All Forum Posts by: Janina Farr

@Justin Campbell I would look on Zillow and see what houses within 1 mile are selling for completely renovated. Get a reasonable average. This is what we call ARV and Subtract your renovation and financing cost from that and the profit you would like to make. That's the offer you present and maybe a bit lower so they can come up to where you want them to be.

Hope this was helpful

@Edgar U. Got to a tax sale.

@Shyam Panchal

Hi, these are not major issues to cancel a contract. Ask for a credit of $5,000 to get the electrical replaced because we definitely dont want his contractor doing anything and all the other items are minor. Not necessary to have a mold inspection. It’s near the sink so could be moisture buildup. I would have him check to see what the issue is. Everything else have him fix or ask fir a credit to have it fixed. Water heaters are $500. So not too expensive. If he’s not willing to give credit just make sure you express you want the work done by a licensed contractor.

Heeeey!!! Maria, thanks so much for reaching out. yes please send me the information.

Feel free to inbox me and I'll give you my number and you can call me. I've been in your shoes.

Please inbox me . I'm looking to fund a deal in chicago as we speak.

OMG!! You are hilarious 😂. Glad things turned out for the best, but I wouldn't wish this stress on anyone. I don't care how many lessons you learned. Could have ended up horribly. Good thing it didn't. This was very eye opening. Thanks

Andrew Postell also the Hard money lender hasn't done the appraisal yet, because they are waiting for the rehab estimate from our contractor. Then they will send someone out.

Andrew Postell so the hard money lender is Do Hard. They will lend up to 70% of the ARV, up to $250k, but because it's our first flip, the rehab budget can not be over 50k or they won't do the deal. We are waiting for and estimate from our contractor, but from what we have been hearing, we know the repairs are over 50k. Maybe like 95k. So we want to get additional funding to complete the repairs. So purchase $47k Rehab $95k ARV $200k-$230k What are your thoughts?

Yes I Know. We didn't realize this rehab would be so expensive. We purchased the property for $47,000 which was was really cheap. The ARV is around $200k-$230k. We didn't want to total give up on it. We know that after this 1st deal, I can pay off all our credit cards and then we will be able to get a line of credit and all kinds of financing. we just need to get through this one. I have $30k in available credit on credit cards interest free till November, so that just may be the route we have to take. Thanks