All Forum Posts by: Michael Majer

Brent Coombs my rentals are owned by an LLC with partnership. This potential flip would be independent of that. Rental income is essentially tied with a separate business partnership.

I have a multi family with one unit 3B 2BA that rents for 1,000 a month. A 2B 1BA that rents for 850. Both within 2 miles of this property.

Thanks for the responses! I did forget to mention those numbers...sorry about that. As is, I think I could get about 40,000 to 50,000. I have started getting estimates for repairs. This would be a complete rehab. (Windows, electrical updates, kitchen and bathroom) Recently (within a year) comp houses (3B 2BA) on this block have sold for 155,000 and 160,00. Houses in the neighborhood can go for 175,000 - 180,000 if done well.

Hello everyone,

I have recently inherited a property (Single family) in Pittsburgh, in a desirable investor neighborhood.  The house needs a lot of work.  There is no mortgage, I now own the property free and clear.  To this point, I have only worked with buying rental properties.  I have never attempted to completely rehab and flip.  I have very little desire to rent this property, only fix and sell.  I have emptied the house of its belongings, begun to do the basic demo stuff.  (Pull carpets, tear down drop tile ceiling, etc) 

I do not have enough capital at this point to fully handle the renovations and repairs.  I have asked around about hard money loans to fund the repairs, and most feedback I have received is that since I already own the property I will have trouble finding a hard money loan. 

I have discussed HELOC on this property, concerned with potential high payoff when I sell the property after repairs. Still looking like a possibility to go the HELOC route at this point.

Has anyone ever been in this situation, or familiar enough with this scenario to provide feedback?  Also, does anyone know of a lender/investor who would be interested in this scenario?   I have little desire to rent this single family property, as I usually work with multifamily.   I'm open to things with this property.  First and foremost, guidance on funding repairs on an inherited property.  

Any help, guidance, or discussion would be greatly appreciated!