All Forum Posts by: Siale Havili

Per the homeowner the estimate of repairs should be around $20K. Contractor said $20K is barely cutting it but $30K will take care of everything. What’s my next best move going forward?

@Jerryll Noorden

Can’t wait for our call. Can we move it up any sooner? Like tomorrow? Hahaha

@Gary Bimbo

1. Bedroom / Bathroom

2. Sq footage

3. Year built( I don’t go over ten years newer) if it was built in 1920, 1930 is as new as it gets.

4. Similar type of house( Just think “apples to apples”)

5. Use your 3-6 top comps and add what the dollar per sq ft was. Divide that total number from how many houses you used and use the average of that to see what yours will sale once rehabbed. Hope that helps.

@James K Howard

Thanks James. I appreciate that

@Mike M.

Right. I knew that part but thanks for the heads up. I would of let the lender know the whole shpill thinking it’s giving me a better chance of getting the loan. Appreciate the insight.

Now as far as getting a loan for this project, will I have to bring in any cash at the transfer of deed? Or will the loan cover

1. Cash to seller

2. Cash for repair

3. Cash for existing loan payments for 90 days during the rehab

And once I sell the property, I can payoff existing loan, and my loan and keep profits. Does that sound right as far as the steps

@Mike M.

Don’t mention the loan amount to the lender for me to purchase? Sorry don’t mean to sound dumb. So I can find a lender that does this kind of loans?

@Kumar Gaurav

I’m pretty sure you’d still need financing for the sac market. But I’m in sac and I can maybe be of help if you’d like to connect and strategize. Thanks

Need a creative strategy for a “subject to” property, so I can fix n flip it?

I have a property I’m working on...

ARV - $260K

$30K in repairs

I want to give her $20K and walk away and let me takeover the deed to house and keep her name on the loan. Put in $30K in rehab and list in back on the market in about 90-120 days.

Are there lenders that have programs for this? Still new to the game but I think I might have something.

Thanks

@Will Barnard

Thanks Will. I’m getting better but figured why not ask. Appreciate the insight

@J Scott

Thanks J. I figured that at least having a contractor do the walk though and giving me Estimates is the best way.