All Forum Posts by: Janelle Hicks

Sorry that sent too soon. No I'm not a realtor. I just meant I have been buying of trying to buy properties. I'm a just a baby investor, but my friends think it's very fancy. I have 2 rentals, this house would be my 3rd in the last 2 years.

I will investigate a real estate attorney. I doubt there are any in my small town, but possibly if I go up to Albuquerque.

So my brother is going in on a deal with me. I found the deal, A fsbo from a friend. I live in town so I will be running the (light) rehab and paying for it- probably about 5k. My brother will contribute the full down payment. We were both going to sign on to the mortgage though. We will hire property management for the main house- a long term rental. There is also a small studio on the property, that we planned to Airbnb. I would probably manage that as I have several others I already run. How would you structure this partnership? Does a 50/50 split sound fair?

Thanks Wayne, yes I looked over one I found for my state online- it looks like what I've signed before for purchases. Anything extra I can/ should do to make this a better deal for everyone involved?

My close friend's dad heard I was doing real estate and mentioned he would be selling his house later this year. I took a look, and the price he quoted me is a great deal for me, and makes his life a bit easier to not just list it on the MLS. We were considering doing FSBO, but neither of us really knows how exactly to do that. I would like to get it under contract ASAP, although he doesn't want to move until October 1 I was thinking just do a long closing- giving me plenty of time to work out title co and financing. I thought of seller financing but he doesn't own it outright and he just wants to be done with it. So I guess my questions are- 1) how exactly does fsbo work? Do I just print a real estate contract from the internet and we fill it out, then I take that to my bank to get financing? 2) if we get it under contract now can we delay appraisal and inspection for a few weeks so as to not rush him? 3) and thing I could/should do to make this either a better deal or a smoother transaction for both of us? I'm trying to take the lead a little bit/ make this easy for him as I'm the "more experienced" real estate person, although I only have 2 rentals so far, and I've never done a for sale by owner before.

Thank you guys. Decided to do it...fingers crossed it all works out, I'm a bit nervous.

This is my second brrrr, assuming it works out. I bought this house for 84k "cash"- personal loan.The problem is ARV, I've gotten different realtor opinions, but prices in my area have shot up in the last 2 years due to oil/gas, and prices are all over the place. It doesn't help that this house is a rare 2/1. There just aren't many comps. But i think the ARV will be between 120 and 150k, and I've already spent about 10k on roof replacement, soon will be spending another 5k to tile floors, refinish hardwoods, and paint. There is also the option of turning the dining room into a bedroom/office, and still leave a little nook for a dinette area. Then could add a half bath to the laundry room...Making the house a 3/1.5. It's a slightly weird layout to have the bathroom in the laundry room but there really wasn't any other good options. The additional cost will be about $8k, plus the additional cost of an extra month of lost income (rent will be about 2k, maybe 3k if I do an airbnb with it) and expenses (the personal loan payment is $900/month). So additional expenses to make it a 3/2 add up to about 11-12k. ARV as a 3/2 I think is more like 160k, and there more comps for those. That said, the market here is HOT and I will have no problem getting it rented as just a 2/1, and it likely won't change the rent price or cashflow that significantly- maybe an extra 200 a month. Basically, is adding a bedroom and bathroom as mostly a play for the BRRRR refinance aspect worth it? It feels more risky to me, and right now when I feel like I'm just hemorrhaging money into this house, I'm really leaning towards just getting it painted and floors done and start making money, as opposed to starting what feels like a major project with less of an obvious payoff (and I won't know if it pays off until 6 months from now when I can refi). Please help me decide what to do.

Kody Foster the mobile home was purchased pre 1976 which means it can not be considered by the lender, apparently at all. They are saying I can't use a lender at all unless the mobile home is torn down before closing. Just seems stupid. I think I'm gonna try to go for some kind of seller-financed deal, see if it's an option at least.

Hi so I have a situation I hope someone has experienced. We are trying to buy this duplex, about to make an offer based on it's value, but our lender is now sort of hesitant due to the fact that there's an extra older mobile home in the back of the property. Currently the mobile home alone is rented at $900 a month even though it's kind of gross so I do think of it as a nice bonus, but the property I think is worth the price and duplex would cash flow without it. 

In my mind, this is something like asking the seller to throw in the furniture or something- it should not impact the deal. Seller doesn't want to remove it any more than I do. Lender is pushing back. We could make the offer contingent on removal of the mobile home ( it will have to be torn down), but that seems so wasteful. Is there really no option to structure this without having to throw away a perfectly good $900 a month?