All Forum Posts by: Hector Perez

Thank you all for your comments.

I have an appointment in 2 hours with the seller.

I was more worry to find out the exit stratetgy, than getting the contract.

Your suggestions and feedback made me realized that main focus is to get it under contract first and worry about the buyer later.

I will let you know how it goes

K. Marie Poe I am just starting out and I have wholesale a handful of properties below $100,000. This is a huge house and if I get it under contract who would I wholesale it too. Don't know anybody that will focus on high price properties.

I am scheduling an appointment tomorrow and I am going to get it under contract , but don't know who will buy it and need some feedback.

Mike LaCava It seems to good to be true. I though the guy who call was joking, but when I look the pictures of the house, and the comps, all the homes have sold for over $1M dollars. The guy seems desperate. I am going to set up an appointment tomorrow.

But as I said before, don't have buyers that will play in the level, so, just wandering how do I exit this contract.

Need help

Just got a call today from a seller that NEEDS to sale his house before goes into foreclosure for what he owns on the mortgage ~$250,000.

The house is not finished and needs about $100,000 in repairs. The ARV is $1,000,000.

How to wholesale this house?

Thank you Jon to t answer the question and the clarification, it is very helpful.

Have a great day

Jon Holdman, thanks Jon for the feedback. The house just needs cosmetic repairs. To make sure I understood correctly, the conventioanal loan downpayment will be based on the purchase price, eventhougt the bank request an appraisal and it comes at $115K ot higher. Is this correct?

Anthony Dadlani the house is in great condition, It needs minor repairs of approximately $3,000

Hello fellow BP members

Need help to estimate the downpayment for a conventional loan. I am doing a cash flow analysis that I will be presenting to potential buyers.

I have a house in Houston under contract, built in 1995, in a nice area of town that I am selling for $101K, the estimated ARV is $115K, rents are $1,300.

The conventional loan downpayment (LTV 80%) is based on the estimated appraised value of $115K or the purchase price of $101K?

Thanks for your help

Hector

Thank you for all the replies,

This is very useful information.

Hello BP,

What are the estimated closing costs for a rental house?

The house pruchase price is $105,000 and the loan will be conventional.

I think that 4% its a good number to use.

What are your thoughts?

Thanks

Thanks for the feedback.

I will contact an insurance agent tomorrow.

Thanks