All Forum Posts by: Kendrise Colebrooke

Pay now, or pay later. Either way, you're going to have to pay. 

Hey! New-ish investor in Memphis and Knoxville TN area.

We won a SF at auction for 28,000 that closes next week, we also had a once in a lifetime opportunity to purchase a fully occupied quad plex for 375,000. We have FHA qualifications, but the seller is not interested in that and will only go conventional. Because of the 2 deals and the unexpected condition we are stretched for cash for the down-payment. We could drop the SF but lose 3 grand and the ability to participate in auction in that town for 1 year. It's no way we are letting g the quad go!! Any advice for getting both?!

Did you ever get your answer? What did you do?

Looking forward to it!

Didn't do the deal. Another investor offered 15k over our offer. Lessons learned: Keep contracts handy, get signed first then do the rest of the work. And, don't try to make something work when the numbers don't......thanks for all your advice!

So we have this friend that wants to unload a property for 40K, renovation costs are coming in at 56K. The CV is 98K and the ARV is around 122K. Because we are new investors, no one wants to lend on a rehab that costs more than the purchase with this close a margin. We are wrecking our brains (with the limited knowledge we have) on how to close this deal without bringing in other investors. The Hard Money Lender we are approved with is comfortable with a 90K purchase price, lending 75% LTV which will get us where we need to be in order to do the rehab in phases, because we can contribute ~5K/month to holding and rehab costs after the initial investment. What options do we have? We have an LLC but it is just on-paper at this point, can we use this to close the deal and draw down funds at a 90K purchase price? Maybe do seller-financing from the LLC? I am out of ideas here, any help would be most appreciated!