All Forum Posts by: Imebette Barkley

@Imebette Barkley, simply ask the listing agent why the home fell back on the market. If you have no clue then ask lol. There could be a number of reasons.

just wondering if the seller may be trying to hide something or with hold information

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Quote from @Imebette Barkley:

Quote from @Devin James:

Hey Imebette Barkley,

What are comps in the area and how much will it cost to renovate the home at $138K?

Those are my guesses from looking at the images honestly it can be more

So other homes in that area sold for about 189-215 by looking at the 1398k home the renovation price will probably hit between 25K to 35K

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Quote from @Devin James:

Hey Imebette Barkley,

What are comps in the area and how much will it cost to renovate the home at $138K?

So other homes in that area sold for about 189-215 by looking at the 1398k home the renovation price will probably hit between 25K to 35K

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Quote from @Nick C.:

Why did it come back on the market?

I have no clue, im wondering the same question

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Quote from @Mike Klarman:

So for bridge loans the credit isn’t as big a problem. I’d say as long as you’re a 660 - 680 you’re safe. These bridge loans usually only have 6 - 8 payments.

When dealing with a DSCR loan that has 360 payments, the credit is a bigger deal.

Thank you.. i appreciate this knowledge

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The other 15% in addition to the closing cost?

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Which is the better deal? There is a five bedroom home being sold for 138K definitely needs updates or a five bedroom home fully renovated being sold for the market median of 198K.

(My initial thought was that i will never be able to sell this home and make a profit because other homes are being sold for the same price or less in this area. I also thought about using it as passive income)

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Should i be concerned if a home was contingent for a month and a half then relisted? What are some questions i should ask when inquiring about this home? Anything helps thanks.

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Quote from @Travis Main:

Hey Imebette, The best type of loan for a fix n flip is going to be a bridge loan with rehab. These are typically 12 and 24 month options with interest only payments annualized over 12 months. Bridge loans with rehab will be able to provide you leverage up to 85% of the purchase price + 100% of the rehab cost. If you have any questions on the financing side of things, please send me a message. I would love to see how I could help you out.

So basically the other 15% would be provided by me in cash ?

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Quote from @Mike Klarman:

Bridge loan with rehab. You'll get 80% - 90% of the purchase plus 100% of the rehab. Capped at 70% - 75% ARV.

do you know what the credit score requirements are... and thanks for the response

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All Forum Posts by: Imebette Barkley

Imebette Barkley has started 7 posts and replied 42 times.

Post: Homes that are relisted

Post: What is the better deal?

Post: What is the better deal?

Post: Homes that are relisted

Post: loan for a fix and flip

Post: loan for fix and flip

Post: What is the better deal?

Post: Homes that are relisted

Post: loan for fix and flip

Post: loan for a fix and flip