All Forum Posts by: Meti Kay

Timothy Gaus let me know if you have a good recommendation for a investor friendly realtor in the Milw area.. thanks!

Shaun Weekes thank you for this insight.. he went over it with me and said there would be prepaid insurance and taxes included just when I spoke a few weeks ago he estimate 7-8k closing so when I seen 11k naturally I was surprised he said we're most likely going to "take some things off" but this would be the highest possibly it can be.. all in all with hay being said I'm still looking okay as far as the fixed up comp price (from 290 low end to 315 high) next door just sold for 295 and a block over the same unit just first floor went for 310 so I'm not that worried especially since the GC can get everything in working good order for 10k or less including painting throughout so all in all if I'm at 252k it still looks like a healthy flip but I'm obviously trying to cut back as much as I can since the numbers are a bit tight

I have a deal for a good 2 bedroom condo in the works.. Purchase price is 232 with 20% down (46k) it's a short sale so I don't have much wiggle room.. upon my mortgage application I was quoted $11,100 for total closing does this seem high to you on a $186k loan? Land transfer tax is pretty expensive here in NY but does this seem reasonable or is there anything I can do to try to lower them? Any tips, advice.. P.s I'm planning to flip this it needs a minor rehab and market comps are from 290-315k currently But obviously I wanted to keep the costs down as low as possible Thanks a bunch

Shalom Shore congrats very gutsy in your part I'm glad it's working out.. in wanting to invest in the Bmore area for the same reasons.. high rents lower prices.. many 1-2% deals to be found just searching.. do you have a good investor friendly agent you can recommend? Thank you

Luc Boiron amazing transformation.. I will be working with 1 less bathroom but have to replace the Heating unit and and air conditioner as well as a broken window.. also the kitchen is about half the size so I'm hoping I can stay within budget by doing some work myself (demo, painting, deck restoration) it's about 900 sqft.. similar units seem to be flying off the shelf according to the local MLS so I'm confident.. it's definitely inspiring seeing your amazing work.. just curious I know it's a different market but how much were you able to sell that for?

Luc Boiron the appreciation would be a bonus. The neighbor just sold the same unit for 295k so I believe I have nice room to work with it won't be a huge profit but should be quick turnaround time and better then the banks %1. Just trying to figure if dog owners would prefer carpet or thick laminate flooring. Just seen your photos the condo looks amazing do you happen to have before photos? What did the floors run you.. the condo I'm working on is about 900sqft in total

Thanks for the replies much appreciated

Luc Boiron I'm pretty confident in the Reno costs honestly the inspector stated about 7-8k to get the apartment ready to rent.. the additional 12-13k will be all upgrades.. it's a small kitchen and small bath so I don't see huge money going there... painting I will be doing myself with a friend (was a painter for a year) I will most likely do carpet throughout (about 800 sqft, carpet because it's a pet friendly community so I think that would work better then thick laminate.. I'm optimistic but have a good feeling about it even if I were to go an additional 5-6k I believe I could still be in the green.. like I said the past month I've seen a surge in pricing and heated competition.. yes it could be the spring/summer market but I think the prices are going even higher just based on the lack of homes and surplus of buyers

Anyone?

I have a deal for a good 2 bedroom condo in the works.. It's going to cost me 235 and about 7k in closing bring me to 242k in... the u it needs about 15-20k rehab to put it in mint condition (confirmed by the inspector who also works as a GM).. next door just sold for 295k within 5 days of people listed ( we are in a hot market in NY and many cash buyers are out there.. I work as an agent so I got in on the deal early sale day it was listed.. My broker believes it's a "no brainer" since I believe I can get more then he 295k accepted the neighbor sold since he/she sold out only within 5 days... I just wanted to see if my numbers are tight and still room for profit even if I needed 2-3 months of holding... 262k estimated all in... 309,900 estimated list price.... would take 295k 2 months holding (3k) = 265k Realtor commission (minimal im the realtor) Closing 9k .... 265k+9k = 274k 21k profit quick turnaround... Worst case scenario the HOA allows pets and comes with a parking space so I could rent for about $1900 which covers my fees and should cash flow $400 give or take ... It's an extremely competitive market here in NY with a surplus of buyers and a dwindling supply of homes which makes me think (confident) I can get more after the rehab.. my offer was accepted although another buyer wanted to come in cash after me... I feel pretty confident... any advice???