All Forum Posts by: Glenn D.

BOOM and that is how it's done!!!  Connection made.

@Mahad Fahieh

Mahad, check this one out.  I think this is right in your lane.

@Zach Lemaster

I may have someone from the Grand Investors group.  Who just moved to Colorado.  Let me give him your contact info.

@Tim Olsen

We just had a property with a foundation issue that turned into a bigger issue than we thought but it still worked out.  The foundation was a block basement, with the same dimensions as the ground floor.  The problem we had was the expansive soil causing the basement push inward.  We wound up having the whole exterior trenched, straightened the walls and then cut holes at the top most cinder-block and put in rebar and core filled the walls with cement - now a solid foundation. What we thought was going to be 6K went to 12K but we had room for unknowns so we were okay. 

Having that experience and knowledge just helped us buy another house with foundation issues at a reduced price too.  Good luck for more.

@Tim Olsen

Why do you like buying houses with foundation issues? 

@Tim Olsen

I did not get much in the way of reliable information.  I am an intermediate investors and have done a wide spectrum of residential investing but I have never moved a home.  I would love to get some of your insight so let me shoot out a couple questions to start the conversation.

1. How many moves have you done?
2. Was all the work - moving company, new foundation, electrical, plumbing, permits worth all it (ROI).
3. What are some things to keep in mind? (i.e. cost, factors, expertise etc.)

Thanks for replying.

@James Moore,

Thanks for the communication I will be contacting you shortly.

Glenn

Derek,

Welcome to investing! I know that there are a BUNCH of REI groups in Denver/Colorado and I personally know a young guy getting ready to go there by the name of @Mahad Fahieh.  I would say Google REI groups in Denver and get in the game.  As for not having a W2 Income, it's not a necessity but you of course have to make the determination.

One of my mentee's is a college student (no W2 income) and with the help of a little family cash just purchased his 1st home.  His situation was that he was renting a room during college and then wound up buying the house from the owner for less than it was renting for.  Additionally with a little sweet equity rehabbing he is now looking to sell it and will make a 17K profit.  So it can be done.

Good luck.

Glenn

Ryan,

1st if you have VA financing you are a Vet to which I say, thank you for your service to our country. 2nd the best thing to do is hold on to that money. Often in refi's there are funds that get displaced due to the timing of the refi which means you have a little extra cash back in your pocket BUUUTTTT. I always hold on to items like that until the dust settles. 3rd communicate with your new lender before and after the deal is done and ask every question you find relative.

Good luck and thanks again for your service.

Glenn

Hello BP family,

I have an awesome deal but due to slow bank lending and slow appraisers I need transitional funding or bridge financing to get this deal done. Here are some of the details.

I have a BRRR property under contract with renters in it paying $750 per month who would like to stay and purchase the property but cannot get financing themselves yet and are willing to take it as is. The property needs some repairs which are primarily cosmetic, but again the tenants are willing to take it as is. If the tenants vacated, rehab will be less than $25K with the ARV at $95,000 to $105K.

Due to the owners personal needs we have negotiated the property purchase price to be $30,000.

If you are able to help, below is the BP BRRRR sheet. Admittedly I have never used this form before.

https://www.biggerpockets.com/calculators/shared/3...