All Forum Posts by: Patrick Rowe

I have a hud property under contract. I tried to get the utilities on and the permit office says the water needs to be on before they came out. I spoke to my realtor about turning on the water and she said Hud will not allow us to turn on the water because of leaks. I need the utilities on so I can get a home inspector out to inspect the property. I need some input on what I can do in this situations.

I have my first rehabb under contract for $62,000 it's a 3br/2ba 1531 living area. I have a local bank that will finance 90% of the deal. There are housing in the area selling for $90 per square foot. My banker had the house appraised and it came in at $106,000 which equals $69 per square foot arv. I estimated around $10000 - $12000 in repair costs. My questions why is the appraisal come in lower and do you think this a good deal? There is one pending at $85 per square foot and it will close on the 3-29-13 l. Also there is on active at $90 per square foot and all properties are identical.

Will Barnard- I will find on tomorrow if I'm the highest bidder on this property.I will keep you posted.

JScott after running the numbers if I can get it for $58000 and including rehab I will be in for $68,000. For as resale value my banker recently had appraisal done in the same subdivison a few weeks ago. I was thinking if I can sale it for $110,000 it will be a good deal.

I have a opportunity to purchase a 3br/2ba single family home. The asking price is $67,000 But I offer $58,000. The arv is around $100,000 to $110,000. My banker will require a 10 percent down payment of purchase price and will lend 80 percent of arv value to purchase, rehab. After I inspected the property I've estimated the repairs to be around $8000 to $10000.

William Bannister- It's a small community bank that I have done residential specs loans with. So I have a little history with the loan officer.

@ Ben- I'm in Louisiana, the units are separately metered.

@Pasquale- Ok, I have access to the mls and there is one on the market for $170,000.

Steve Babiak - I was thinking around $50,000 purchase price. What do you think about vacant units.

UWE S.- The property is 21-30 years old. I'm a license Residential/Commercial Contractor.