All Forum Posts by: Logan Lehmkuhl

My buisness partner and I are new to real estate investing. We only have 1 rental as of now. We came across a deal where we found out about a motivated seller that wanted to sell off market. She is going through life problems and was told by her lawyer she needs to sell the house. The house is a nice 3/2 with garage and comps in the area ARV is about 160-175k. She owes 119k on it and is willing to do subject to mortgage financing. We would need to put about 10k into the house to be able to rent it out. We are confused on the assumable mortgage process as nobody wants to give us any info including her mortgage lender. It's a USAA loan which I've read are assumable. Anybody with experience in this please give some insight if you could! Thank you!

Quote from @Garrett Christensen:

I do a lot of work myself and have also hired some out. As a very general rule a thumb it's about half the cost when you do it yourself. I'm not sure I understood completely the last bit. It sounds like you're basing the ARV off the 1% rule. Correct me if I'm wrong in that. The ARV should always be done with comps if possible, even if it's using the rent ratio, but never assume you'll hit 1%. In my market, for example, a great deal is only 0.7%. Again, that might not have been what you were saying, so feel free to correct me.

Yes that is what I was saying. The issue is I’m having trouble finding accurate comps due to their not being very many properties recently sold, or none that have been rehabbed that match the layout and sq footage of this house. Thanks you for the insight on the 1% rule that was very helpful! 

I currently own 1 single family rental. A friend and I are getting ready to do our first brrrr deal. We have talked with a private money lender and CPA in advance. We are looking to buy a tiny 660 sq foot house as our first one. Being next to a military base rent is in high demand. We also are going to do most if not all the work ourselves. When estimating rehab costs, we came in around 25k which seemed high to me. Does anyone have experience doing their own rehab vs hiring it out? Also the comps in the area are limited due to their not being very many properties that are newly rehabbed or have sold recently. We want to have none of our own money into this deal, pretty positive I can rent for 750/month is that a close estimate to the ARV being 75k based on the 1% rule. Thanks to any who wish to help this young new investor.

Having issues with finding an attorney to make a wholesale contract. All of the ones I have spoken to say they have never heard of wholesaling. I have an off-market property with a motivated seller, and I feel like I am stuck. No realtors or investors in my area seem to have any information on wholesaling. Help!