All Forum Posts by: Ray Brown

@Ryan Hesselberg so the previous owner gutted and renovated while the tenants were there And keep the rents the well below market? Or they brought in tenants in below market after renovating?

"Coming soon" is a real estate agent trick used to entice people to try to put an offer in before it goes live in the MLS. Essentially that are trying to start the bidding war before it hits the market. Probably will sale for more than the 50% more you mentioned if it's in a good area.

@David Robertson, thanks. I thought it sounds fair as well. I will get other quotes but just wanted some quick feedback from the BP community. The wallpaper is only in the kitchen, but yeah... it's been there for like 25 years so it's nasty :-)

Just curious is this a fair estimate? High? Blowing smoke (no way it can be done for this price)?

• Remove the popcorn ceiling, patch, prime, and paint white. All trim, base, and doors we will prep, prime, and paint white. 
• Remove wallpaper, prep, prime, and paint to the color of your liking.
• In this price we are including the paint and whatever is needed to prep. 

Thanks and keep it coming. I'm here to learn and don't get offended easily. I'm only in for $500 in due diligence with no earnest money. I am I'm paying for an appraiser to see what the ARV would be and having it inspected. Basically, I'm willing to spend 2K to find out if it is worth do the full rehab.I see that as an education cost. I'm also having contractors give me estimates (yeah, I know...other stuff will come up).

This property is in the city's redevelopment corridor. I thought if I could get positive cash flow and hold, it could be worth it. 

All feedback, thoughts, and experiences are welcomed!

Hard Money offer on the table right now...

Purchase Price: $35,000.00
Amount Owed: $0.00
Rehab Bid : $50,000.00
As Is Value: $35,000.00
After Repair Value (ARV): $130,000.00
Credit Score: 720
Experience: 0
Broker Fee: 3.0%

Loan Amount: $81,500.00
Loan To Value (LTV): 62.69%
Interest Rate: 11.99%
Origination Points: 2.50%
Term In Months: 24
Monthly Payment: $814.32
Cash to Close $7,982.5
Closing Cost: TBD

BP Report  - View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Sebastian Patino

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I'm really trying to understand the calculator. What I do know is that two doors down, a property sold for 235k. I don't know how much to estimate for rehab or closing costs. I'm a TOTAL NOOB! Any help understanding the potential of this deal is greatly appreciated and overexplaining will not hurt my feelings at all :-)