All Forum Posts by: Luis Ramos

Hi Chris, lets schedule a zoom call. I have no referral paid from this membership. My real estate business has skyrocketed. 

Biggerpockets: please dont take down this post!

Hey Chris

Lets have a Zoom call to go over details. I m happy to go over contracts. 

I Joined Pace Morby's sub to mentorship 5 weeks ago (Jun 2023). I have 5 wrap deals under contract. I cannot stress how important the network of this community has been. I cannot imagine what the next year may hold. Totally worth the money. DM for more information\to prove it. 

Real estate market is dead in southeast Texas. I have 3 properties, fully rehabbed and not a single interest. I have them on the MLS for the past 2 months and no offers. I have offered to rent them , no offers. I have offered owner financing and not offers. How are people managing, or is it only SE Texas? And yes, i have reduced the sale and leasing price. Is it just SE Texas ?? I have staged them as well

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,000
Cash invested: $81,000

probate sale
required a total make over

What made you interested in investing in this type of deal?

cheap price, great ARV

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Hard money lender followed by refinance with conventinoal loan

How did you add value to the deal?

complete renovation from top to bottom

Lessons learned? Challenges?

Lesson learned: stay away from Lloy's of London!!! They scamed me. We got the winter freeze in Texas causing our pipes to burst. Basically, we had completely renovated this house in Feb 2021 and placed it on the market. After the freeze, we had a complete meltdown. We contacted Lloyd's , our insurance carrier and basically would not coverage any damages. They cited that it was not written in the policy. Lesson learned: always ask for water coverage.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jet Lending: they provided 100% LTC on acquisition and rehab, basically $6000 to buy this property.
Patricia Mack (real estate Agent)

Investment Info:

Single-family residence buy & hold investment in Lumberton.

Purchase price: $200,000
Cash invested: $17,000

Buy and hold in the hottest market of SE texas

What made you interested in investing in this type of deal?

equity potentail

How did you find this deal and how did you negotiate it?

fell out of escrow with previous buyer due to a roof leak. I saw it, knew I could fix it for cheap.

How did you finance this deal?

Regular conventional financing

How did you add value to the deal?

fixed roof, flooring, new paint

What was the outcome?

appraised at $280,000

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Supreme Lending
Double H properties

Hi

The offer I received from Robert and Pamela Smith state "fees" due at closing, not upfront. Am I missing something here??? Their terms: 6% rate for fix and flip, 85% LTV, 5% for downpayment, 100% rehab. Seems to good to be true.
The address on google map: is just a single family residence in Bakersfield, CA. 

I cannot trace any one having had success with this company/partnership online, nor anyone in their facebook feed congratulating for a successful funding. Very fishy. Spider sense is telling me to walk away....but I am dying to get a private lender. 

my deal..$235k ARV, purchase $139k, rehab $27k. I am tired of paying hard money fees!!!!

0 private lenders come to our local REIA, only hard money lenders. Anyone can help?