All Forum Posts by: Linda Young

Forgot to answer your question. I would love to find a deal with a profit on a less expensive property but have not been able to find one. Not one that I was in time to get anyway!

Actually, I like the owner finance idea but maybe not for my first one. I am planning on taking the profit and using that for the next flip. Thanks for the good wishes!

Chris, I will be flipping and hope to sell for $195k. Rehab should be fairly quick since not much is needed.

Tim, I think $195 is a realistic ARV. I am also a realtor I should mention. Most of the lenders are using a 70% rule.

Does this info show enough of a spread to make a profit? 

Sorry, should have provided details. It was after midnight when I posted! 

House is in a nice neighborhood where other comparable homes are selling for $180-220. This house is a foreclosure that a wholesaler picked up and is selling for $139k. It needs cosmetic updates such as carpet, paint and granite in kitchen. It was built in 2001. 

I have funds for rehab(401k) and have a friend who wants to go half with me. 20k should be more than enough (total). So I am putting $3000 down and need to finance $136k . There looks like a $40k spread without closing and carrying costs. 

Opinions? If this does not look good...why? I am meeting to give seller the down payment this morning.

After 2 months of searching I finally found what I think will be a good deal. In researching hard money lenders they all seem to want to lend to an LLC, not an individual. Any suggestions are welcome and needed quickly!

Wow! I am so impressed!! It looks fantastic! Love your floor and paint choices!

I am still trying to find a good property for my first flip. One day soon I hope!  

Can't wait to see the finished product

Thank you all for your replies! Brent, your $2 all cash was a great way to start my day!! 

I guess I will have to move on since the agent has not responded to my questions. Apparently he isn't serious about selling this home. 

The common theme in replies seems to be why does my broker discourage short sales? Although they can be good deals, the long wait for approval would likely frustrate most buyers I suppose. For me, I don't care since it is an investment not a residence. 

I agree about the $1 asking price. It will just attract low-ball offers and waste everybody's time. 

Thanks again for everyone's comments. Being a new investor, I am still learning and am soaking up all advice!

Thank you for the advice! Christine, by advising to "submit the offer with the loan" I assume you mean a preapproval letter? 

I thought of the pergola, but not painting it white. That is a great idea! Thank you!

Hi BP friends,

I just found another house today that needs no repairs or updating, just cleaning and a few minor tweaks. Selling agent has it listed for $1 and said it is a short sale. My broker discourages short sales so I have never done one. If other homes are selling for $130-140k what would you offer? Also, do banks always require a cash sale? Thanks for all advice!