All Forum Posts by: Holly Boss

Does Commercial solar have a tax credit perhaps for you or your llc to take? That is unfortunate your tax credit would be quartered like that and doesn't benefit you the same as a sfh homeowner. Seems like an injustice to me! I lived in my sfh when I had solar added before I had tenants, so my situation was different. Hope for the best for your situation! 

Congrats! Looks fantastic! You should come to one of our monthly meetups in Tucson to share the details of the process. I know I'd love to hear more about how you successfully completed the challenges you faced! 

I should be free! Hope to see you all  there! 

@Will Ma There is an ongoing meetup group that meets the first Thursday of the month at ten55 brewery at 6pm. The next one is Thursday Nov. 4th. I just started a Facebook group page called Tucson Real Estate Investor Meetups to encourage more people to get the information to meetups. Please join the group for updates and if anyone else is holding an event or know of one feel free to add the event to the Facebook group page. https://www.facebook.com/groups/248032163924710/

I created a Facebook Group to get a bit more exposure for the event in the future. Follow my group TucsonRealEstateInvestorMeetups on Facebook Groups https://facebook.com/groups/24... keep me updated on details of upcoming events and speakers or post your own so I can keep it current as well as promote it throughout the month. The group will be open to other networking events in Tucson for real estate investors. The more the merrier for networking purposes! Please share with others interested.

I would love to attend, but this time it conflicts with my work schedule. But thanks for thinking of me and let me know if there are other meetups! 

I want to hear from others how they got started raising capital or where to learn more about it. I want to JV partner with someone who has construction management experience to flip houses in Tucson, AZ. "When you don't have money find a partner with money or find a really good deal and the money will come," I have heard from books and podcasts. So we need a third partner with money as I continue to hone my skills at finding and analyzing deals for profitability and we'll have our business core team.

I have some of the money to put as a down payment but its equity in my 2 rentals that I have. On my primary home, I'm in the process of getting liquid funds in the form of a HELOC. A refi on either of my rentals will give me a worse rate and higher monthly payments which I may have to resort to, but will take even more time after the HELOC is funded. Right now, most of the funding will have to come from a hard money loan.

When we find something even close to a deal the clock is ticking to get it under contract (MLS listings) but its not a smoking deal because of all the hard money loan costs and the lack of liquid funds to pay them. I know I need to keep deals coming in so I'm going to have to invest in a marketing strategy to get off-market leads. What strategies did you use when you found a deal worth pursuing? Did you attempt a deal you regretted because of low profitability in the end? How did you network with others looking to invest with you?

Thank you all for confirming my instincts. Yea I did leave off the purchase closing cost. For some reason I was thinking because the contract would be assigned there wouldn’t be closing cost but that’s only true for the wholesaler not me; so another 5k or so in the negative. Tossed this out and going after bigger spreads. I appreciate the reality checks! My numbers are conservative but trying to adjust the rehab cost did make me nervous when arv already seemed on the high side and I don’t want the house sitting and eating profits. The timeline might be true eventually but being the first project I will plan on longer and after the systems are playing out, next I’ll focus on improving efficiency. Need to get the ball rolling first. Found another with much more spread I will look at today to hopefully jv partner on. 

First time getting into house flipping:

A wholesaler has a sfh he wants 272k for. ARV is 325k in Tucson, AZ 85730, comps I saw were 244 and 270 for similar rehabbed 3bd, but 4 bd with smaller sf sold at 325. Rehab estimate is 35k. I can get a 90% bridge loan plus 100% rehab for 10% and 2pts. Timeline is 4 weeks to complete. My realtor will take a 4.5% commission at sale. After loan fee of 995 and holding cost for 1 month 2334 my math looks like:

325000 arv - 276300 loan - 2303 interest - 5526 points - 30700 down payment - 383 utilities tax and insurance - 995 loan fee - 14625 sales commission - 6500 sale closing cost = -12332 profit

If the rehab is cut down to 20,000 profit could potentially be 9551, unless the house doesn’t sell for the arv and the profits will be split between someone who will jv partner on this 60/40. This is the closest thing to a deal we’ve found but doesn’t look to have enough profit potential. What do you see and am I missing anything?

There's usually a Zoom meeting the first thursday of the month for Tucson Investors hosted by Colby Fryar that has been helpful for me to start networking and understanding structuring deals. AZREIA is also starting in-person meetings today but this one does have a guest fee if you aren't a member. Facebook groups seems to be the newest method I've found for networking and I bumped into you there today! Hope to talk soon.