All Forum Posts by: Kevin Martin

@Luke McCann I also advise to stay away from Springfield unless you like very large throbby headaches that stick around for months at a time. :) I only do design work in Springfield and that is a pain but investing wouldn’t even be a thought. 

We use to put solar (1kw to 5kw systems & solar hot water) on our specs homes. It was great and definitely helped sell the houses when the market wasn’t doing as good as it is now. 

Pros: tax credits, making money from the sun, easier to install with new construction or major rehabs, and Many more.

Cons: utility companies suck, building departments don’t always know what solar is or how to inspect it, maybe aesthetics but we never got any complaints. 

.@Michael Kellerinteresting post here as we are doing something similar but different. I have a few questions..

1. Do you know this builder and how did he come to the price of 65k

2. Is the 65k and “all in” price to build or just vertical construction? Are they 2/1 or 3/2?

3. How is the contractor making his money in this deal? Does the 65k include is overhead and profit?

4. Did you say replatt? This might completely kill the deal if the zoning doesn’t allow or the city makes you do crazy things. Do the lots have Utilites or do you have to bring them in? Road frontage/access? Ect, etc

There are many many things to look at when you get into deals like this; you are basically becoming the developer. Or you are just the “money guy” and have to trust the builder and his knowledge and capabilities 100%. 

The builder is probably thinking he can build it at $50/sqft his cost of labor and material times 5 houses which comes out to 75k. At the best best best case after he counts all his trips to Home Depot and all the unknowns in construction he will come out to $60/sqft and probably closer to $65/ sqft. He will make 25k at best before overhead for 8mnths of work and think he actually made money because he was able to make payroll and keep the lights on.

Jacksonville! 

@Andrew Postell great post and stradegy for the cash out and the LLC. I understand how it all works but when you go to refinance (regular refi no cash out) will the underwriter see that the current mortgage on the property is from an LLC that is owned by the borrower? Are thier any rules against this or is this something that the underwriter might think is a red flag? I understand the rules for a cash out refinance and regular refinance are different but would you just consider this a "loop hole" to get your 75% LTV and not worry about seasoning?

32233

First time for me putting something in the Marketplace and I know its a shot in the dark but I thought I give it try.

We are looking for Investors for at least 5 new construction houses in an established neighborhood we are currently building in (New Construction). We have sales, comps, appraisals, construction costs, and a proven track record with houses we have built in this neighborhood (Jacksonville Area). Just trying to open the door on this and see if anyone is interested, 

Kevin

I'm not a wholesaler but I thought I would throw this out there. I have a house available that caught on fire in Jacksonville. Nice area(north side of ft Caroline rd), ARV around 175-180k, needs about 90-95k of repairs. Asking 35k as is.

@David Sumner 

I dont see anything jumping out at me based on those pictures. Look for cracks! Look at the slab, doors, windows, and anywhere else. Cracks are a visual sign of too much stress. Small cracks in slabs are normal over time but anything more than this on the slab or interior may be bad. Drainage issues can be solved easily for the most part but if you are trying to determine if you want to buy or not, start with the major/costly repair items and work you way backwards. Good Luck!

@Jav Caprietta Yes I can have a look at what you have. I'll PM you and send you my email.