All Forum Posts by: Jan Fensterer

Just purchased property- Don't want to cheap on on king and queen mattresses- Advice? I know a mattress can make or break a review.

Great- You are confirming my thoughts- Many Tnx

I can write off all utilities as well as additional property improvments

Hello-

I have purchased and successfully flipped properties- This particular one came out of the blue- Any thoughts, advice would be greatly appreciated. We purchased a property before it came on market- Looks like it was underpriced by $30-$35k- The home needs nothing.

Utilized our HELOC- Cash deal closes on June 12th- Lot's of home building in the area- It will bring more in as an executive Rental, for possible people needing a place to live while their home is being built- or AirBNB-

AirBNB- I'll have more tax rite off- My HELOC is at a crazy low rate right now- 2.50%- Total current payment of (non deductible interest) under $500.- This property has good potential to bring in $2,500 per month as AirBNB or as I said- people waiting on their home build-

I have to waiting for 6 month Season, to get a mortgage- BUT- this current interest is crazy low.

This is a keep and hold- I have my eye on the property next door- Suggestions? Or is it obvious to keep the HELOC, until I chunk down on the house?

Talked w/banker- They told me they will do an appraisal and look at purchase price- they will go w/whatever is lower- Purchase was $199k- Worth about $240k-

I want to do some kind of cash out refi, so I do not have to tie up $50k-

Thoughts?

Thanks group. :)

I know it takes a while- I did my own comps- 

Hi There-

It's been a while since I had a rental, I am now a Realtor, for the past 7 years- Looking into getting that passive income going- The following in the deal I am looking at:

ABQ, NM

Short Sale

1-story, 3 bed, 2ba, 2 car garage

Accepted offer from Seller @$137,500

Need to see if Bank agrees

30% down

Mortgage to be $96,250

I can get an interest rate of 4.650%- or pay $885, and buy down to 4.5%

Amortized over 30 years

Mortgage w/insurance & taxes is: $674.00

I can rent it for $1095.00

After adding my 5% for repairs & 5% for vacancy, I am looking at $291.00 per month cash flow

It needs less than 4k in fix up, all mechanicals, roof and yard look good-I know with the fix up, I could sell it right now for $159k

I guess I need a little feedback and how you feel about the interest buy down

Good home, good neighborhood- needs very little work-

Appreciate it- Many Tnx

Hi Guys/Gals- 

Thanks so very much for all of your input- I have worked directly with many subs over the years- A few hiccups over the years, I usually deal with each trade directly- It gives me some good control and one on one trust has been built. I was recently approached by a contractor that is mainly plumbing & heating. He told me he has additional access to subs to do an entire flip-

I am currently flipping a home, should not take ore than 30 days, to get back on the market- I have my Brokers license, as well as the cash to purchase an additional home, and take care of all of the "hold" costs- Again, I would like a 30-45 day turn around. This contractor is reputable- I make commission on the purchase and the sale of the property. If I can find an additional house & give him a chance at scoping out the work, doing the rehab- Do you think this would be a 50/50 split on the profit after repairs and closing costs are done? 

Since I would be acting as the bank, I would approach him with the cost of materials and labor to not be marked up whatsoever. Again, with taking the advice that is listed above,. about incremental draws.

I am new on the forum, so I appreciate your help- I do have a lot of experience with contractors and did do flips years ago, before the crash- Many Thanks

Hello-- I am a NM Realtor that has purchase 100% a great property- I have the subs & am looking to turn the property in 3-4 weeks- I have been approached by a local plumbing contractor, that has all of the contacts I would need, to flip the next home,....and the next, etc- 

I currently have about 85-90% of the contractors I would need to keep this going- I can stay slower and steady or possibly bring in this contractor, that has his access to everyone ( granted, I will not be paying consumer pricing on repairs). I am not sure where to value him and his crew. I certainly do not want to under value & at the same time, not leave $$$ on the table-

Does anyone in this forum have different step up plans that they put in place? Or, do you think I just need to get my additional 15% help to make myself whole? The homes I am looking to turn, are and would be in a 1st time home buyer New Mexico range, or step up ...Say $150- $200k-  Thanks in advance- JF