All Forum Posts by: Mike Gorius

Search Facebook for local wholesale and off-market property groups. You'll get a lot of tire-kickers, but if you look hard enough you'll find experienced folks.

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I'll pile on with everyone and agree it's Batch.

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Quote from @Jordan Rodriguez:

Hi Everyone,

My name is Jordan, I'm new to Bigger Pockets and real estate investing in general. Originally from Colorado and relocated to South Florida about 6 years ago. I am looking to start my portfolio but face many of the same road blocks as first time investors.

I've wanted to get into real-estate investing for some time but never knew how and it seemed like something that only the top 1% can do. However, I'm ready to jump into the deep end this time and am primarily interested in a mentorship/partnership to help me through my first deal (and hopefully many more). A possible opportunity arose in that my wife recently got a new job closer to the Miami area and she has been commuting from our current location in the in the palm beach area. Traffic is horrendous and we are looking at getting an apartment closer to her new role. We bought our home in Palm beach back in late 2019 and was a new construction. I do not want to sell it but was thinking about making that our first rental.

Any advice, recommendations, or introductions are welcome.

Jordan

@Jordan Rodriguez - Welcome to BP and REI! This is a great community to network and ask for help, and there is no such thing as a dumb question. I have met multiple mentors and friends through BP. I also recommend reading any BP books that interest you. I bought my first rental by following the out-of-state investing book step by step.

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The next approach would be to bring all paperwork from the sale and rehab(s) to a lawyer familiar with real estate law in your state. They'll be able to tell your friend if they have a case based on what the contract says.

It'll be tough for anyone on here to answer this without reading the contract.

Most cases are based on previous cases (obviously not all, but most). You and your friend can research past similar instances in your state and see how those played out in court. Who won/lost, etc. That will give you an idea if this is worth your friend's time. Again, a lawyer is the best bet, though.

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That's what I love to see!

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Louisville, Kentucky

Quote from @Issac San Miguel:

I saw this deal - I think you could do this rehab for $115,000 - around $75/ft.

If financing the property without the seller, you're likely looking at 20%-25% down with 100% of the rehab funded.

I think your ARV is conservative - which should only help you when the appraisal is completed.

Feel Free to reach out.

Isaac, those numbers are getting me too excited for this early in the day, man. Come on now! lol

I appreciate the offer to reach out if needed.

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Austin, Texas

Quote from @Jay Hurst:

Quote from @Mike Gorius:

Hi Everyone,

I live in Phoenix, and I'm under contract for a single-family detached home in University Hills. I was able to secure seller financing, which leaves me to find funding for the rehab. This will be my first time working in Austin, so I have no contacts. Does anyone have recommendations for a private money lender who would be open to lending the rehab costs? Comps are below.

400K for the home

150K in rehab

650K ARV

Thanks,

Do you have any other properties you could borrow against?

I could pull 90K out of my primary with a cash-out refi, but the wife is loving our 3% interest rate and is not a fan of the higher payment. I agree with her. Working on securing a HELOC, but they're telling me funding won't come for another 60 days. My only other property is a duplex, but I secured that in June, so my only equity is the downpayment.

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Austin, Texas

Quote from @Riaz Gillani:

Congrats on securing the contract ... it could be tough getting a loan for the rehab costs from a private lender. Very few (if any) are willing to be in a second position. You should explore raising money from friends or family, finding a partner for the deal, or business credit (a $150k budget is probably too high for this ...).

A HELOC is a great option also if your primary has some equity. But this deal specifically is pretty tight on margin (85% Cost to ARV) so do all you can to keep carrying costs low - maybe even see if its possible to lower the budget.

Thanks for your reply. The seller is also willing to accept cash. Another option would be to find a lender to carry the home and rehab. Do you still think the numbers are too tight?

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Austin, Texas

Hi Everyone,

400K for the home

150K in rehab

650K ARV

Thanks,

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Austin, Texas

@Andrew Garcia - Thanks for your reply.

Yes, he just replied saying there was a calculator typo and the payment will be $2,200.......so that's out.

I had not heard of a HELOAN, but will look into this as it is enticing!

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Phoenix, Arizona

All Forum Posts by: Mike Gorius

Mike Gorius has started 6 posts and replied 29 times.

Post: Wholesale buyers (Investors)

Post: Best Skip-tracing sofwatre for wholesalers

Post: Starting Out & Here to learn

Post: House with various problems

Post: Ford announces 500 new jobs, $700 million investment into Lou

Post: Rehab Loan in Austin, TX

Post: Rehab Loan in Austin, TX

Post: Rehab Loan in Austin, TX

Post: Rehab Loan in Austin, TX

Post: Cash out Refi vs. HELOC