All Forum Posts by: Hemed Tov

Thanks, I don't think the rehab is the problem - I only had one showing and it ended with an offer (the problem with that one was financing). 

Thanks everyone, I appreciate the time you took for this!

The section 8 might be a good way to go, I'll see what the rents for that are like. I'll look at seller finance as well. Always good to get new ideas!

I don't think the whole Birmingham area is down, I think it's really by neighborhood/suburb, but certainly anywhere I have property is down. I'm told the above 400K market is blooming and so is the under 100K. Buy yeah, prices might be coming back in April, who knows... 

Hey y'all

I bought a house in August, renovated it and... The market kinda froze on me.

When I bought it I calculated an ARV of 300K, and got an appraisal for 275K (for the condition it was in, pre the 80K rehab).

Looking at comps now, I'd be lucky to get 220K for it.

I'm trying to decide if I should wait, or get out and cut my losses. Maybe if I sell now I lose 10K and in a year I lose 100K? Or maybe the market will bounce back and if I wait six months I can make 60K.

I do have a hard money loan on this. Rent and refi won't really work, rents are kind of low in that neighborhood.

Best would be if I had a crystal ball to make decisions, but as mine isn't working, I'll take your advise on how to decide these things.

TIA!

I love Birmingham, but it's not a growing market. Population in decline, prices in decline... What areas are you seeing growth in? Would love to check them out. Thanks!

Congrats, that's awesome!
How's it going? Is the rehab done? Any questions along the way?

Hey (:
So the traffic on this post might give you the answer...

Generally a good cash flow market, flips are kind of stuck.

Quote from @Clay Collins:

Jessica, 

There is a great meetup at Brock's Gap Brewery once a month. You can find it on Facebook "Birmingham Investor Social". The next one is July 12th from 5-7pm. Hope to see you there! 

 Hey Clay!

i feel like I know you but I only know your voice from the podcast. Took me a minute to remember we haven't met

Y'all still meeting? I'll be in town next week and looking for any neetups.

Thanks :)

I'm a foreign investor with no credit score, I'm happy to talk in DMs. It's hard to find lenders but definitely possible. I like "Home Abroad" you can try them.

I read the extra info you put in the comments about the state of the house. Sounds to me like seller's finance would work better for you. Safer for sure.

The main risk with Sub2 is that it's mortgage fraud, lenders do sometimes take the house when they find out. The risk is really on the buyer though.