All Forum Posts by: Richard Byrd

REI/Tradesman Seeking Lenders for 2019 Retail-Flips

We are outgrowing our current financing and are actively interviewing lenders & investors in hopes of establishing more long-term lending relationships. Please message privately to discuss further. Thank you.

RB|DANE

Seeking $52.5K HML for Pittsburgh Fix & Flip - Under Contract!

Buy-side Closing February 28, 2019

Please contact privately with terms and rates. Thank you.

Seeking Fix & Flip Financing - Pittsburgh, PA - Deal Under Contract

Deal Under Contract!

Offering 5% ROI plus 10% Net Proceeds; OR $5K, whichever is greater, for $65K in SFR - Retail Fix & Flip Financing:

150% Property Purchase LTV ($25K Property + $2.5 Assignment + Closing Costs/Fees) + 110% Rehab LTV ($25K Rehab + 3-Month Reserve)

Less than 6-month Purchase-to-Sale Turnaround. Buy-Side Closing to be held February 28th, 2019 per Sales Agreement; Tentative Sell-Side Closing date is August 29, 2019. 

Minor rehab located in a solid working-class neighborhood on a quiet street neighboring a family-friendly park with community pool. Only 10 minutes to Downtown Pittsburgh, PNC Park, Heinz Field, PPG Paints Arena, & Rivers Casino. Near Bus Line. Spacious 2-Car Garage! Easy 2-bedroom to 3-bedroom conversion value-add!  

01/11/2019 CMA Comps Report:  Average - $113.3K; High - $153.4K; Median - $110.5K; Low - $85.4K

Conservative ARV: $103,450.00

Rehab crew currently finishing up a SFR - Rental Fix & Flip in the next 10-14 days; tools and materials scheduled to be forwarded to this SFR - Retail Fix & Flip project upon completion.

FT Pittsburgh REI; Tradesman/Contractor.

Opportunity to establish, in good faith, a profitable, long-term lending relationship while enjoying consistent, hassle-free returns and lender repayment preference. Please contact privately to view Investor Prospectus & discuss financing terms. We look forward to doing business with you, thank you.

Cheers to OUR future success!

-The Crew @ Dane Real Estate Group

Where do I input my deed transfer tax on the sell side of closing costs in the House Flipping calculator?

Transfer taxes in the City of Pittsburgh are 4.5%, so I do not want to have such a high amount in the "Other Fees/Charges" category when presenting to lenders. This seems like a necessary field, no? I must be overlooking something; I'll take another look.

Thanks all,

AF

I’m working on a deal for a 2 apartment commercial property (office conversion). Seller is asking $68K and owes $67K. The property is assessed at $82K and would likely appraise at $90K+. Both units are rented and gross $1600 together monthly. Seller just had 2 new furnaces and hot water tanks installed. Roof is only 5 years old and the electric was updated in 2002. The mortgage is in his daughter’s name and she wants to buy a house with her fiancé soon. He thinks she needs to sell so the debt won’t affect her debt-to-income ratio when applying for financing. My idea is to take over the payments on the existing mortgage and also use an installment land contract to supplement the daughter’s income enough that it will negate the debt when she applies for a new mortgage. Does this sound plausible to anyone else or am I making things up again? I know there will probably be questions, so I’ll reserve some potentially useless details for now. Thanks for your help.