All Forum Posts by: Romain Benjamin

Background: My wife and I bought our first fixer upper in December 2019 for $39K with the help of hard money. The "subject-to-completion" appraisal came back at $158K. The original rehab budget was $85K. The rehab was successfully completed end of March 2020 for $89K. We listed the house for 180K, assuming we would get low-ball offers, which we could later accept for a CoC return of 29%-81%.

Hurdle: In the midst of the COVID-19 pandemic, the house has been on the market for over 25 days with maybe 6 showings and no offers. My realtor is asking me if I would like to lower the price, without a good idea of what price would help during this time. Every month I hold the property, I owe the hard money lender $1K, which eats into our profits. If we try to rent the property instead, the leasing comps we pulled estimate a monthly deficit of $250.

Any tips for this situation?

We have a new real estate investment business and just closed on our first flip. We wish to build a potential investor network to engage for each deal that we find.

1. Do you have any tips on you making or managing contracts with investor partners on a deal by deal basis?

2. Any tips on how to sweeten the contract for rental deals versus flips? I want to create fair but exciting returns for the investors.

@Micah Redden

Hi Micah! I am trying to flip a SFR in 3 months. My lender requires proof of a 12 month policy for the amount of the loan at closing.

Can you PM me any recommendations?

Thanks!

I am closing on my first flip in Indianapolis and need a 12 month insurance policy for my flip loan.

I tried my personal home insurance company and they do not do that type of policy.

Does anyone have good recommendations?

@Alora Glaze

Thanks Alora! Do you have any specific social media outlets that you recommend? (Ex. A specific Facebook group or distribution list)

@Jeff Schechter @Kerry Noble Jr

Hi Gentlemen, I am looking for properties where price plus rehab is less than 70% of ARV. If the numbers work, I will pursue light and/or heavy rehabs.

I assume the rent ready properties are already at market value or close to it.

I am looking to buy SFR and small multi-family properties in Indianapolis and its surrounding townships. Can someone point me to some good wholesalers in the area?