All Forum Posts by: Melissa Rivera

when you are looking at a home you want to rehab to fix and flip it. What kind of loan would you use? Are there specific types of rehabbing loans out there just for fix and flips?

0 Votes

Newbie here! Looking to possibly do wholesaling to build up and eventually do rehabs and holds.

So is there anywhere or any guidance on wholesaling like in steps I can follow? Oh can you wholesale a property that has been on MLS listing for months too?

0 Votes

Newbie here! Looking to possibly do wholesaling to build up and eventually do rehabs and holds. So is there anywhere or any guidance on wholesaling like in steps I can follow? Oh can you wholesale a property that has been on MLS listing for months too?

0 Votes

This is awesome!!

1 Vote

Thank you! I definitely plan on looking to get a few contractors to look at it and give me some numbers. So far I have two that are willing to come out but from what they've told me it depends on which bank I am doing a 203k loan with. Not too sure about how that works.

0 Votes

Originally posted by @Carmelo Lopez:

Melissa, From my understanding there are multiple parties involved when using a 203k loan. Bank/Mortgage Provider Contractor HUD Consultant The parties above work together to keep one another honest so be as specific and thorough when outlining the work you wish to have done to your duplex. Interview multiple candidates for each of the parties listed above, ask lots of specific/detailed question's and take notes of all of their responses. Be sure to tackle all the mechanical's and important items first, such as roof, plumbing, electrical etc. as these tend to eat up most of your budget. All the best to you!

0 Votes

Hello all,

Looking to buy a duplex one side is already rented for $1100. Other side needs work. It needs a 203k loan what are some good lenders I can use for first time??

0 Votes

Hello all, Looking to buy a duplex one side is already rented for $1100. Other side needs work. It needs a 203k loan what are some good lenders I can use for first time??

0 Votes

Originally posted by @Zachary H.:

Talk to a builder for the most accurate information... But I do have some advice.

If this land has not been built before and it's not tied into city sewer, you will need to make sure it PERCs. This is to see if you can get septic there. IF it does not PERC, you can still get septic you just have to go through more steps. Also, need to see how much someone will build you a house for. Depending on how fancy you want to go, it can be from $85/sqft (give or take a few dollars and depending on market) and up as high as you want to go.

I know some people have found this to be very profitable and can give you better advice. I have looked into it and have decided to stick to what I know for now, which is buying off the MLS for SFH.

Good luck to you!

Thank you for your advice!! I appreciate it!

0 Votes

Hello All,

Curious to know what are your ideas an advice for buying a piece of land and doing a new build?

0 Votes

All Forum Posts by: Melissa Rivera

Melissa Rivera has started 12 posts and replied 23 times.

Post: Are there any specific type of rehab loans to apply for?

Post: Wholesaling guidance, steps to follow?

Post: Wholesaling help, maybe a guideline written steps?

Post: Connecticut REI Meet-Up: Wed. July 26th @Crave, Fairfield CT

Post: 203k lender advice for a duplex in Bridgeport, CT

Post: 203k lender advice for a duplex in Bridgeport, CT

Post: 203k lender advice for a duplex in Bridgeport, CT

Post: FHA 203k loan lenders? For a duplex

Post: Buying a land/lot and doing a new build, advice??

Post: Buying a land/lot and doing a new build, advice??