All Forum Posts by: Account Closed

Came across an opportunity to buy a short sale at whatever the "as is" appraisal comes back.

ARV is 104k.

Rehab- 20k (cosmetic)

If the appraisal comes back 45-50k I will buy it. 

Has anyone else done something like this? This will be my first.

I'm having an appraisal done tomorrow (Monday).

Looking to hear some expert advice on this.

Thanks in advance.

Ross

NICE! Well done.

@Jon Holdman Thanks Jon. You always are a great help. 

@Mehran K. Thank you

@Steve VaughanGreat point. Good thing he is an investor as well and just helping me get started! He is in apartment complexes which is where I will be soon. Gotta do a few more houses first!

My uncle who is my private lender has been allowing me to purchase single family houses under his LLC.

I started my own LLC and I am looking to start purchasing the houses under it.

What would be the best way for him to stay in first position, hold the deed, and be documented as the lender on the house but the house be in my LLC?

Thanks

@Mark Gallagher Your the man Mark! 

Hes a commercial real estate investor so hes no newbie to the game of investing or lending. Think I have it pretty good right now just need to fine tune my system. 

Thanks man.

@Mark Gallagher Thanks for you advice! My uncle happens to be the lender in this case. He is only charging me 3% a month for 3 months regardless if the property sells or not. Thats the reason why it was a handshake deal. What would you suggest I propose to him?

@Jon Holdman14k was what I was supposed to make. After all of these closing costs that was cut to 10k net split between 2 people! (terrible I know) 

The whole profit from the deal not including broker commissions and interest was around 32k which IMO is a substantial profit off a 55k house. 

I have another house I am getting ready to sell soon in Pasadena, TX. The numbers are similar and now that I have learned of all these extra costs I will be sure to run my numbers accordingly this time so I know what to expect. 

My biggest challenge right now is lack of deal flow. I have the money just need the houses. 

I do want to add that I really appreciate your time guys. Thanks a lot.

Thanks for confirming that for me @Jon Holdman . 

What is this page all about? Good faith estimates? 

Also, is there any resource that you direct me to that explains HUD statements.

I bought this property for 55k. Put about 18k into it. & sold it for $106,500. 

What seemed like a pretty substantial profit to me quickly turned out to be not so much. 

After brokers commission & paying my lender back with 3% interest a month for 3 months & then all these closing costs my profit is diminished. 

I also entered this deal with a partner with whom we split everything 50/50. Thought this would be a great idea because he contributes a lot of sweat equity into the deal. We are building a system little by little. Just kinda disappointed in these numbers.

I do appreciate your feedback and support guys.

Thank you.

Closing on my first house tomorrow. Took 3 months to flip it. I don't really understand the HUD numbers and feel as if im getting gauged in costs.

Can someone take a look at these numbers and help me out? Im the seller.

Do these numbers seem correct?

Sorry I am such a newbie to all of this and doing a lot of learning as I go.

I am interested in a 3/2 1777 sqft in a good neighborhood. Being wholesaled for 82k but wholesaler has said they will take 79k and I pay closing costs. House needs minimal work. I would say about 5-7k. ARV is 110k. Im questioning if there is enough meat on the bone for me to retail it. OR if this would just be a buy & hold property.

Your feedback is appriciated.

@Wayne Cook Welcome Wayne! Just starting out in Real Estate myself. Im out of Houston, my uncle owns lots of houses in Pasadena and a few apartment complexes. Lots of money out there! You should look into joining Rich Club, our local rea. I have learned a lot from going to their seminars and of course BP forums and podcasts are very valuable! Best of Luck.