All Forum Posts by: Matt Welch

I have a short sale opportunity and I need to get a licensed,reputable contractor inside to give me a bid on the work. Any recommendations are highly appreciated.

I agree 100% with what J Scott said. With that said, if you are considering investing you need to become an expert in the market(s) you want to invest in.

I do not have a yard sign yet. I think I tried to send you a colleague request, not sure if it went through.

I am in San Diego, but will be in LV this weekend and am planning on putting up some yard signs and getting the property rent ready.

Closing on my first rental in Vegas this week. Not having much luck with Craigslist for generating interest thus far. I know this is the slow season for rentals in LV. Does anyone reccomend using other sites to list for rent properties in Las Vegas?

Thanks.

Closing on first rental property this week in Las Vegas. It is in good condition, but will need some minor cosmetic touches to get it rent ready.

Can anyone recommend some reliable handyman in the Las Vegas/Summerlin area?

Thanks

Is there a local bidding service anyone is aware of in Travis County that will bid on behalf of out of town investors?

Similar to AZbidder.com?

Thanks in advance for your replies.

Thanks Jon, you make a valid point there.

Thanks for all the replies. The rates is 4.25% with 2.5 points. I learned today that you can't use the Fannie Mae renovation loan for a flip but you can use their regular homepath loan that is available to investors. It requires 15% down and the rate and points are as stated above.

I will have to look further into the insurance carrying costs and selling costs. No Hoa's no lawn maintenance. Easy flip really just carpet, paint, some work in kitchen and a little landscaping in the backyard. And yes the deed restrictions do apply I have to hold for 90 days. I took a look at all this info and the deal looks like a no go.

On to find the next one. Thanks for the help guys.

Been reading a bunch on here lately and wanted to see if I am running the calculations correctly for a hypothetical flip.

Cash Outlay: $50,340

Purchase price: $160,000 (10% FannieMae Homepage Renovation Loan)
Rehab: $15,000
Buying costs: $6,600 (is this way too high?)
Selling costs: $8,600
Holding costs: $4,140
ARV (sales price): $220,000

Profit: $25,660

1) Assuming my estimates are correctly am I calculating things correctly?
2) Would any of the pros out there pursue this flip or are the margins too small?

Thanks

Has anyone had success with these loans in Ca?

Sounds like a great way for an investor to get their start!