All Forum Posts by: Darshan Patel

Thanks Simmy, unfortunately none are at that stage. One the is close to it is planned to be on market mid January. Refinance won’t work for that since it’s heavily leveraged won’t cover hml and gap. I am reaching out to cash for homes people. ALot seem interested, so we’ll see what happens.

Currently have 6 properties we flipping at once, trying to reduce the strain on the cash flow by selling off some of the properties to help finish the rest off.  I posted video online of the property, https://youtu.be/zMQnFjvkaNk.  I'll post the other properties too; please pm me with any questions, or offers.

Has structural issue, waiting on plans to fix it, and along with plans to add more living space on the first floor to create a duplex.  Our original plan was not duplex, and was to be moderate rehab and sell as single family, but more work is need and makes sense as duplex (refinance after) for the level of effort.  Feel free to contact me for more details, also open to partnerships too, we do have big portion of construction draws remaining.

We have property located 44 e Barber ave, woodbury nj  (https://www.zillow.com/homedetails/44-E-Barber-Ave...); that needs to be either sold to someone who willing to finish up or help finance to finish as partner or gab funder.  I'll try to be detailed as i can.

Remaining items

Need Fireblock/insulation inspection done (already had contractor install the fireblocks)

Need drywall installed afterwards- Paid already 1500, 1500 after completion

Need floor/carpet - Estimated 3000

need paint- 3500

HVAC and vents installed, need 1k to finish

Electrical lighting installed need 1 k left

Bathroom plumbing done, along with tub, needs rest completed

New main door

Kitchen cabinets along with countertop, 

Replace interior doors x5

Gutters

Trims

Dirt needs to be shifted in backyard

Completed so far

New Driveway 

New Rooftop

Already have most appliances there (stainless steel)

Plumbing installed along with inspection

Electrical done along with inspection

Trees trimmed / removed

Laundry section complete, just waiting for inspections to wall up.

I'll try to make more detailed list  to send to anyone interested in this property; i'm pretty sure i covered it all, but please contact me if i did miss anything.  i'm going based on what i was told, i'll try to upload pictures and email for anyone interested (may not be able to get to property till Wednesday the earliest)

We came with the arv of around 140k;  Looking for around 90k.  If not enough cash, we open to partnerships or gab funding to fund remaining costs, and open to either interest or flat rate for funding.  Additional note, we do have draw of around 10,000k remaining on it, that will be paid out at completion of rehab.

Thanks Again Doug!

So my first property I was hoping to have on market needs it’s gas pipes (from street to the meter) replaced. Pseg will pay for it and do the work. My concern is the duration. Anyone had gas pipes replaced by Pseg, know any timeframe for their work? I’m really hoping for quick turnaround but doubt it, so any info be appreciated.

@Johann Jells

I don't know what they were thinking, I'm gonna check my other properties drywall and actually measure it to be sure, weather its drywall or electrician that is screwing up.  

We got a handyman that will take care of all small items, and issues.  The gaps he will take care of too.  Thanks Johann

@Brian Pulaski

This is a flip, I am hoping joint compound will take care of this; this is on the handyman list, i rather not screw it up.  Behind the stairs, i saw horizontal sticks of wood, not sure the exact terminology for those.  I'll post updated picture of fixes once its done.  Thanks again Brian

Thanks @Darren Hutton

Gonna leave it to the handyman, i'll try to watch and see if he can explain as he works.  

@Jim Adrian

We gonna have talk with electrician, see what his take is.  He should have at least said something.  Same with drywall guy and gap in stairs.  I can't believe i didn't see the stair gap till recently, i need to be scrutinizing every area with a fine comb (this more on me for slacking/focused).  Thanks Jim

@Jim Kalish

Thanks Jim, i agree too, me and the handyman have many things to do as it is, without adding more to it.  

I'll post update with pictures, hopefully soon

@Doug W. 

Thanks Doug, I never considered it that way; does that work with all levels of rehabs?  Would the 40% be enough to cover the labor/material, say for a complete gut, until concealment inspection passed?  Or do you modify it based on your project, like increase deposit at signing or additional draw if needed before concealment inspection passed.  Thanks again Doug

Thank you @Bruce Lynn for the advise.  I never thought about it like that; I'll diffidently keep it in mind.  Hope it never happens, but more i know now, the better prepared.

Hey Donald

Did you get cap ex factored in? If so, what number did you come up with. If you can provide figures for your property, on taxes, insurance, HOA etc, We can see what cash flow will come to.

As for HML, they would be the choice if your property can't be "occupied" because regular banks wont loan on those. Though the interest payments would be high.

If your bank would loan you, i would go with them, better rates.   And refinance your money out; important note: once you refinance, your new mortgage payment should be considered too when calculating cash flow.

Of course if you gotta close fast, then HML, if you have time banks.