All Forum Posts by: Matt Kampf

Andrew Taylor we will be taking the contractor route for the most part. With a 120 day holding period with 45 days dedicated towards the rehab. The mold may just be slight water damage on the dry wall. It didn't look as serious as some of the other properties we've looked at. Houston being a swamp and all that seems like a common thing here on a lot of the fixer uppers that have had some kind of water damage. The house was built in 74' But I agree what may be lurking beneath the surface is a whole other story. We believe with proper remediation (if it's necessary) verification it could still pull in the the ARV.

Andrew Taylor , great advice! Thanks for the info. I agree, and we have taken those factors into consideration. Fixed costs base estimates in the range of 18-20k Very prudent to be prepared for worst case scenario. Better to be over prepared than under prepared in estimates. Alex J. Square foot is just over 2700 and the comps in the area are ranging from 240-290 based on 4/2.5/2 and square footage from 2700-2900. Both current listings and properties that have sold are in this range.

Nick G. , realtor thinks the 130-140 range is doable since the property has just hit the market 14 days ago. He believes the 2-4 week price reduction is probably 5k instead of 10k due to the neighborhood. (Deerfield Village) His assessment is the bank would rather hold onto it for a better offer than allow for 70k to go down the drain at 105k(60%) and we agree. But he said 130-140 seems more reasonable at the ARV we're going for. My wife has been doing base cost analysis for the renovations (she's an interior designer/architect) and is up to 47k on rehab with the list mentioned above. So there is wiggle room in the rehab budget but not much wiggle room on our end for the purchase price. Do I have my eyes set on too big a fish to tackle as a first flip? Or is there still good action to be had here? We feel it won't sit for long given its potential, either on the MLS now and also when it sells ARV

Nick G. We are looking at a between 130-135k on offer price due to the work needed on the rehab. @70% LP = 122,500, @80% LP = 140k Is this a decent offer window for the amount of work needed to rehab? Looking at: New AC (someone stole the non-current one) Roof Slight mold remediation possible Exterior siding New garage door Windows Along with the flooring,paint,kitchen and bath rehab those were the big items we noticed on our initial walk through We've been quoted for 105k towards purchase and 55k toward rehab on a HML But the 105 is a bit low and wouldn't register on the sellers radar according to our realtor. Any thoughts?

"Good amenities" not food lol

Hi BP, My wife and I are looking to pull the trigger on our first deal in the NW Houston area. The property is a fix and flip with an ARV of $260. The property is a foreclosure listing at $175 and is in need of some TLC in a great neighborhood. Lots of potential and food amenities in a 4star school district. We have a HML willing to work with us and are estimating about 60k in rehab. We are looking for potential partners for this deal in order to come in at a reasonable offer price on the contract. Seller is requiring proof of funds which we have obtained but based on the loan amount were coming up a little shy on the purchase price. Any help or advice would be greatly appreciated on where to go from here!

@Santos Collantes, wzup bro!

Sorry didn't get back sooner, hope everybody has a great Easter.

So here's the update. Just as we got our proof of funds letter to our realtor last Thursday and he calls back saying we got beat to the punch by one day! Somebody else got an offer in before us, but may still fall through so we're keeping an eye on it.

Meanwhile property 2, got the info back from the HML and he said the numbers looks a little slim, which we agree with. So waiting on that one to see if it sits on the market long enough for a price reduction to where our numbers make better sense.

Over the weekend though we found another property with a higher ARV and were able to take a look at it today. Ran the initial estimates and it looks cherry! Great neighborhood with hot properties. This property is listing under the current appraisal and median price per square foot.

Waiting to hear back from HML so we can pull the trigger hopefully by the end of the week!

Went on a drive in our farm area and of the six properties we saw this one looks the best and better than the first property we were looking at.

One way or another, analyzing daily on things we find on the MLS so there is always another option coming down the line.

It's a good way to keep the positive mindset going. Stay active and each day we are getting closer to our first deal!

Hey Chris! Have you heard about the Big meetup in Katy by @Sean Dolan?

Update- Another day and another step closer to our first deal!

The paperwork exchange between realtor and lender is in the works and we should be able to submit an offer by the end of the week!

Then comes the negotiations for accepting the offer and our feasibility period to make sure this thing doesn't break our rehab estimates and scuttle the deal.

No problems though since the Lender gave the thumbs up to sending them over the numbers on the second property for approval. Always helps the nervous waiting game to have a back up in mind.

We're in the pipe 5x5!

Jean and I will be there! Looking forward to it and hopefully we'll have nice weather this time !