All Forum Posts by: Loc Nguyen
Loc Nguyen has started 11 posts and replied 35 times.
Oh so when i buy a property at wholesale the closing cost gets included in the loan leaving only the attorney fees.
Thanks man.
So what would you sell the deal for if your target profit was 5k and you acquired the property for 48250 ?
I have a quick question, kinda feeling like a homer asking this too.
But lets say I purchase a house with an ARV of 100k and i want to wholesale it.
so ARV 100k
70 percent 70k
Closing and Atty fees 6750
Wholesale profit 5k
Repair cost 10k
so my maximum offer would be $48250
Lets say i pay the atty and closing cost out of my own pocket does that mean i add it to the sales price when i sell the property ?
$48250 plus
5k wholesale profit plus
$6750 equals
60k sales price ?
I was surprise with the turn out, Thanks guys i sent it out to the people who gave me there emails. I have met the quota thanks for the participation guys and gals.
I am almost done with a excel spreadsheet for wholesaling. I was wondering who is interested on receiving a free copy. All i want is feedback and your thoughts on it.
PM me your email if you are interested.
Originally posted by Courtney S:
And what would be a good percentage to start off at?
Thank you all again who responds. Please be clear in your answer so that it is very understandable basically lamen's terms lolz :lol:
I appreciate everyone's responses because it helps me and other curious minds to become better and knowledgeable as a real estate investor and business owners.
Yeah MR.Investor is dead on. But i have a excel template i was working on that could do all of that for you really quick ill be happy to send you a copy. If you are interested just send a private PM.
Post: Possible eviction with ill patient…
- Posts 35
- Votes 0
Originally posted by MikeOH:
The key point is that you can't allow the tenant's problems to become your problem. When you or I are sick, we still pay the bills. Anyone with half a brain should know that they MUST pay the rent if they want to have a place to live. If they don't pay, they don't stay - simple as that.
Having said that, things could be different in the People's Republic of California, so you probably want to check with your attorney or another experienced investor in your area.
Another question is whether you pay any of the utilities. If so, I'd certainly raise the rent if the family is moving in. You might want to raise the rent anyway as more people means more wear and tear.
Mike
LOL Darkness everybody Darkness.
Good advice though.
Post: Refinacing Hard Money Loan
- Posts 35
- Votes 0
If you mean some or all of the rehab expenses were paid from some source other than the hard money loan, and you want to take that money out of the refi, you're doing a cash out refi, and you'll be subject to the more stringent terms.
okay yeah that answered the question too.
Post: Refinacing Hard Money Loan
- Posts 35
- Votes 0
awesome thanks caitlyn and jon. Yeah i was planning to live in the house after it was rehab. But i will read the thread provided thanks again.
Post: Refinacing Hard Money Loan
- Posts 35
- Votes 0
Originally posted by Jon Holdman:
But what if you dont have enough money to pay off the hard money loan because the expenses of renovating the place. What do you do then ?
Oh by the way thanks for the response guys.