All Forum Posts by: Jim M.

Did you renovate the property? I'm trying to understand how the bank could know what your rehab costs would be? If no value was created I don't really blame the bank. This is why I have to go through 2 appraisals and have to show the bank before and after pics. Banks are hyper conservative cause of artificial value increases in the past.

http://homes.yahoo.com/blogs/spaces/house-flippers-t-unload-york-castle-002931672.html

It seems that a couple of house flippers bought a New York castle back in 2005, thinking they could make a quick buck. (Actually, the plan was to live there for two years, make a million dollars and buy a brownstone.) It had worked for them before, the New York Times reports: Susan and Manfred Phemister "had been flipping real estate in zip-zip fashion since the mid-1990s, and had made a killing each time."

So in 2005, they picked up a 36,000-square-foot castle in Amsterdam, N.Y., for $800,000

Who's in with me? I know there is one guy around here that would be up for this...

Hey, I'm not trying to beat you up just sort of pointing out that the seller and you are in a different ballpark. You still haven't been in the home so you don't know the condition.

So they want 140k and you think they will drop another 50k? What is your budget based on? 25k doesn't go too far on a 2200 sq foot house.

Can't offer too much advice until you see the inside of the home. What are you basing the 25k estimate from?

What does the kitchen, bathrooms, floors, roof, siding etc look like?

Bingo

Well, first you have the right idea trying to find a local rehabber to learn from. Local REIA's should have some investors you could network with.
As far as the money goes...start saving. Do you have friends or family that might be looking to do a deal? They are usually the go to people that most go for when doing rehabs. The more rehabs you complete will show your lender you can get a deal done start to finish and trust comes from that. You just have to get a track record going. Good luck!

Buffalo transplant down in Charlotte...welcome to BP! Get involved around here!

No it doesn't mean a cash purchase. However, I do make cash offers knowing that I have a lender I will be using but I am 100% certain they will fund the deal. I have never had a problem at closing with the seller disputing my cash offer but there was someone on BP a while back that had an issue.