All Forum Posts by: Rigo Medina

Has anyone dealt with not being able to finance a Hard Money deal into a Conventional Mortgage?

The scenario would be buying a fixer up with hard money and then doing a change in terms refinance with a conventional mortgage. Assume there is 20% equity from ARV.

Any tips on this?

@Wayne Brooks

I agree with you on doing my own comps. That is what I intend to do. I don't have access to the MLS, but I like to compare what houses sold for and I use that to compare the homes. Of course, I do use the year built, sq ft, garages, number of rooms, and the area.

@Myles Ngumezi

I have not bought any homes from wholesalers yet, but I have received deals from Legitimate Wholesale business.

Thanks Wayne, Bill, and Myles

I have been doing some tracking of homes wholesalers have offered to me/investors. I have looked at deals I have received 6+ months ago. I have compared the actual home sold price to the ARV estimate that the Wholesaler told me the home would sell for. Some deals would have been a loss for me or would have only made $5k or less, minus closing costs. In the package the wholesaler offered the sale price, the rehab bids, and the comps that supported their ARV.

Are there just not anymore good deals out there from Wholesalers or are Wholesalers making a lot of profit from the deals?

Or are the comps on the high end and I should be asking for different comps?

Any input is welcomed, good or bad.

I have been doing some tracking of homes wholesalers have offered to me/investors. I have looked at deals I have received 6+ months ago. I have compared the actual home sold price to the ARV estimate that the Wholesaler told me the home would sell for. Some deals would have been a loss for me or would have only made $5k or less, minus closing costs. In the package the wholesaler offered the sale price, the rehab bids, and the comps that supported their ARV.

Are there just not anymore good deals out there from Wholesalers or are Wholesalers making a lot of profit from the deals?

Or are the comps on the high end and I should be asking for different comps?

Any input is welcomed, good or bad.

I see lots of duplexes around Arlington and Euless.

@Chris Soignier

Thanks Chris. I have some minor homework to do on the criteria.

@Gene Mininger

Thanks Gene. I will try that.

@Sherry Patterson

I would like to attend. Do I just show up or do I need to RSVP? Is it just a meeting or dinner & meeting?