All Forum Posts by: Lior Golan

Hey,

I just closed on a property for a flip a few days ago. in the county records, it says that the property is 1,611 sqft.

So now because I am flipping it and we are gutting the place and adding another bathroom, I am using a designer to do a plan for the rehab. She went to the property to do a simple plan of the house and she apparently told that the sefo of the house is between 1250 and 1300. I was shocked when I heard that...

Because the former owner even added an extension to the property so I assumed that this one hs even more than 1,611...

Now I am afraid that when I will re sell the property (it's a flip), I won't get the money I want because the buyer appraisal will measure the house and will say that the property is lower than stated, hence the price is lower...

What would you do instead of me? try and measure it with other professional companies?

Thanks

I See.

What form did you use to do that?

Hello everyone.

I Sheva property just I just acquired that has section 8 tenants. The are paying now 860$ as per their lease and because they didn’t renew it from the former owner (they are there from 2012), so my agent told me that they are on a month to month lease.

I need to flip this one hence need them to get out of the property.

I want to offer them cash for keys if they wouldn’t accept to get out with a 30 day notice.

I prefer to give them cash for keys because don’t want to get into eviction which will take at least 6 month with all the COVID situation which not give me to take action until the end of the year.

So my question is how would you act instead of my talking to the tenant? Like money wise... give them X amount of money to leave in 2 weeks, and decrease the money after every week. Or give them at least 30 days?

Again, they are there from 2012, paying 860$ rent section 8 (probably paying from their own pocket something like 250$), the estimated rent for a 3/1 or 3/2 is 1200-1400k...

Thank you

@Ofer Gazit

Haha yes indeed. DM me

I am a foreign national investor, that still don't have credit score (not living in the US), who is searching for a cash out refinance with at least 70% LTV.

I am seeing some return from some lenders to lend to foreign nationals, but I cannot find one that can offer me more than 65% LTV!

Is anyone found\Knows a lender that can help me with that?

Thank you

Did you eventually closed with them or backed out? If backed out, you got your money back?

I also was talking with them today, after talking to like 50 lenders in the last week and immediately I figured out there is something wrong with them and different from the other. 

First of all, the didn't ask me too many questions, they asked how much I need and where is the properties.

Then the gave me a simple and not professional application via Word document and there as no section to put the ARV (As I am searching for a fix and flip).

Gave me an approval letter without any mentioning the monthly payment, the interest that I'll pay...

And finally wrote that I need to put 2% (2 points) BEFORE closing, the was the final red flag for me.

Be aware of these scams

@David M.

I’ll check with the title company and also with my lender to see how we can make it work.

Thanks

@David M.

I’ll explain you more briefly.

With the current situation of adding bed and bath under ground, the appraisal appraised the proper at 134,000$... but there is a comp with the exact building, year, SqFt, and construction that sold January that year that has these extra bed and bath above ground and sold for 165,000$!

So because the lender lends me % of the ARV, he lends me 65% if 134,000$, the rehab costs are something like 27,000$, that makes me put in closing more money than having 65% of 165,000$ ARV...

So I won’t to leverage that option and put smaller amount and these funds to maybe put in a down payment on other one!

So what do you suggesting me? I still cannot pull the permit BEFORE the acquisition? You said that “if it’s was for the owner...”?

Hello,

I have a property under contract that I want to add another bedroom and another bathroom above ground. I had a plan to add them in the basement but this is not giving me enough value into the ARV so I decided with my contractor to add them both above ground.

The problem is that I am using financing and they are lending me certain % in the ARV, so in order to increase the loan about from them (they have a limit on how much I can lend with % from ARV) I need that building permit.

My contractor did the planning already, went to the city building offices for the permit and they told him that until the property would not title transferred. He could not get the permit!

Did you encounter in such an issue before? Is there any way that I can get these permits even though I didn’t close yet on the property?

FYI - I am a foreign national and I don’t leave there, so I can’t go with him.