All Forum Posts by: Matthew Cowan

Thank you for the insight @Timothy Brubaker, I appreciate it.

@Timothy Brubaker

 Thank you for the input, I do have a construction background and I did a pretty extensive inspection when i was there the other day.  I am comfortable with the renovation number. That being said, in your experience how likely is it that I will be able to get this property for 40k+ below asking?  

Hello BP members, I have been doing some research on here about my situation and I have not been able to find anything that is exactly like what I have going on.  I apologize if I have blatantly missed  another post that has this info already. Any insight would be greatly appreciated thanks in advance.  Here we go....

My wife and I are trying to sell our house currently and I have been looking around at a few house in our area and have come across one that looks promising.  I have been back in forth with different scenarios that we could do in order to accomplish purchasing this house but I am sort of stuck.  

When our current house sells we will walk away with hopefully 30k in profit.  

The house that I am looking at is bank owned, on the market for 127k. I walked through it the other day and it is a complete gut rehab. I would conservatively estimate rehab costs of about 60-70k. The ARV for this house conservatively would be about 190k.

This house has been on the market for 100+ days, has been empty since 2011 and I am hoping to offer around 70k for the house.  It is a 4 bd 2.5 bath.

My conundrum is how do I go about purchasing this house with a renovation tied in with no money down until my house sells.  Aside from just waiting until my house sells in order to get traditional financing I wondered if there were any tricks of the trade out there that could help me.  

Also the house is not in FHA livable standards so FHA/203k loan is out of the question.

Thank you very much to all input.   

Thank you everyone for being so welcoming.  

@Eric M. thank you for the lead I will have to do some more research on that for sure.  

@Brandon Turner I have been listening to the podcast religiously, they are awesome! You and @Joshua Dorkin are quite humorous, you guys make it very fun to listen to.

@Eric M. , There is primarily one builder who is doing tear downs in my neighborhood, however there are a couple more over the last year now trying to get a piece of the pie.  You mentioned transactional funding, would you mind explaining that to me or pointing me in the right direction if good info already exist out there regarding transactional funding. 

Thanks so much. 

Thank you everyone for the information, @Darrin Carey that post that you linked to is very informative I had no idea that was such a potential problem. 

Thank you, Elizabeth C.  that is an excellent tip I will have to check out your blog, as working full time is something that I'm am doing right now.

@James Wise Thank you for the welcome! 

Hi @Darrin Carey  , Thank you so much for the warm welcome and the great information right off the bat.  I will definitely check out the convention coming up, thank you for that. 

Please excuse my ignorance, but my goal was to use the builders money to finance the deal with an assignment. Do I physically have to own the property with other financing in order to get it under contract? 

Hello to all, My name is Matthew and I am brand new to bigger pockets.  I am very excited to be a part of this community it seems as though there is an endless amount of info on this site.  

A little about my self, my wife and I are looking to get into real estate investing and we are brand spanking new to the industry.  We live in the Cincinnati area and are hoping to start our first deal soon.  

I'm going to jump right into a question that I have, any advice or insight would be greatly appreciated.  There is a builder in my neighborhood that is buying older homes for around 90-110 range and tearing them down for new construction.  The house 2 doors down from me is in probate and my wife and I are hopefully going to buy that as our first property.  

My question is how do I bring the builder to the table and hopefully set up a simultaneous close without the builder swooping in and buying it out from under me direct from the estate owner? 

Thanks in advanced!