All Forum Posts by: Janaye Joyner

I am looking to buy a building to open a new business that will expand my current business, I am a photographer.

I’m not sure the proper loan needed and if this is possible as I know their are several options for business loans, lines of credit . I have ran numbers, and with rehab (estimating high at about $75 a square foot with a building lot size of 3,823 sq foot) we are looking at a rehab of more than likely around 200k plus as a figure, this is zoned for M-1 currently.

The building is $390k, my main concern is making sure we have our numbers as spot on as possible (I know numbers can change once renovations began) as this is would be my very first investment property without completely being in over our heads. As a recap looking for insight on the best mode of action to take for writing an offer (hoping to negotiate for less) and the best loan for this deal. Thank you!

 Thank you Matthew! Appreciate your advice.

 Hi Alexandar, 

We are finding that with most HML we have contacted the option of factoring the rehab costs into the loan is not there, looking for a lender to offer rehab costs.

Hello, I am located in California and my husband and I found a house that has the potential to be a flip. We have money to put down, our credit is solid and we have a trust worthy and hard working relator (currently in the process of getting my RE lic) who is helping us. I am seeking advice in regards to a Hard Money Lender. We have been in contact with a few Hard Money Lender's via BP website. This will be our first flip, we have listened to BP for two years, read nearly every investing, house flipping book recommended, listened to any Podcast that we could obtain to become as educated as possible. 

My fear is something going south with this purchase and us not getting a loan in time and someone else buying the property before we can.

The asking price for the home is 85k, needs possibly a new roof, HVAC, the pool is in bad shape needs new equipment, walls have holes punched, and windows all need to be repaired, this will be a full rehab. My husband works full time at another job so I am trying to create a renovation report with detailed plans to submit to a lender, just not too sure how to create a professional one. Any advice would be greatly appreciated thanks!

Hello, I am located in California and my husband and I found a house that has the potential to be a flip. We have money to put down, our credit is solid and we have a trust worthy and hard working relator (currently in the process of getting my RE lic) who is helping us. I am seeking advice in regards to a Hard Money Lender. We have bene in contact with a few Hard Money Lender's via BP website. This will be our first flip, we have listened to BP for two years, read nearly every investing, house flipping book recommended, listened to any Podcast that we could obtain to become as educated as possible. 

My fear is something going south with this purchase and us not getting a loan in time and someone else buying the property before we can.

The asking price for the home is 85k, needs possibly a new roof, HVAC, the pool is in bad shape needs new equipment, walls have holes punched, and windows all need to be repaired, this will be a full rehab. My husband works full time at another job so I am trying to create a renovation report with detailed plans to submit to a lender, just not too sure how to create a professional one. Any advice would be greatly appreciated thanks!

@Kris Haskins Great point made. We are actively looking for the right house and are open to having a foreclosure as a rental. 

It would just depend on the deal for a foreclosure. The specific area we are are looking at the moment does not have many foreclosures since the market has been recovering, but it's a great renters market, houses range from about 160-215k depending on lot, sq. ft. I am confident there are foreclosure deals out there, just a matter of being patient and finding one.

Rentals with pools just freak me out with liability and all of that, no thanks. 

I am currently getting my Real Estate license so I can have better access to the MLS. We are also considering trying to gain a few rental property's and then selling when/if the market went up in a fear years. Hopefully this makes more sense and I am not rambling.

Hello BP,

My husband and I are finally ready to purchase a rental and or foreclosure property. We are conflicted as to rather we should invest in a rental and or a foreclosure for our first purchase (our goal is to eventually invest in both rentals and foreclosures) Also we have heard it is a bad idea to purchase a rental with a pool due to liability, however we live in a very hot city in California, most tenants like the idea of a pool. Also- if anyone could please recommend an online real estate school that would be greatly appreciated! 

Thank you!

Janaye Joyner

@Eric Belgau I am happy to hear other couples have been in the same situation. Your advice is appreciated, I agree a Real Estate agent can defiantly help guide people in the right direction of home upgrades so you avoid spending thousands on renovations, if our home was bought at a discount for example a FLIP I would be more willing to invest in upgrades but the home was purchased as a foreclosure in a high market and is in pretty good condition as is, Thanks for your advice!

@Bob Gordon , my main objective in regards to obtaining my Real Estate education/licensing is to represent my husband and I for future real estate investing. We are in the beginning stages and wanted to utilize our first home as a learning experience. I am not sure if I will practice real estate full time but defiantly interested in the business to furthermore my education and marketing skills to be successful in our furture goals.

Thanks again for the helpful advice everyone, @Mark Ferguson the MLS access I perviously mentioned was through a Flatrate.com service I didn't clarify that too clearly, sorry about that.

I do feel an experienced agent is the ticket to making a fast/smooth sale, I was only curious to see if it were worth the extra work to do it ourselves soley for more profitable intentions.

Would upgrading the kitchen and landscaping seem to increase the value of a home? I have received mixed feedback from numerous real estate agents about that. Our tile in our kitchen is outdated and has minor cracks, our kitchen in the home is a huge selling point.

I personally do not want to invest much in upgrades but my husband feels its necessary and beneficial in the end. A real estate friend who's been very helpful suggested to NOT dump money in anything unless it's literally falling apart.