All Forum Posts by: JDee Moore

Hard/Private money (10-20k) for renovations of my primary 2008 build track home and then refi cash out to payoff loan. 

- mortgage balance 213k

- ARV 315-345k

- credit score 680

- state job (14+years) 113k/year

Any loans out there that fit this criteria?

I'm interested would love to hear more about it.

Hello BP family, 

I have a deal I'm looking into please give your input. 

• I want to use a FHA Loan to finance a spec home new construction for $470k standard ($550k with full upgrades) as my new primary home contingent on selling my current primary home
• Current Primary home appraised between $280k-$300k as-is or (ARV) $320K-$360k, 2008 build
• $216K mortgage balance
• Repair/upgrade cost $10k-$15k which includes countertops, his/her master bathroom vanity, landscaping, appliances, convert loft w/closet into a room making house go from a 3/2.5 to a 4/2.5, maybe an extended driveway and patio area etc.

My question is, my FHA Loan will only finance up to $480K, how do I finance the rest if the purchase price is higher than $480k?

Also could I use a 203K loan to upgrade my current home and create more equity to sell for a higher amount then use those profits to payback the 203K loan and the down payment on the new home using the FHA loan to finance it?

Side note: Builders/developers are in phase 5 of 7 and my preferred lot will be released in the final phase 7 and is predicted to release the final phase (7) in about 8-12 months according to their sales rep.

Thanks in advance!

Hello BP family, Seller wants to carry the note on a triplex (ARV 200k) no mortgage, free and clear... fully occupied, 650/month (rent can go up to $675-725). Property taxes $2k/year Repairs $40k What are my negotiation options on this deal if I wanted to keep it as a rental? Thanks in advance.

Armando are you a realtor?

Social Media is already being used as a tool in RE so I would definitely get on board asap. I feel until your business can handle the expense of marketing I wouldn't over spend on it. Try one thing and stick to it until you get what you want, then scale. 

Looking to assign this AMAZING OPPORTUNITY!!!!

• SFH Boston, MA - Chestnut Hill/Brookline in Norfolk County (6 miles outside Cambridge/Fenway park)
• A class Neighborhood
• 3bd/2.5 bath 
• 2100 sq ft
• Hometown of Tom Brady of the New England Patriots and Birthplace of John F Kennedy

Brookline Architect said you can build 3,020sqft total with special permits that the seller will pay for.

This analysis is based on the Town’s Assessor’s records showing 1,773 sf and 327 sf = 2,100 sf total finished space. Those are likely lower than the actual figures, which would reduce the amount possible to add/convert. For this analysis, we will assume those figures are correct:
Conversion of existing basement or attic space Without a special permit, the house can convert 2,324 sf (max FAR) minus 2,100 (existing total finished floor area) = 224 sf.
With a special permit, the house can convert 1.3 x 2,324 = 3,021 sf minus 2,100 = 921 sf. That is, a special permit allows the total to go up to 130% of the max FAR. (Another way to look at this reasoning: first go up to the max FAR (224 sf), then go up to the 30% bonus (697 sf) = 921 sf.)

Additions Without a special permit, the house can have an addition of 2,324 sf (max FAR) minus 2,100 (existing total finished floor area) = 224 sf.
With a special permit, the house can have an addition of 1.2 x 2,324 = 2,789 sf minus 2,100 = 689 sf. That is, a special permit allows the total to go up to 120% of the max FAR. (Or, 224 sf plus 465 sf = 689 sf.)

Conversions and Additions Without a special permit, the house can (still!) have an addition or conversion of 2,324 sf (max FAR) minus 2,100 (existing total finished floor area) = 224 sf.
With a special permit, the house can have a combination of conversion and addition of 1.3 x 2,324 = 3,021 sf minus 2,100 = 921 sf, BUT, the addition cannot exceed 35% of the additional floor area allowed by special permit, so the addition can be 224 sf (bringing FAR up to max) PLUS 35% of 697 sf (30% of 0.3 x 7,746 sf lot = 244 sf) for a total of 468 sf. The remainder — 921 - 468 sf = 453 can be basement or attic conversion.

Subject Property: (2,100sqft living area on a 7,746 sqft lot).

Comp: was originally 1,977 sqft living area on a 7,745 sqft lot. (Now 3,485 sqft living area) conservative $1.5M (zillow zestimate $1.8M)

Originally posted by @Jeff Zimmerman:

good to see you on here @Joshua Rustvold.  I've been buying properties in Fresno for the last few years and appreciation has been excellent.  Additionally there are some great property managers here.  Fresno has attracted lots of out of town buyers, especially bay area, because of the lower entry thresholds. Feel free to PM me, email or give me a call if I can answer any specific questions for you. 

I know this thread is a year+ old but any property manager referrals in the 559 area code? 

Asset protection,

Reside in CA, and read about RE investors having the option to start a LLC in NV that's within a trust and also purchase an umbrella personal liability insurance policy (upwards of a $1m - 2m+), to give aspiring RE Investor the proper business structure, security and protection in case of the inevitable lawsuit and/or other costs of doing business. 

How many would agree to protect your assets with as many layers as possible?

@Caleb Heimsoth you the man Caleb! Thanks.