All Forum Posts by: Joshua Ibarra

The points with my PM are expensive as well. @Lee Ripma Would you mind sending me the company you worked with for the flip in KC?

Thank you,

Thank you for the advice. I will reach out to more in my network along with looking into cash advances from my credit cards. Thank you!

Hi BP! 

How can I make this deal work? I've got a property under contract for 250K here in Kansas City. I have a private lender who is willing to lend up to 65% of ARV which should be when all done, 400K. Total rehab cost will be about 50-60K depending on the final scope of work. I should be able to profit 60-70K if I can make this deal happen so I feel it is worth it but in order to close in 2 weeks I have to come up with 20K to close.

Right now all my money is tied up in an all cash offer,100K, that I won't finish and cash out refinance until middle of May. So I basically have 1 month where I am not liquid with my cash. I do have 4 other rentals with one property that has 100K in equity. Is it possible to get a line of credit within 2 weeks to close on the the property with that equity? 

I know its a great deal and want to make this flip work but the timing is just not great. What are you expert opinions? 

Thank you!

Hi BP! I've just finished my first non-live in flip and am not sure what is the best route to go. I've talked to several banks in the area for completing a cash-out refinance. My goal is to eventually have over 20 rentals but so far I have 3. I'm curious what your opinion is for the best strategy or if it matters when refinancing! The house I bought was in Kansas City and purchased for $20k. I've put $30k into and should have it appraised at minimum $80k. All of this has been cash out of my pocket so I would like to take the cash and start my next deal. One lender is saying to put it on a commercial loan with amortization of 20 years with ballon at 5 or 10 years. It would be a business loan though. Another lender says to put it as an investment-residential loan for a full 30 year loan term. Both interest rates are around 5% but wouldn't I want to do the 30 year loan or am I missing something? Thank you for any help!

I recently got into real estate investing here in Kansas City and bought a foreclosure and am house hacking it now with two roommates while fixing it up. I've been here 6 months and my neighbor, a block away, just told me he wants to sell his house. He has lived in it since 1977 and needs some work and he isn't listing with an agent. His mom is sick on the East coast so he is moving In April. I've got 30k cash but was using it for fixing up my current house. He is wanting to sell his for 120 and will need 20-30k in updates. Houses in our neighborhood are usually $160 or more. It seems like a great deal but should I wholesale since I don't have the capital, partner, or use hard money lender? This is my first post on BP but I have listened to every podcast and am ready to 10X my real estate investing! Any advice is greatly appreciated.