All Forum Posts by: Konrad L.

@Karin Crompton Hi Karin - thank you for chiming in. Can you explain what you mean by 'comping'? I keep hearing it. Do you mean comparing the property to other properties? On the street? Area?

I have been looking on Homepath some and I'll take a look at HUDHomestore. I agree that networking is great, but it does take time to develop.

Does anyone else have any other ideas or feedback as to what sources seasoned rehabber/flippers mostly use? Or do most just use the MLS?

Thanks

@Manny Cirino thanks for the explanation of the low/high comps. I will keep that in mind. The realtor I am currently working with doesn't seem to be too interested in finding me distressed properties. He may be lacking experience in that area. Can you send me the contact info for the realtor you were speaking of in New Britain? I'll look into him.

Meriden has it's lows and highs, but is the hub of CT, so it should be a good market. Waterbury I'm not very interested in because I've heard it's tough to sell a house there. The others you have mentioned, I'd really like to buy in, but the properties there may still be out of my reach.

Thanks

Thanks for the quick reply Manny. Did you mean 'his team specializes in working with rehabbers or Realtors'? If you meant with Realtors, can you explain on how that could help me?

Could you elaborate on including the high comp - low comps? Do you mean the property values around the property in mind or the potential value after rehab of the property in mind? Is that something I can ask of him, to send me the foreclosures and short sales with high and low comparisons, or will he think I'm asking too much of him? Sorry, still trying to learn the lingo.

Thanks

Hello,

Looking for my first house to rehab/flip in the central CT area. My realtor has a filter which sends me some properties once in a while, including foreclosures. I have also looked on homepath for REOs.

I'm curious to know what sources seasoned rehabbers/flippers use to find their/your deals. Are most doing foreclosures, short sales and REOs using the MLS? If so, are foreclosures favored over the REOs or vise versa? If not, what other sources are tried and true? I've heard the auctions can be very risky, so at least for now, I'd like to stay away from them.

Thanks in advance,

Konrad

Hello all,

I'm looking for a real estate agent in central CT that has rehab/flip experience. I've tried to agents so far and just by talking to them I can tell that they are trying to look for their own best interest rather than mine and I'm quickly turned off by that.

If anyone knows, or has dealt with, a realtor in this area that can help me pick out some 'gems' that need polishing and has experience with distressed properties, please let me know.

Thanks,

Konrad

@jon holdman ...thanks. That clarifies it. Why would you wait a year to get it refinanced? Could you do it right away? Or sell to recoup everything? Is that just personal preference or a refinance rule?

Konrad

@Anthony Gayden Thanks for your reply Anthony and for the advice about borrowing less than needed. I'm looking at cheap properties, anywhere from 80-110k. I'm pretty sure I'll be approved for more, so I'll keep that in mind.

Can you explain the owner financing aspect of buying a multifamily? I understand that it's financing offered by the owner, but how would it benefit me vs using a lender other than fees? Drawback? For example, would I be able to rent the place out as my own, while only paying the owner a monthly fee to pay down the balance of the price? Where is the best place to find such deals or how to look?

Thanks,
Konrad

@Jon Holdman can you please elaborate on that a little more? "If you put 20% down on a property, you're not going to get that back unless you can manage to increase the value of the property."

To what extent do I need to increase the value of the property? Do you mean, for example... if I buy a multifamily for 100k and put 20% down = 20k, then I paint some walls, which would increase the value by 5k, would I only then be able to use the 25k of equity? But, if I don't paint (and paint is just for example purposes), then I wouldn't be able to use the 20k I put down as equity?

Thanks,
Konrad

Hello,

New investor wannabe here. I am still deciding whether I should do a flip first or buy a multifamily rental.

If I decide to go the multifamily way, but not live in it, I realize that I'll need a conventional with 20% down, which I would be able to put down.

What I'm a little worried about, is how soon after buying that first one, would I be able to seek another conventional loan for the next multifamily?

Since I put 20% on the first one, would I be able to use that as equity to get the next home, and then the equity on that one for the third? Also, how about the net rental income from that first one towards my overall income?

Is it true that banks want two years of rental experience in order for them to acknowledge the rental income that I'd have coming in from the first home? In that case, could I just use the equity?

So many questions...

Thanks in advance!

Konrad