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All Forum Posts by: Simon Obas

Simon Obas has started 101 posts and replied 196 times.

Post: Termites/wood beetles ?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Greetings. How big of a problem are termites and wood beetles? Is this a deal breaker? Just got the inspection report back from a house I’m interested in and need to decide if I’m going to proceed or walk away.

The report says: visible evidence of a wood destroying a termite insect infestation was noted as follows. Frass, exit holes and shelter tubes noted at basement center carrying beam right side and all over bulkhead door area. Damage from wood destroying insects was noted in the same areas. 

Post: Cheaper to rehab hiring freelancers?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Is it cheaper to hire freelancers for my rehab as opposed to a GC? Also, if I am going to manage the rehab by myself, is there a particular area in the house that I should start first? I know the floors should be the last thing to be done. Generally where do I start first? 

Post: Do you walk away if ?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

@Mitch Messer thank you I appreciate this.

Post: Do you walk away if ?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Do you walk away if there are no direct comps? I am looking at a duplex and the comps are ranging from $250k-$320k. I got comps from three different agents and they’re all different. What do I do? My interest is to brrrr. PP is $170k. $30k rehab!

Post: My rehab list for flip

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Hey Team, I am about to go through with my first flip and have come up a list of what I would like to get done. Can you please give me feedback if something sounds off?

Kitchen- white shaker cabinets. Run the oak in for flooring. Granite counters with tile backsplash. Under cabinet lighting.

Bathroom- Sterling Vikrel tub shower unit with Delta professional fixtures. Core luxe flooring.

Sunporch- Core Luxe flooring

Second floor bedrooms- Core Luxe flooring

Main level- sand, stain, poly all floors.

Wall Paint- warm gray family. 1 shade darker in bathroom.

Trim- pearl white

Ceilings- Coronado flat white

Closets- flat white

I’m also going to paint the exterior of the house, what color do you recommend? (it’s currently a light brown)

Post: What is the best entity to start for flipping homes?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Greetings! My buddy and I decided to start flipping homes. We are trying to decide whether it's better to get a LLC or a holding group? Any advice is greatly appreciated.

Post: How do you an offer?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Hello. There is a house that just hit the MLS for $200k with an ARV of $385k. It's located in hot city close to nyc! It's a bank owned property. How do I make an appropriate offer so that it gets accepted? It's a single family btw. Should' I offer a substantial amount more?

Post: What are my options to get out of a hard money loan?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Hey! Currently working on 2 projects that I could either brrrr or flip. I purchased both homes using a hard money lender. What are my options of getting out of the hard money loan if I wanted to keep the home, that would get me the most money back in my pocket?

Post: Send me your financing questions

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

@Jonathan Taylor I am currently house hacking and want to get another multifamily home to house hack, I hear you can only Use fha One time. What are my options to house hack another home without having to put a ton of money down?

Post: Send me your financing questions

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

@Jonathan Taylor how can I finance a flip aside form a hard money lender and traditional bank? If I could find a hard money lender that could finance 85-90% of a flip that would be ideal. My headline here is, I want to flip but it takes a lot of money upfront.