All Forum Posts by: Shara Carlton

@Teryn Owensby like the others advised, I think your best bet will be to rent it out until you sell it. At least the rent payments will offset your interest payments a little, even though rents aren't that high in your area, at least not enough to cover 2700 per month, but it will at least help with some of it. Also, think about renting it through Airbnb or some other type of room rental service. this will do less damage to the property because the people renting rooms don't want to get charged extra for damages and you also might get more money through short-term renting as opposed to leasing.

@Frank Sanchez your numbers sound about right. I was quoting for a 4/2 with my numbers. What area are most of your flips done?

@Patrick Britton if you use a contractor who outsources most of the tasks, your looking at an extra 10-15k overall

@Patrick Britton like I say, it depends on the contractor you use, I do all of my own rehabs, and I can get a gut done including the roof for about 65k. The neighborhood can make a difference on the quality of materials you will use, but only by about 5-8k or so.

@Patrick Britton it varies depending on the contractor you choose, of course, but, for a 4bd 2ba sfr, you are looking at about 50k for a gut (add 10k if any roofing or tuckpointing is needed), 20-30K (maybe less if you get a discount on labor) if its just a few cosmetics but needs new plumbing or electricity, and about 10k for cosmetics only.

@Jon Holdman they find out about the status of payments when they ask for the mortgage statement. A few months ago when I was applying to a lender,  I was able to get a "payoff statement" that doesn't show the status of the loan but the hml made it very hard to obtain and it has now expired so I am very hesitant to ask for another one. 

A re Agent told me that he does not see any indication of foreclosure proceedings when he looked the property up.

I'm waiting now to see if a current potential lender will contact the hml for me and they will give him the payoff doc that they sent last time

@Chris Seveney I just listed it last week, but the original plan was to buy and hold for appreciation, so we would really prefer to refinance instead. He is kind of a business partner, I am basically his consultant because he doesn't really know anything about real estate investing but he is trying to build wealth from playing the game

@Brett Goldsmith, thinking about trying for another hml, and trying crowdfunding websites too. 

@Jon Holdman, that means quit claiming the deed to lender and basically giving them the property to have and control right? will probably make that a last resort. 

@Chris Seveney worth $110k as is, did repairs, owe $71k

HELP! I am in pe-foreclosure! I got a person approved for a hard money loan, we purchased a property, and, prior to maturity, we found out that we were not able to refinance due to my guarantor's debt to income ratio. Now, we fixed that part, but the loan has matured so no lender we have tried will touch it because we do not have current payments. The reason we don't have current payments is because the hml will not accept any payments unless it's the full payment. So, what am I supposed to do now??? Just take the kick in the *** and let them foreclose on the property??? There has GOT to be a way out of this, somebody PLEASE tell me how!!

Sfr 4/2 Completely renovated by owner Split level 1198 sqft Full finished basement Garage C- neighborhood Priced for $130k Click (or copy and paste) link to see my advertisement https://www.zillow.com/homedetails/8902-S-Parnell-Ave-CHICAGO-IL-60620/4118604_zpid Why won't this sell? I need to know why this property is not getting as much attention as I was expecting. Is it the price, the advertisement, what? (I know I need more pics but is this really something that would hold up the progress that significantly?)