All Forum Posts by: Keith Thomas

@Kimberly McCall Hello this seems like a perfect opportunity to put your husbands skill in construction to benefit you on this project. That is a big undertaking so make sure its well planned out and your numbers are solid. If I read correctly ARV is 600k. How much is the rehab going to cost you. Work in reverse if you have to but I'm no expert but if you are doing anything more than cosmetic things under about 20k it still might be tight. How long would it take to do the renovations? Also don't forget about the exit strategy that is mentioned in the BRRRR book as well. Good Luck I would like to hear about the route you took if your willing to share. I am always looking to get new ideas on the financing myself.

@Joel Coffman Your Awesome and driven. Just remember nothing can stop a man or a woman who will not quit. You have your parents who also have a wealth of knowledge. Don't forget to put them to work by picking there brain and digging into there network of people as well. Remember as I am now learning this is a relationship business as well. Good luck I look forward to seeing your progress over the years to come. You are a inspiration to many. 

@Nghi Le

Thanks for your input its very eye opening all the options. I will reach out to various hard money lenders and see whats the best fit if that's the route I decide to. To answer the question the property was not completed the way I wanted. But since I had it done I got hit with three things that the electrician will come out and take care of those items. Just hoping that the appraisal comes back high enough for what I'm approved for. This property I am talking about is in  King County. It is a stick built home. I just mentioned 100k price tag because that's what the son mentioned to me in the midst of him not wanting to deal with it. Also knowing that the property is most likely paid off as well. Still a lot of information to gather in this process but I'm working on it the best I can.

@Matt J.

Thanks Matt. I never even thought of wholesale. The reason it never came to mind because I have never done it nor do I have the forms or paperwork to do it. Any suggestions on where to get the forms that you may have used? I also wanted to think about keeping it as a rental by using the BRRRR method if I could. Plus if I rehab it I learn more and yes I understand where your coming from save myself the Headache. Maybe once I get some real comps and hard numbers that wholesale idea maybe the best route. Anything to get some capital under my belt would be a step closer to the ultimate goal.

Wholesale is in the fold now thanks Matt.

@John Burtle

I like your option of buy the book first. I am currently listening to it on audio book on flipping houses. 

@Blake Jenkins Good luck Blake I started with the flipping houses and will look at estimating rehab cost and call contractors to see if my area is compatable with those cost. Seattle is still fairly expensive.

@Oliver Carey

I didn't realize the hard money would lend up to 90% LTV. I will start reaching out to them and see if any of them locally will be interested. Thanks for the input

@Kyle J.

Thanks for the input. I know they bought the house for 100k way back when and a friend of mine said he doesn't want to deal with the mountain of trash associated with this place. I just said Hard Money as a last resort just due to the fact that all my money is tied up in this current project. But I think there is enough meat on the bone that I can at least talk to a hard Money Lender and use them as a second set of eyes. Just some of those fees are so high its a bit intimidating. Thanks I will look into it.

Hello BP family looking to be pro active in my quest for financing if the HELOC does not work out. I have a potential off market deal in the Seattle area. I am waiting on comps from realtor and also waiting for an appraisal as I am trying to do a HELOC on my property I am currently working on. Well I can probably get this property for about 100k and will have to put at least 130k into it for sure. Just looking at numbers of Redfin, Zillow etc it has the property worth about 400k. Most of my money is tied up at the moment so I don't have a lot of cash on hand. Next I am still new so I have not built up a network of people where I can borrow money from. Hard Money will be my last resort , but most of them require 20% down. So the ideal situation would be to get the loan and rehab wrapped in one and possibly make monthly interest only payments and refinance out once the project is complete. Also there is a possibility of owner financing but I doubt it just due to the fact that his mother is ill and the money from the sell of the house would go for her care. I have a regular job in which I make good money so affording another payment maybe possible. But considering this is a Hoarder house with a mountain of trash its not livable so the banks may frown.

So if anyone can suggest somethings I can do now so I can prepare myself for this potential opportunity

Thanks Keith

@Jordan Edge Congrats on getting on the playing field. Well just from what I have read 2bedrooms over 1100 square feet you can can turn those into 3 bed 2 bath and make a great return. Plus that keeps you where most people can still afford that level of home. But I would run things through the bigger pockets calculators and get a good agent for the comps and ARV. Also your real estate agent can tell you whats selling in your area in the shortest amount of time. Good Luck Hope this helps a little bit.

@Katie Miller My 2020 goal is to build solid relationships on Bigger pockets and in my area of Seattle. The deals will follow. Currently just did my first IRR now doing my first HELOC and approved so far verbally for 100k. So I am excited to use that for my first BRRRR.