All Forum Posts by: Ikenna Okoye

Hi everyone,

Looking to put in an offer on two different properties, in a "package deal". Should I have two separate offers for each property or is it possible to add both properties to one offer contract? This makes me wonder how this is done on portfolio deal with hundreds of homes. I cant imagine there is an offer contract for each property. 

Ikenna

I wanted to get some input and clarification on some wholeselling practices. I was talking to a potential off market seller, who happened to be a RE broker, and he brought to my attention illegal activity in wholselling in the Houston area and that wholesellers where being arrested. im not sure if he was just full of it and trying to scare me, but I figured I would check anyway. He informed me that I,

1. needed sellers written permission to market a wholesale deal

2. Needed to represent the seller through the process

I cant find anything specific, but could anyone verify or dispel whether these things need to be done. If so, maybe point me to what i would need to do to go through a legit transaction. 

@kevin 

@Kevin Sobilo Very true, it looks like ill have to do some property code research in my area. I have a general idea of average age, but I'll be sure to consider those opportunities in the future for sure. Thanks!

Hi all,

I'm looking for some guidance in terms of properties to go after, or a "filter" per say on what the easier rehabs have in common. Are there any year ranges of properties that you would avoid for difficulty of updating and rehabbing, i.e. years where lead paint were issues, years where certain building materials where outlawed etc? Thanks. 

Ikenna

If you were to purchase said property and the leases transfer over,would you be getting the rent once you assume title of the property?

When you say non-conventional, are you referring to FHA, VA type loans or maybe something like bridge or portfolio ect. through a business entity?

Hey @Zach Strickland this is great, I plan to attend. Save a spot for me!

Ikenna

Hi everyone,

I'm just preparing to re-offer to a seller with another option, subject-to. I want to make sure that the offer makes sense: 

Details: SFH, 4/2

Cash out = $133,000 @ 70%LTV ($190,000 ARV)

Rehab costs: $47,800

Holding costs & loan costs: $14,600

Offer = $74,000

With this offer, I would be eating some, or really all, of the loan costs and if I could get the tenant to live in the property while the rehab is going on (maybe an outlandish thing to assume), this would cover the holding costs.

Does this sound like a decent deal? Are any of my assumptions unreasonable and should I re-evaluate? 

thanks,

Ikenna

Awesome, I just needed to make sure on that. Thanks for your help! @Cameron Tope

I've been looking for a definitive answer on financing for Subject-to deals, but If you were to acquire a property via subject-to and rehab the property, is a cash-out refinance a possible exit strategy and making the property a rental afterward? Would this refinance simply pay off the old existing loan that is in the sellers name and introduce now permanent financing in my business name?

Ikenna