All Forum Posts by: James Angelica

Thanks!

@joemama

It was a foreclosure. Initially listed to high and the day they dropped the price I placed a cash offer and stuck to my guns. Do you think I should accept the offer I received or hold out for more money?

So I just completed my first flip. It is a 2bd condo in the suburbs of New Orleans. I took it on to gain some experience and build my list of contractors. Here are the numbers.

Purchase - $58k including closing

Rehab - $13,500 including condo fee and insurance

All in - $71,500

Stained cabinets, Granite in Kit/Baths, SS Appliances, New windows, updated fixtures, New doors, Recessed lights, New Carpet upstairs, Stained grout downstairs, minor fixes throughout

I listed for $99,900, last one sold for $94,999. I recieved an offer within 3 hours for $95k + closing cost of $3500. I stand to make $14,300 if I take the deal or I can hope for a few thousand more and risk it sitting on the market. 

Opinions please!!!

Does anyone know of any investor friendly banks in the New Orleans / Metairie area? I am looking to use the BRRRR strategy and I need a bank with a short or no seasoning period and of course a higher LTV limit.

I am currently exploring section 8 housing in and around the New Orleans area. Does anyone have these types of rentals in this area? Any input would be appreciated.

Thank you all for the input.

I am working out a deal with a private lender. Initially she was going to fund my flips using IRA funds and we would split profits 50/50. Now she would like to borrow funds secured from her brokerage account @ 4.75%. Should this interest be figured in my expenses before we split profits or should the loan interest be paid out of her portion of the profits?

I am new to flipping so I want to make sure I structure this deal right from the get go. Any advice would be appreciated!