All Forum Posts by: Obed Calixte

There’s two good ideas above.

What’s their reason for selling? Is it solely to retire out of the business or do they need the money?

Understanding their objective will help guide you.

Welcome! What drove your decision to focus on RE investors mostly the past 2 years?

Welcome - you're definitely in the right place. I'm sure the "Real Estate Development & New Home Construction" forum would enjoy your insights.

How did you come up with the repair estimate? Did you already purchase the home or  are you currently under contract? It's a little unclear where in the process you are currently.

If you haven't purchased yet, you may benefit from looking at the 203K loan. The loan will allow you to wrap the rehab + purchase cost into one loan. 

Depending on the lender, occupancy of any type may be against terms. Check terms before considering renting it out.

Look for someone that can lend you the funds for 2-3 months of payments and remainder of the repairs in exchange for equity/payment at sale. As Nate said- find methods to make additional income in the interim. 

You can also put up a coming soon/for sale sign outside to start initiating some interest or list it outright.

The question you're asking here, would be worthwhile asking the township --if you haven't already.

Get a plan of action from them and see how you fit into that picture.

It's difficult, but separate your emotions from the situation at hand. 

Understand the seller's motivation, be willing to forgo/reduce your commission significantly or pay your own closing costs  in order to get the number that works for you. Also, submitting an offer with upfront intent to renegotiate the price afterwards is questionable. 

What are the reviews and ratings like for the STRs in the area currently? Are they fair, mixed bag or terrible?

 What's your risk tolerance? If it is moderate-high, then the gentrification play may best align. If you are highly risk adverse, then the more stabilized areas may be best. 

I’ll be interested to follow your progress on this. 

One firm that I see consistently doing commercial projects is Peregrine Construction Group. May be worth a chat.

 I will defer that question to a CPA.