All Forum Posts by: Oscar Brooks

@David Moore, another David on the chain has sent a few folks a spreadsheet.  Kevin Moen meant to request the spreadsheet from David K. 

Ryan,

I'm very much a first timer as well, but what I've been told is that 203(k) requires a itemized list of the repairs and costs to validate the loan amount. This needs to get checked out which can add time to the closing process. In a competitive market (which is sounds like you are in) that extra time can make your offer look less attractive compared to conventional loans. Just something to consider. I'm still planning on going the 203(k) route, but I'm aware that may be a factor.

@Geoffrey Serdarhope that you post progress reports along your journey so that folks like me can learn from you. Looks like you did an awesome job with your flips. Clean, simple, bright so I think your new investment will turn out awesome. Best of luck.

@David K.Would you mind sharing that with me as well? I put together one of my own, but it is not as comprehensive as the one you describe.

Congrats @Jackie Sladky! That's pretty quick, less than 2 weeks ago you started this thread and it looks like you now own a 4-plex!

What made your offer more 'solid'?

What an interesting dilemma. I have no advice to share, but just wanted to say that this is exactly why BP is so great. I can't imagine you would find an answer to this question anywhere else. Best of luck and I hope you find a solution you feel good about.

I've always been curious about this. Thanks all for the input.

Thanks for the replies gentlemen. @Ryan Tyler, thanks also for the colleague request. 

@Dean Harris,

Looks like we have similar plans for our first property. Do you have specific neighborhoods in mind? I'm casting a pretty wide net, but still not finding much available. Have you found a lender that specializes in REI/FHA? Best of luck!

@Logan Allec thanks for the spreadsheet and the advice.

Jackie, thanks for starting this topic. I just signed up for BP and this thread is addressing one of my biggest questions.

I'm seeing the same thing as the previous posters. My wife and I are looking for our first place and are interested in an owner occupied duplex in Minneapolis (currently renting in Lowry Hill and love the area). Have checked out a couple that are at or near 400k that were snapped up quickly despite some major issues due to deferred maintenance.

Despite having the advantage Bruce mentions of being owner occupied, the numbers are still disconcerting to me. Even though we plan to live there, we see this as our first step towards a real estate portfolio so we are certainly just as concerned with profit/ROI as any investor would be. We are planning to finance using an FHA loan + live at the property for a year. Tim's approach seems very sensible, so we may expand our search area.

Are there any rules on this forum about describing specific properties? Inventory is so low I can guarantee that if I specify neighborhood and duplex everyone on here knows which property I'm talking about already anyways. I'd be curious to see how folks would analyze a property to see if I'm even running the right numbers.