All Forum Posts by: Kevin Gerace

Thank you both for the reply. I know it looks like a bad idea on paper and just wanted confirmation I guess. The 90k estimate is a little generous. The house is only 1100 sq. ft. , but was a dog fighters house and has been neglected for a long time. Structurally it looked good, but other than that it was a total gut. I have been involved in construction for almost 9 years now, and love getting my hands dirty, but I agree it is a large project for my first one.

I think I know the answer to this, but anyways. Say there was a house I was interested in, that I could purchase for 20k and it needed 90k in rehab. I could buy the house outright, but would need the money for rehab. What's the chance I could get any sort of funding for this project. I'm assuming very low, but thought I would ask. ARV is 140k. I just want to do my first flip, but I need the right deal...

Ya, she would qualify for the loan, but she won't be living there, so I guess that idea is out. We do have an equity line on the house, but I was going to use this for renovations, are there hard money lenders that would just lend renovation costs?

So my primary residence's mortgage is only in my name. Is it possible to put a second property that I am interested in buying in just my wifes name? We would want to go FHA, and put 5% down. I'm trying to get around putting 20% down and depleting all of my cash. I've read some of the other posts about creative financing, could this technically fall under the category of "partnership"? maybe?

thanks for the reply Paul. I'm not sure on the cost to build the storage units. The plans he has are for a 20'x145'. He's projecting another $2800 a month for the storage units. I forgot to mention it was recently renovated. And it seems like he'll take a lower price. My only fear in doing this, even with a partner, is that then all my cash is gone and I have nothing to start a house flip with.

My initial plan was to buy rehab and sell houses until I can afford to buy some nice rentals. I have a little chunk of money, that I was going to use along with a private lender. The problem is a house just came for sale in my area that seems like a good buy and hold option. It's 2 res. units and 2 commercial units all fully rented. It comes with a back lot that has already been approved for 14 storage garages, that I would plan to build someday. Right now the rents are bringing in 2750, and it's on for 325k.

I don't have the full 20% down payment. Do I have any options here? Or should I just forget about the whole thing?

Thanks for the welcome Raymond, I'm hoping to learn as much as I can here. I'm right in the center of town.

Well.... I've been on BP for about a month now, and listened to almost all of the Podcasts. It seems like it's time to introduce myself.

Hi, I'm Kevin, from Wallingford, CT. I'm 28, and I've been in construction for 8 years. I'm very excited about the next stage in my life. I have worked on 2 flips, and have been a project manager for 4 years now on commercial projects. I'm looking forward to rehabbing houses, and eventually buying and holding multi families.

I have a crazy passion for real estate. It is literally what I think about all day...