All Forum Posts by: Karim Baker

I don't have cash to do the repair, so the ARV matters to lenders that will include repair costs too.

I have the opportunity to buy out siblings for two homes in San Diego. Both need repairs 75k for one 150k for the other, both should be worth at least 700k after repairs. I can do a 203k loan for one, but I don't have capital for the other. What's would you think is the best options. We have family living in the other and I was asked to buy both and let them continue to rent. Both have smaller mortgages. I was thinking of doing the 203k for one and seller financing for the other. Figured if they wanted me to deal with the family renters we can negotiate discounted terms.

Thanks for the answer Jaron

Hello, I saw a house in the San Diego area yesterday, it looked like it just needed paint, carpet and updated fixtures from the pictures. 1980 built, but it looked like there is some water damage from a window and I don't know how much I should estimate for a repair. The other windows and doors didn't have this issue. So I'm at a loss for how much I should estimate the repair to cost/ how much I should discount my offer by.

Thanks in advance for the help

 

Thanks for the comments so far, I moved back to San Diego recently so that won't be an issue. Purchase price is flexible of course. At this point I haven't been in the house or got any bids on repairs, but just by talking to him I'm expecting it to be in the 100k- 150k range. At this point he's just paying the mortgage on a empty house he never wanted, so I wasn't going to do an official partnership, but I would cut him in on the back end if I come in under budget.

Any ideas on profit flippers are expecting on this type of deal locally? The only people I know personally haven't bought anything in the past few years and I know the market has changed since then.

Hey all, a cousin inherited a house he doesn't want and I think it's a good opportunity for me to buy. It's a 4 bed 1 and ½ bath, 1350 sqft built in the 1960's. 100k mortgage and updated homes are going for 400-450k. Its a c+/b- neighborhood in San Diego, but from what I hear it's had some mold issues in the past and the last tenet moved out a couple years ago because it had a lot of delayed maintenance issues. I haven't seen the inside of it for years but everything was outdated so I expect a healthy renovation budget. My cousin doesn't have the money to fix it, so I'm hoping I could get it close to the mortgage value and use a 203k loan for repairs.

I've been out of state for a while and am curious about the best way to make this work, and cover all my basis.

Thanks all

Thanks for the welcome all, and @Robert Lorenz I actually planed on going to the meeting later this month. Hopefully I'll see you there.

Hey everyone! I'm Karim (Pronounced like the famous basketball player) and moved to Mesa from San Diego almost two years ago for work. At this point I'm interested in becoming a local wholesaler and eventually building a real estate business that my wife and I can partner in. I look forward to getting more involved in the community and if any local wholesalers are open to partnering with a rookie let me know. 

Karim

Hi EldarI, I know this is a little late but I just started to listen to this audio book myself and found a link under the summary section called, "Download the accompanying reference guide." I was on my computer, didn't see it before when I ordered the book on my tablet.

Hey Ryan, i dont know why the two would be mutually exclusive. I'm studying for my CPA right now (my job is paying for the tests). The additional knowledge can't hurt if your just starting out. On the other hand if your starting from square one and still have years of college in front of you, that would be a completely different situation.

Karim