All Forum Posts by: Josephine S.

@Andrew Postell Perfect! We'll shop around and compare offers. Thank you for the heads up on the "fee worksheet" thanks again for your knowledgeable time and advice!

@Andrew Postell Okay, yeah were leaning towards getting it appraised through the bank. We would like to avoid any extra charges and stay sharp on what we are taking on. Thank you Andrew

@Andrew Postell Thank you very much for answering our questions. We know now to definitely get the home appraised, our main concerns were of our home not appraising at the highest value. With your suggestions we have several routes to take. Thanks again for your time.

Happy Memorial Day BP community, I hope everyone is enjoying this beautiful day, Thank you to all military and veterans for serving. In regards to this forum I would like to get feedback from anyone and everyone who might have some advice for me. My husband and I have been debating on selling our primary residence, we purchased the property in 2013 with a FHA loan with a 4% interest rate. We owe 79k on our mortgage and comparables are at 130-160k within a 2 mile radius. We've been contemplating on doing a Cash refinance or Heloc to use the equity in our home for a rehab. My questions are, Do we get the home appraised before using any of these strategies? Is there any other way to use OPM to rehab our home?(We know the home needs repairs plumbing, electrical and interior updates.) Should we do a Heloc, Home equity loan, or cash refinance? We have read blogs and searched the internet for advice and would like to ask our fellow investors. Thank you to all! Josephine

@Jeff Rabinowitz, I completely understand where your coming from the market is not interested in these properties. Back to the drawing board to renegotiate the contracts to a lower offer. My main obsession is to get these properties of my plate. I plan to JV these deals as soon as I lower the contract price. Thank you for your advice.

Hello Bp community,

I would like to start off and say that we appreciate all feedback and advice regarding this post, that being said here is the lowdown of the situation. My husband and I are new to REI wholesaling is our exit strategy of preference. We have three properties that have been somewhat tough to find a buyer. We have had issues with zoning and a multifamily not being up to code, so we renegotiated the contracts to a lower price with the seller and adjusted the numbers. We have been networking every day at local REA'S and have blasted our marketing piece through local wholesaler websites and our social media outlets.

So, my question is should we tackle on this project based on having the properties under contract way below market value. Would a hard money loan be the way to go? We do understand the complexities of a hard money lender and know that they all vary. But I think this would be a great learning experience I just need advice from real estate investors out there that perhaps have come across this situation. Where they had properties under contract but not gained a lot of traction on wholesaling them and finding cash buyers. Let me know what your thoughts and opinions might be we have come too far to back out and every experience we have had through this business has been different in many aspects. We are here to learn just like everyone else has in this business.

Thank you all a Billion!!!  

NUMBERS:

• Estimated Rent:$1,500 / mo
• Estimated Repairs: $15,000
• Reduced Price: was $107,000now $85,000

• Cash or hard money only
• $5,000.00 non-refundable deposit
• Buyer pays all closing cost
• Property to be sold as-is
• Title is already open and won't be moved
• Close Date: 6/26/2017
• Currently leased on a month-to-month basis

Please Do Your Own Due Diligence Before Signing Contract

PROPERTY DETAILS:

3 Bedrooms / 1 Bathrooms

Living sf: 1,970

Lot sf: 7,000

Year Built: 1960

Cross-Bridged / Walls

REPAIR ESTIMATES:

Needs: Minimal work

Make ready for tenant

Total Estimate of $15,000

CONTACT INFORMATION:

Jesse / Josephine Salais

Texas Quick Homes, LLC

817-451-7997

[email protected]

[email protected]

NUMBERS:

• Estimated Rent:$1,500/mo
• Estimated Repairs: $13,500
• Reduced Price: was $128,000 now $105,000

• Cash or hard money only
• $5,000.00 non-refundable deposit
• Buyer pays all closing cost
• Property to be sold as-is
• Title is already open and won't be moved
• Close Date: 6/26/2017
• Currently leased on a month-to-month basis

Please Do Your Own Due Diligence Before Signing Contract

PROPERTY DETAILS:

Unit #1: 3 Bedrooms / 1 Bathrooms

Living sf: 1,400

Unit #2: 1 Bedroom / 1 Bathroom

Living sf: 808

Lot sf: 7,000

Year Built: 1954

Cross-Bridged / Walls

REPAIR ESTIMATES:

Needs: Foundation, Roof, Interior Cosmetic Repairs

Make ready for tenant

Total Estimate of $13,500

CONTACT INFORMATION:

Jesse / Josephine Salais

Texas Quick Homes, LLC

817-451-7997

[email protected]

[email protected]

NUMBERS:

Estimated Rent: $950.00

Estimated Rent Repairs: 19,000

Reduced Price: was $93,000 now $84,000

Cash or hard money only

$5,000.00 non-refundable deposit

Buyer pays all closing cost

Property to be sold as-is

Title is already open and won't be moved

Close Date: 6/26/2017

Currently leased on a month-to-month basis

Please Do Your Own Due Diligence Before Signing Contract

PROPERTY DETAILS:

3 Bedrooms / 2 Bathrooms / 1 Car Garage

Living sf: 1,210

Lot sf: 7,000

Year Built: 2001

Slab

Brick

REPAIR ESTIMATES:

Needs: Foundation, Roof, Interior Cosmetics

Make ready for tenant

Total Estimate of $ 19,000

CONTACT INFORMATION:

Jesse / Josephine Salais

Texas Quick Homes, LLC

817-451-7997

[email protected]

[email protected]

Hello Jake, 

I'm a wholesaler in the DFW also looking to network with investors. I have lived in the city all my life, and we primarily focus on off-market single family homes for both flippers and holders but also have done some multi-family. I provide thorough reports for my cash buyers and love building relationships on your criteria. Contact me if you're interested. 

Best, Josephine