All Forum Posts by: Gerald Lord

Pros/Cons, hints and tips for direct mail marketing as a wholesaler??

Appreciate it in advance!

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Just working on analyzing deals.. If the numbers are correct this would be a no-go for me. 

FYI the property is listed for $200k. Even with an extremely low offer this would only cashflow $100 and the appreciation isn't that great either. I overshot the rehab budget. Using the rehab estimator it was $74k and I added a 10% buffer which is how i came up with $82k for rehab.  Let me know what you think! Thanks in advance. 

Hello all!

When looking for comps, what do you do when you can't find any comps within the past 6 months?

1- Leave market alone due to low activity

2- Use price per sq ft of houses that are different but within the same area

3- Something else

All advice is greatly appreciated!

Advice for a newbie investor looking to grow my knowledge on rehab so I can quickly and effectively analyze properties? 

I recently ordered the book on Estimating Rehab Cost by J. Scott so I'll be diving into that soon. However, with the cost of materials rising, would that book be outdated and a waste of time today? 

This is the first I'm hearing of HomePossible so I'll look into that. 

Would I be able to use it on a property that needs work? And if so, will rehab funds be included? Like 203k?

Or will it need to be in decent condition like regular FHA requirements?

I'm wondering if I'd be able to use it if I find a fixer upper. and if I'd be able to get funding for it. 

That's what I thought. 

Thanks Dallas!

Hey Benjamin! 

Here's another thing I was stuck on.. Considering my primary residence has an FHA on it will I be able to get a multifam with a FHA? I read somewhere you can only use one FHA loan at a time?

 Hey Paul, 

Thanks for your insight. 

I've done a ton of research and my plan was to BRRRR small multifamily properties to get started. I went to a local REI meeting and met some investor friendly lenders and was recommended that I get my credit up to 680 then apply for business funding so i have some cash in the reserves then apply for hard money and then go for a deal.

I signed up for credit repair last month and I'm waiting for my credit to increase. While doing so I've been looking into house hacking. My lady and I currently finance our first house in NJ under a fha loan and we're considering house hacking a multifamily to free up our income (or possibly add to it). I was curious to find out how would we fund repairs if we found a distressed multifamily?? Would we be able to use hard money, get the repair then refi into a fha?? Or does house hacking not work with distressed properties??? 

I've done little research on house hacking so far but while I'm doing so I figured someone might have some insight or at least point me in the right direction so I don't consume a bunch of unnecessary info. Thanks in advance!