All Forum Posts by: Patrick Rowe

I have opportunity to purchase a 4 plex for $77,000. I looked at the 4 plex on monday and I estimate the repair cost to be around $12000 to $13000 per unit. The 4 plex is in a c may d area but not a warzone. I did some research and found out the units are renting for $600 per unit. I spoke with my banker he is willing to lend money on the purchase and rehab. I will have to put down 10% of the purchase price. The banker will lend 85% to 90% of the appraised value. I looked for arv in the area but the more recent ones are foreclosure. They do have one 4 plex in the same area that is identical for sale for $170,000. The square footage on the building is 4850 3- 3br 2ba 1- 2br 2 ba. The units are all vacant. My goal is to create a real good cash flow portfolio.

Jennifer- I'm a developer here in Louisiana, I would like to get some tips on how to find hard or private money for spec building.

The purchase price on the building is $47,000. The reason why the purchase price is $47,000 it is a foreclosure. I estimate the rehab cost to be $35,000 to $40,000. There are other 4plexes in the area that is identical and they rent for $650 per month. I'm thinking if I only have a total of $87,0000 in it the property should cash flow. I will contact a appraisal and get a preliminary appraisal.

Jon Holdman -Yes, we have a banker that will do this deal. I have spoken with some other tenants in the other 4 plexes and they are paying $650 per month.

Watson- The rents are $650 per month. The property is located in c class area which is not the best area but not a war zone either. For as appreciation the building sold for $185,000 a couple years ago. So if I can buy It low enough and rehab it their will be instant equity.

I have an opportunity to buy a 4 plex unit for $47,000 in a c class area. The rehab will cost around 35,000 to complete. This same property sold for $185,000 a couple years ago. The real estate agent tried to pull some more recent comps but they didn't have any. She had to pull comps that were 10 to 15 miles away. This seems to be good deal but I'm concern that because their is some new apartments being built on the next street. I would like to get some opinions from some experience investors on what you would do.

The property is listed for $55,000 it will cost around $10,000 to $15,000 to rehab it. The resale value After the home is rehab is around $115,000. According to the realtor the property is in one of the lower levels of a floodzone which makes it a lot cheaper .

I would like to find out if any of you guys have purchase a rehab in a flood zone. If you have what were your experiences and would you recommend it. I would also like to know if you had any problems with the resale.

I'm looking to get into wholesaling in Louisiana. I'm looking for any input I can get from a experience wholesale investor who may have knowledge about Louisiana laws.

Yeah Gardere area

Yes, I agree that's why I'm hesistant to buy in the bad areas Even though you can get a really good deal.