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All Forum Posts by: David Schneider

David Schneider has started 9 posts and replied 41 times.

Post: Where to invest?

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Hey Mike, I'm a new investor looking at properties in the Sapulpa and Glenpool areas. Either of those the suburb you mentioned?

Post: Rehab on a 203k in Tulsa Area

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Hey Elliot,
I'm going to have to my contractor about lighting, just to see what the available options are.

As far as 203ks paired with shortsales, it's still early for us but it's going pretty quickly. The shortsale is with BoA and that's giving us more headaches than the 203k side. Basically, you're just going to have to go through 2 appraisals in conjunction with your rehab...so extra costs and headaches there.

Ill post more when I'm further in.

Post: New Member from OKC

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Hey Alex, welcome to BP. I'm a Tulsa native, so its good to see a fellow Okie.

Post: Interested in some good books?

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

I'm definitely interested. Thanks for attempting it.

Post: Rehab on a 203k in Tulsa Area

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Just FYI, that ----^ is not at all how the formatting looked in the create topic page.

Post: Rehab on a 203k in Tulsa Area

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Hey BP community,
My wife and I are looking for our first home and trying to do a minor flip to get our feet wet.

After passing up some good deals, we've found a house that makes sense financially and we like emotionally. (in that order)
It's a 3 bed 2 bath 1800sqft house with an extra large living room and a small craftroom/office thing.

It's a short sale, listed at 55k. It's was on the market at 59k for 6 months and only 3 people went inside because:
The yard is a mess. Utterly overgrown and trashed. The house is in really good shape though. The external has new siding within the past 3 years, and it looks like a newer roof. The listing agent said most people won't even go inside because of the yard.

We're planning on offering 45k and looking to do about 30k in rehab. There is a similar house in year built/sq ft/lot size just a block away that sold 2 months ago for 123k. So we feel pretty safe. We don't have to make 30k in profit because we're planning on holding it for 2-4 years while we live in it.

We're on a 203k loan (and we've talked to the listing agent and mortgage broker and both feel we can get the loan done before the sellers bank demands closing) and a 203k wants licensed contractors to do most of the work.

So without further ado:

Repairs Number of units Cost
Drywall repair 25/patch x 5 500
Tiling in Kitchen 7/sq ft x 84 650
Refrigerator 1 2500
Dishwasher 1 500
Granite counter tops 60/sq ft x 54 3200
Oven 1 600
Paving the driveway 75/# of square yards 2500
Updating 2 bathrooms 2 2000
New fencing 200 lin feet 1500
New Carpet 400 sq ft 1500
OR Hardwood floors 400 sq ft 3000
Dumpster 1x2 500
Landscaping 3 yards 1000
Opening front porch windows 300/window x 3 900
stone walkway .05 x 5616 sq in 310
Paint interior 1800 sq ft 500
Labor .5 of total cost 10000

30160

Offer on House 45000
Rehab amount 30000
Total loan amount – down payment 72375

Closing costs 4300
Down payment loan 2625
Upfront Cash needed 6925
Monthly payment ~550/month

Do those numbers look anything close to realistic?

Post: Can I buy a multifamily home with an FHA 203K?

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Thanks John. I figured that was the case. Thanks for all the imput.

Post: Can I buy a multifamily home with an FHA 203K?

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Hey BP,
I'm looking to buy a home with a free standing detached mother-in-law apt. Its independent enough it could be considered a 2 unit home.
I looked on FHAs website and they said the 203k can be used on a 1,2,3, or 4 unit home. But my realtor says because its detached fha will consider it an investment property and won't loan on it.
Has anyone bought a home with a detached apartment with Fha or specifcall 203k?
Thanks

Post: Contractor Questions: single or multiple

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Hey BP Community!
My wife and I are looking at doing our first rehab. Its a fairly large project. It'll need foundation repair, siding, refinished hardwood floors, kitchen remodel, and probably some electrical work although that hasn't been inspected yet.

Is it better to get one general contractor or several specific contractors for each of the different jobs?

Also, any of you in the Tulsa area who want to shoot me a referral, Id appreciate it.

Post: New Tulsa Investor with "great potential"

David SchneiderPosted
  • Investor
  • Sapulpa, OK
  • Posts 41
  • Votes 2

Thanks guys. Its not that FB was a bad sell, I think the program mightve been worth $25,000. Especially since they included custom software and direct mail fullfillment. But after reading some BP forum reviews I figured Id be better off with a local REI that I can meet face to face and who already knows my neighborhoods. Our first REIA meeting is actually on Valentines Day. (My wife was actually kinda cool with that). So I'm looking forward to meeting some folks there.