All Forum Posts by: Rita Solomon-Moore

I’m looking for $5000 on the purchase price and all of the renovation funds (about $45,000).

Looking for financing that is solely based on the value/ARV of the asset.

Seeking Funding for SFR purchase. Purchase price $6500. Estimated Repairs $45,000. ARV $73,000. BRRR. Potential rent $1000 per month.

Any one heard of, familiar with or worked with Legacy Commercial Capital?

Anyone who had done their homework/research regarding Foxconn knew this was not going to be all that it was touted to be.  Take a look at what Philadelphia says about the “proposed” Foxconn deal in their area and how it ended.  This is their M.O.  There was speculation that the former governor knew this was coming before the elections last fall.  This is not a party issue, rather a failure to do due diligence.  Mount Pleasant WI will continue to thrive, as it was doing well long before Foxconn showed up.  There are still long term organizations in that area such as Case, SC Johnson and Insinkerator.  There is also an Amazon Distribution Center near there and Amazon is building a second facility just 10 miles north of Mount Pleasant.  Foxconn promised something similar in Harrisburg, where they were going to  invest $40 million over a two year period on a factory that promised 500 jobs.  Never happened.  According to the Washington Post, Foxconn has a track record of lofty investment promises that they don’t deliver on.

I don’t have a cash down payment

Looking to purchase SFR already has long term renter (lease does not expire for 2 years). 3BDRM/1 BA; 1008 SQFT; 2.5 Garage. Taxes $2040 annual. Current rent $1350. Asking price is $150,000.

Looking for Hard Money/Private Lender to fund BRRRR. There are a total of 5 properties. 4 of the 5 are currently rented. Each need some rehab, current rents for the 4 total $5330.

Nathan,

I did use the calculator's on BP to play around with the numbers to see what I should potentially look for in terms of rent and asking price.  For example, one home has an asking price of $199,900, I found a tool online (not sure how accurate it is) that based on what I believe the home's condition to be that estimated an appraisal of $163,680.  Taxes on the home are $3042.  Currently being rented for $930 (2 BDRM 1.5 Bath, 959 SQFT)- which is low for the area.  I suspect that it rents for this amount because, cosmetically, not the most attractive home for that area.  At minimum looks like needs new carpet (or laminate) in each room, an update to the kitchen and both bathrooms.  This is just based on the photos (haven't gone in the property-not an expert on cost associated with any of these updates).

GM Everyone,

Looking at trying to work out my first deal (hopefully it is a deal). Not sure of the overall numbers, but I have been working out some variations for the last couple of days. There are 5 properties being offered (one owner), all currently SFR. Only one of the 5 is currently not rented. Individual asking prices are ($199.9k; $239.9k; $269.9k; $209.9k & $249.9k). Current owner is offering package price for all 5 (still waiting to hear what that number is). Each needs work of some type, current rent for 4 of the 5 is $5330. I'm thinking with a good rehab on each that rental number could go up to at least $7400).

Where I am uncertain is the appraised value, as the homes look like they have not been well cared for, so they may come in under asking.  Here's where others expertise would help me.  Not withstanding the package price, what would be a good offer price for the properties?