All Forum Posts by: Nailah Diaz

Who would you recommend for Fix & Flip Lenders (NJ Properties) ? Currently have discussed Terms with "DoHardMoney", used "LendingHome" Calculator but have not gotten anyone on the phone. 

I'm finding that for First Time Flipping, the INTEREST and Initial Fees with Lenders are killing the Profits. How are you to get into this business without "Flopping" financially? The Lenders want Interest, limited Rehab funding and added Point Fees.

Please help!

Thanks

There's a Single Family property for Foreclosure. 1304 SFT, 3 Beds, 1 FB, 1 Unfinished Basement, 1 Garage with Driveway, LR, DR, Kitchen.

The approximate Fees due are $72,000. This includes the balance of the Mortgage $44000, Taxes, Sewer and Fines that I've researched. According to the Owner, there is No Underground Storage Tank? Hummm, not sure about that, so I'm awaiting the result of an OPRA request. Homes in the are for the same property go for about $379,000

Questions:

Should I have a Home Inspection done before going to Sherriff Sale?

How much should I pay for the property MAX?

What risks do I run other than looking for an Underground Storage Tank?

Research is showing Contractors estimating $250 psf for a GUT/Renovation... Seems VERY HIGH? 

What is a Realistic COST/ PSF for a GUT Renovation? 

Any recommendations on VERY GOOD CONTRACTORS in the NJ area for GUT/Renovation?

Thanks so much!

Nailah Diaz

I'm interested in purchasing an investment property, however I found out that it is Bank Owned C/O RESICAP in atlanta GA. I reached out to them and they mentioned that they usually Renovate the Home and then Lease it? Rarely do they just sell the home?

Has anyone worked or purchased a home from RESICAP?

I'd prefer to just purchased this foreclosed home AS-IS and not have them Renovate it.

Any suggestions on my presentation in the email, should I let them know I"m a Realtor or just initially inquire about purchasing the property without renovations?

Great, I've looked up some properties and found 1 listed by US Bank Trust NA with a listing Agents Name. Do REO Listing Agents only List with certain Bank Owned Clients?

Hi,

I've found a property that is owned by U.S. Bank Trust NA. It is not listed on the MLS, should I hire a REO Buyer's Agent to look into finding the REO department so I can purchase? Although I'm a Realtor myself, I don't have experience with REO properties or the process. Just want to get some feedback on what steps to take. It would be a CASH purchase with the Bank.

Thanks for some detailed help!

Nailah

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi Bigger Pockets,

I'm reviewing this property that is BACK ON THE MARKET.

It was Under Contract BUT, seems the Buyer had a Soil Contamination Test and it FAILED according the NJDEP.

The Soil Report suggests needing the Oil Tank Removed (est $1750 online research) + having Soil Contamination fixed to within

NJDEP limits. Please see attached Flip Calculator infor. The $100000 rehab is including this Soil Contamination and indoor rehab.

Please be honest if this is a realistic estimate along with needed indoor rehab for a 2 FAMILY.

Thanks so much!

Nailah

Thank you so much Jon. I'm not sure how much work is needed inside.

Just did a quick assessment via the pics so not sure if there are structural

or plumbing etc. issues

Wow! Thanks for the detailed feedback. A big help.

Hi, I'm looking forward to my First Fix and Flip and learning from your experiences..

I've been researching this property. History shows the seller orig bought it at $186000 and is reselling for $219000 AS-IS. It's a large property - 3 Unit, 2554 sqft with a driveway. With an estimate Rehab Budget of approx. $27per sqft = $70,000. I'm questioning this deal because unless you spend less on the Rehab and increase the ARV by looking at high end comps 340000, it seems too expensive...but maybe I'm misjudging.

Any feedback on evaluating whether this unit Property is worth it?

Financial Breakdown using Fix/Flip calculator:

Purchase Costs
Purchase Price ($194,698.37) 

Purchase Closing Costs ($1,500.00) 

Total ($196,198.37) 

Rehab Costs
Total Rehab Costs ($70,000.00) 

Total ($70,000.00) 

Holding Costs
Monthly Holding Costs ($3,427.00) 

Total Days Held 187 

Total ($21,361.63) 

Sales Costs
After Repair Value $349,000.00 

All Selling Closing Costs ($500.00) 

Real Estate Agent Fees ($20,940.00) 

Total $327,560.00
Total Profit for Flip $40,000.00

Thanks so much for your feedback!

View report

*This link comes directly from our calculators, based on information input by the member who posted.