHA financing when their credit scores are below 680. If a person has a 680 and above score they can get better pricing and a lower costing mortgage insurance with conventional financing. You can buy a property with 5% down with conventional financing and a good credit score. If you ever have direct questions, you can always PM me.

@Sabin Timilsina  If you do not own a primary residence right now then your best idea is to buy a primary residence which can be 1 to 4 units. You can buy the property with the min amount down and sell after two years of owning the property and not pay capital gains taxes. If you allready own a primary residence then it is up to you on what you want to do. You can always try to buy at a discount and flip the property. If for some reason things dont go as planned then you can turn the property into a rental and sell when you have the desired amount of equity. I am in the Sacramento area so if you ever have questions about areas or how to locate discounted properties, you can PM me any time. 

@Tristan Romero If you are trying to buy a home with equity then you look for properties that need updating. You then find out what is called the after repair value aka ARV to see if you have any equity after you updated the home.You can check on zillow or with a realtor to find the ARV. If you are going to rent out the house, you can go to zillow or rentometor.com to see what similar homes are renting for. You can also check with property managers to see what comparable rents are. I have lived in Roseville for 20 years now so if you ever have questions about certain streets, you can always PM anytime.

@Margarita Bozhenkova  I have not gone to the Folsom meetup. I was just at the free investor meetup in Roseville last night. You should check out the Roseville rei meetup coming up in mid March. 

@Mary Jay you can find a 6 plex in Louisville KY for 449k. it is at 1401 S 2nd st. I am sure you can find a 4plex in the Kansas city mo area also. I have invested in the Kansas city area but not Louisville. 

@Margarita Bozhenkova I used to live in Grass Valley so I am very familiar with the area. I now live in Roseville and have been a long time investor from Sacramento up to the foothills. You can send me a PM anytime asking questions about values in the area. I just saw a off market house for sale in Grass Valley a few days ago. The wholesaler had it priced too high as he used comps from March. I will be watching that property to see when he lowers the asking price. I still have family living in Grass valley so I visit every once in awhile. 

@Sean TrigliaThere is a rei meetup in Roseville on Jan 17th. I sent you a pm with the info. It is free  so it might get crowded. 

Investment Info:

Single-family residence fix & flip investment in Antelope.

Purchase price: $230,000
Cash invested: $50,000
Sale price: $343,000

This home was boarded up by Sacramento county for code violations. It kept getting broken in by homeless people and they kept bringing all there junk onto the property. I put in new HVAC, new water heater, doors, flooring ,kitchen and bathroom. The market has changed a lot so it has not sold yet and I have had to lower the price. It will sell eventually even if I have to lower the price some more. I subbed out all the work myself. I finally sold the home as of 1/9/2023

What made you interested in investing in this type of deal?

to make money

How did you find this deal and how did you negotiate it?

from a local wholesaler

How did you finance this deal?

hard money loan plus a lot of cash

How did you add value to the deal?

replaced everything. The place was a homeless person's dump

What was the outcome?

I sold it and made money even though the market declined during the listing time period

Lessons learned? Challenges?

Make sure that I dont have any paint on the eves that looked chipped or peeling. The buyers FHA appraiser had me fix the paint
even though it just was painted.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a agent so I would recommend myself because I have a ton of experience.