All Forum Posts by: Markesha Smith

@Joseph A. I think I’ll analyze it as a flip too.  Thanks! 

@Darren Browne we are walking through with our contractor tomorrow for a more accurate rehab estimate.  @Geordy Rostad This will be our first time working with this hard money lender, I believe it goes down a bit after we work with them more often.  We aren’t putting anything down, the 70% includes the the purchase price and the rehab.  Thanks for the tip on starting early with the city requirements! 

HELP!! We are analyzing as many deals as possible in search of our first BRRRR. We will be using a hard money lender that has already written up a commitment to finance (loan approval) 70% of ARV, 9-month term @ 12.9% interest.

This report is based on us paying the full asking price, we may be able to negotiate the price a bit.  

One thing we are concerned about is dealing with the City to keep things on schedule as this is a fire damaged/vacant property.   Is there something we are missing?  

Thanks in advance!

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*This link comes directly from our calculators, based on information input by the member who posted.

My husband and I recently found a duplex to invest in and would like someone with more experience to look things over to see if we're missing anything. To us, it looks like a great deal but it will be our first time investing and we're feeling a bit nervous about going for it. We will be using a HELOC from our primary residence to cover the down payment. One thing I noticed on Redfin in the sale history is the property was listed in April / Contingent on Inspection and did not sale then was relisted. Again in May / Contingent on Inspection and did not sale then was relisted. Is this a red flag? If so, How should we approach this... will we lose money doing another inspection or is there a way to see what was found during the previous inspections? Thanks in advance!

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*This link comes directly from our calculators, based on information input by the member who posted.

@Tim Joyce Thanks for the response!  We see now that we need to check with him to see if any distant relative are out there who may have an interest in the property. 

@Tim Swierczek Thanks!  That's very helpful. 

Hello, My husband and I are New to BP and Real Estate Investing.  We are interested in purchasing 2-4 unit homes in the Minneapolis area.  We recently discovered there is a home within our family that may not have a true owner. (best way I can put it) 

 A family member with declining health has lived in this all of his life and has been the only resident since his mother passed away over 30 years ago.  The property was never in her name but in her parent's name who passed long before her and they are still showing on the record as the owners.  There is no mortgage and he pays the taxes.

Questions:  The current resident has children. Would they have any rights to the property if he were to pass away or has to leave the home because of health issues?   While he still has a sound mind, is there anything he can do to take ownership of the property in order to sell it?  We would like to take on this property eventually but don't know how to approach it.  Any advice would be appreciated.  Thanks!