All Forum Posts by: Jacob Howell

Thanks for the response Brandon, 

Yes he can help but just like any good teacher he has tasked me to get funding by my own efforts. So I am on a journey to find the right resource to turn some money! :) 

Hello BP! 

I am in need of a hard money lender or private lender in Pittsburgh Pennsylvania to fund a project with some major potential. I have a property under contract for $10,000. Its a 3 bedroom brick house and 1.5 bath. The ARV is over $100,000, however there is work needed of course. The roof needs redone immediately, house needs gutted, dry wall, new kitchen, new bath, finish basement, ad powder room in basement etc. Rehab budget is $35,000 with room for error ($40,000).

I am looking for a Hard/Private Money Lender that is willing to work with me since I am building my credit and don't have much capital. What I do have is a mentor who is very experienced at flipping houses for great profits who will be guiding me along the way. Another good thing about me is that I am determined to get the job done no matter what it takes, that's just my attitude. I strive on organization and not afraid of getting my hands dirty. I have done plenty of remolding projects myself but I work as an electrical engineer full time so I don't have the time to fulfill what the project requires in a timely fashion. 

If you have any resources, advice or general comments please do share. Thanks 

• 3 beds 1.5 baths
• Size: 1,408 sqft
• Lot: 0.43 acres

Hey @Andrew Hofing

Thanks for clarifying that for me. I will send you the address to you now. 

@Account Closed

Hey Hows it going Chris! 

The Maximum allowable offer is based on a formula. Here it is 

[MAO = (ARV x 0.7) - Monthly Holding Costs - Estimated Repair Costs - Transaction Costs]

Also, the purchase price of $2,500 is a typo and is not be factored in the formula above.

I hope that helps..

Thanks for Responding 

@Eddie Werner

Hey Eddie, 

Thanks for the reply! All utilities are separate between the two units. The rent (1200-1500) is a total amount for both units combined per month.  I am expecting that the holding costs for the investor are going to be low if vacant. When a tenant is in the property I am assuming that the tenant will pay Gas, Electric and the investor pays Mortgage, Insurance, Taxes, Water and Sewer. Of course that is up to the investor to decide. 

I just PM'd you. Looking forward to your reply. 

A few days ago I was able to secure a contract with a seller looking to get rid of his multifamily home. He's looking to sell due to health issues so agreed to take a look over the property. When I did my analysis i came up with the Maximum Allowable Offer using as listed below. I hope to wholesale this property. 

The owner wanted $89,000 originally but he was willing to accept my offer. I fear that I have offered more than I should have. After looking at the property everything looked great. Only minor issues to deal with (Needs Stove and Fridge in 1st floor unit) and the school district is awesome, one of the top ranked schools in Western PA (South Fayette).  This is a turn key for buy and hold investment. Only thing is that it is not occupied and would need to be filled with tenants. Potential rent you can expect to get $1200 to $1500 per month. 

Would like to get some advice about this deal. What are your thoughts? 

Here is a solid investment property for any investor looking to turn their money in the New Year. This property has been vacant for +2 Years, but the condition is in good shape. The property is available to the first to come with cash deal.

Also check the website for the property profile.

http://key2lifehomes.com/wwwkey2lifehomescom_property-details.aspx?id=5774913

First Floor

Room 1 (11 X 11.5) 2 windows

Room 2 (11 X 10.7) 1 window

Living Room (12.2 x 17.3) 3 windows

Entry way (5.2 x 4.5) main door & closet

Hallway (6 x 6.5) closet & 5 door ways

Bathroom (3.3 x 8) not including bath tub 1 window

Dinning Room (10 x 8) 1 window

Kitchen (7.2 x 8) 1 window

Sun room (17.2 x 11.3)

Second Floor

Room 3 (10.7 X 28) 2 windows no closets

Basement

Basement (18 x 29)

Basement room 1 (16.8 x 10.6)

Basement room 2 (10.2 x 6.2)

Garage (10.5 x 20.3)

@Wayne Brooks, @Mark Nelson, @Ian Hoover, @Roma San, @Darren Eady, @Jd Martin

@J Beard, @Matthew Paul, @Dion DePaoli, @Derek w.

Hello Everyone. I got the Title Report Back and there is a mortgage on the Title. I really would like to continue trying to get this property, but I am trying to figure out what to do next. It seems that the Bank never foreclosed on the property because of outstanding taxes and repair cost. So instead of taking the house from the owner, the bank allowed the owner to be on title which made him responsible for any taxes, citations and of course paying the mortgage balance. 

This to me sounds like a very easy way to end up with vacant and distressed houses since banks holds the power to allow the property to be sold. 

What can I do? 

I'm not sure of the total amount owed on the mortgage. I called the company that has the mortgage and it is a collection agency TRINITY FINANCIAL SERVICES, LLC http://www.trinityfs.com/. They were not able to provide me with any information.

Should I do a short Sale? Never done one before (Any advice would be greatly appreciated)

Hey Wayne, 

Thank you for the response. You are right, there may be a mortgage but how should I find  out if there is? Have you dealt with a scenario such as this?