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All Forum Posts by: Manuel Varela

Manuel Varela has started 3 posts and replied 3 times.

hi i was wondering what documents you recommend using when borrwoing money from an investor. is a promissary note enough?

Post: if you had 230K to invest what would you buy?

Manuel VarelaPosted
  • Pasadena, CA
  • Posts 3
  • Votes 0

I have some cash burning a hole in my pocket that I want to use in real estate...what type of property profile would you buy if you had 230K at your disposal?

Post: should i flip this property?

Manuel VarelaPosted
  • Pasadena, CA
  • Posts 3
  • Votes 0

i found a small 2 bed home for sale 750 sq feet for 185K, which needs about 15K worth of work...a flipped home on the same street just sold for 315K but is 950 sq feet and totally flipped.

should i buy it at 185K, then flip it and add 1 more room (roughly 225 more sq feet) to make it 975 total sq feet, at a cost of 25K or 110 per sq foot

185 purchase +25k in additional sq feet + 15k flip = 225 all in

After Rehab Value (ARV) = 320

would you flip this and sell to get gross 95K?