All Forum Posts by: Paul Nagy

Hi Wale, I’m interested in any contractors you might recommend for a Remodel that is currently Dow to the studs (property had a fire) Thanks in advance, much appreciated!

Harrison, sent you a PM. Thx!

Howdy! I'm going to start doing flips in the DFW area and am looking to build out my team. I could really use recommendations on contractors, stagers, and investor-focused real estate agents. Thanks in advance, much appreciated!

Patrick - hello! Could I please have your contact info for Wildcat Lending? I’m looking at doing my first flip in Dallas and am building out my team. Thanks, much appreciated! Paul~

Hello - I'm a seasoned SFH investor but new to fix/flip. I'm interested in learning about using hard money lenders and if anyone has recommendations on reputable ones and their experiences, please? Thanks!

@Ned Carey - Awesome, Extremely helpful information! Much thanks! Question, It seems as if your strategy is vacant homes and I’m curious if you Have any other tips that help you to find properties that you have a better chance to foreclose on?

Example, are out of state owners better, are liens over a certain dollar amount better, etc? I ask because I read that upwards of 98% of tax liens are actually redeemed by the owner, however you seem to be having a much better batting average! Again, thanks Ned. 

Bump.

Thank you everyone for the responses - With the clarified information from above does anyone else have any ideas?

Thanks and Happy New Year!

Thanks everyone for the responses - I've read them all and the insight is greatly appreciated.

Both loans were interest only for the first 10 years; for the past year they have both included principal.

There is no room to raise the rent again as it was just raised $100 in December.

I can't currently refinance because of the condition it is in.

The estimated $75,000 for rehab is based on making it top notch (granite counter tops, premium finishes, all new fixtures, etc) I should be able to get into general sellable condition (not fancy or updated but livable meaning new paint, refinished floors, new carpet, etc) for approximately $45,000

Thanks,

Paul~

Hi Josh, thanks for the quick reply! The appraisal was last week and the appraiser said the smell was so bad from the animals and the way the tenants live that he couldn't even give me an immediate accurate number! But, he said he'd estimate $175k to $200k.

Hello and thank you in advance for your ideas/guidance and help. It is honestly much appreciated!!

I purchased my first rental property 11 years ago with zero knowledge of what I was doing and today things are only worse...The house address is 5120 NE Ash Grove Drive, Lees Summit, MO 64064 in the Lakewood area. It was built in 1987.

The house is 3600 sq ft, 5 bedrooms (4 above grade, 1 below) 4 bathrooms (3 above, 1 below). Above grade square footage is 2100 and below grade walk out basement is 1500. Also in the walk out basement is a full kitchen, living room, etc. 2 car garage.

I paid $262,000 in 2006 and purchased it with a $0 down payment, no income, no verification interest only loan for the first 10 years. The current balances are:

1st loan $208,000 at 6.75 Monthly payment is $2,152.56 PITI with 29 years remaining.

2nd loan $47,326 at 9.75 Monthly payment is $456.48 with 29 years remaining. 

The tenants have been there for 10 years and pay $2,150. The interior of the property is very bad (appraiser told me most foreclosures are nicer!) and i'm guesstimating it would need approx $75,000 to bring it to selling condition. Earlier this year I put on a stone coated steel roof for $28,000 and had it repainted/wood rot siding repaired for $3,600

With the $75k repairs it would be worth approx $300k on the low end and $325 on the high end. 

I have no idea what to do with this property, I'm 40 years old and really don't want a foreclosure on my credit report and I also don't have the $75,000 needed for the repairs (although I could put together $50k during 2018)

Thank you, Paul~